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Zhangjiagang Posco Stainless Steel has awarded the mandate

Kumba Resources is approaching the market for a $140m three year club deal, EuroWeek hears. The deal will be syndicated through a mandated lead arranger group of seven banks, to be confirmed imminently.

Rating: A2/A- (Moody's/Fitch)

SECONDARY TRADING

The buy-out of ABB's oil and gas divisions is planned for launch late next week. The debt supporting the buy-out is likely to be around $650m and is being provided by Bank of Scotland, Credit Suisse First Boston and JP Morgan.

Citigroup and Deutsche Bank continue to vie for first place in table one this year but have already pulled well ahead of the chasing pack. Second placed Deutsche is almost $1.5bn ahead of Barclays Capital in third, and Citigroup and Deutsche Bank have a combined 22% share of total volumes. Deutsche Bank was especially active this week and has closed the gap on Citigroup to nearly $100m. One of the German house's largest deals was a Eu100m note for Toyota Motor Finance Netherlands. The two year trade pays a coupon of 3bp through three month Euribor.

Credit Suisse First Boston and BNP Paribas are said by bankers to be joining the arranging group for the Sfr1.35bn refinancing package for Suisse operator Cablecom as mandated lead arrangers.

Taiwan Fixed Network and a subsidiary company are seeking NT$19.8bn from the market. The funding comprises a NT$15bn portion to be borrowed by the parent and a NT$4.8bn facility for the subsidiary.

Banco Sabadell on Monday successfully completed its Eu1.2bn capital increase, the largest in Spain for three years, which equity bankers described as a quasi-IPO. Global co-ordinator Citigroup structured the deal as a combined rights issue and marketed placement of new shares to institutional accounts.

Property company Telereal has signed banks into a £246.9m loan, led by Eurohypo. The deal refinances a facility of the same size which supported Telereal's acquisition of British Telecom's real estate portfolio, and was arranged by Eurohypo in October 2001.

Bookrunners' comments:

Freddie Mac stole the limelight in the US agency market this week with a blowout $2bn 15 non-call five year global bond, the biggest ever callable offered to investors.