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Car dealing network Pendragon has mandated Barclays Capital, Lloyds TSB and Royal Bank of Scotland to arrange a £450m loan. All three banks will be bookrunners and syndication will follow.

The Republic of the Philippines is facing marked spread volatility and increased pressure on its external funding programme, following Moody's downgrade of its sovereign rating from Ba1 to Ba2 on Tuesday.

Polish authorities have given the go-ahead for UK consortium DCT Gdansk's project to construct and operate a new deep water container terminal at Gdansk.

Rating: Aaa/AAA/AA+

Amount: ¥42.1bn

Rating: A2

Rating: Baa1/A/A-

Rating: Ba1/BB/BB+

The Republic of the Philippines issued a record $3.475bn of foreign currency bonds in 2003, to fund its own budget deficit and plug holes in the balance sheet of the state National Power Corp. Finance secretary Jose Camacho and national treasurer Sergio Edeza won plaudits from investment bankers for their smart and opportunistic funding policy — but both men resigned in November, Camacho saying he was exhausted with the job. Richard Morrow spoke toEdeza , who would like to become a consultant when he leaves his post at the end of January, about how the sovereign will fare without him.

Rating: A1/A-/A-

Rating: B1/B+/B

Perekriostok, the Russian food retailer, has approached the market for a deal worth $75m. The loan will be syndicated by a group of Western banks and pays a margin of 375bp over Libor.