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Syndication of the Eu6.3bn loan facility supporting Gas Natural's proposed takeover of Iberdrola suffered a setback this week with the decision by Spain's National Energy Commission not to approve the transaction. SG, La Caixa and Goldman Sachs were arranging the loan. No decision has yet been taken on whether to continue with syndication or to hold off and wait until the regulatory situation is clarified.

Ten investment banks on Monday finalised a $1.4bn settlement over misleading research in the US, in a move that will spark far-reaching reform of the role of equity research in banking. The banks agreed to pay penalties and to implement structural reforms after a long running dispute with US regulators. The dispute stemmed from abuses during the tech boom as bankers manipulated purportedly independent research to win more investment banking business.

John St John, Commerbank's co-head of global equity capital markets, is to join Dresdner Kleinwort Wasserstein as the bank rebuilds its ECM team. St John, who has been in the industry for 18 years and is a well known figure in equity capital markets, will be DrKW's sole global head of ECM.

Mandated lead arranger Deutsche Bank has signed in banks for the Skr800m add-on tranche for Swedish media company Modern Times. Banks joining the deal are Svenska Handelsbanken, ING and Nordea.

Banks have been offered five tickets on the syndication of a $3.5bn revolving credit for Glencore International AG - lead arrangers with $185m, arrangers with $130m, co-arrangers with $100m, senior lead managers with $70m and lead managers with $40m. Fees range from 17bp to 11bp. The deal is split between a $3bn 364 day revolving credit with a one year term-out option, which pays an out of the box margin of 42.5bp and can range from 40bp to 45bp according to the borrower's rating, and a $500m three year revolver which pays an out of the box margin of 50bp and ranges from 42.5bp to 60bp. The company is rated BBB+ by Standard&Poor's and Baa2 by Moody's.

World Peace Industrial has granted a mandate to Chinatrust Commercial Bank to arrange a NT$1bn three year revolving credit. The borrower is involved with distribution, sales and marketing of electronic components and devices.

Guarantor: Telecom Corp of New Zealand Ltd Rating: A2/A

There are conflicting stories about the mandate for the $300m loan-style FRN for Kingdom of Thailand. Some bankers say a mandate has been awarded while others say a group of banks including HSBC and Deutsche Bank are close to the deal.