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Mandated arrangers HSBC, Gulf International Bank, Bank of Tokyo-Mitsubishi, Sumitomo, WestLB, National Bank of Abu Dhabi, ING and First Gulf Bank are still waiting to launch syndication of the $1.3bn 20 year Umm Al Nar project financing for International Power plc. EuroWeek has heard that the borrower is in no rush to launch the deal until there is some improvement in the political situation in the Middle East. One banker said syndication will begin in the middle of May. For more details see EuroWeek 796.

Rating: Baa1/BBB+ Amount: Eu150m (fungible with two issues totalling Eu850m first launched 10/07/02)

More corporates requiredThe five year dollar market remains very hot, offering issuers attractive arbitrage opportunities and investors the safe haven securities they continue to seek. Rarity value played a key role in the NIB's successful $1bn global bond, allowing pricing of Libor minus 18bp and increased distribution into the US.

Rating: A1/A+

Do you, too, sense that the worst may be over for the main European insurance companies? OK, those who remain overweight in the life sector are still praying for a huge stock market rally, but portfolio insurance has helped to soften the blow. General risk insurance premiums were hiked sharply before the war with Iraq, the money is pouring in and who is to say that the insurers will have to bring those rates down again? Four weeks ago, you could not, for example, have given away shares in Germany's Munich Re and Allianz. The insurance industry was in the doghouse, Germany looked like an economic basket-case and most German banks, with the exception of Deutsche, were teetering on the brink. For one awful moment, it looked as if Allianz shares would join the dreaded 90% Down Club and Allianz share certificates, cleverly converted into imitation US air force Stealth bombers or Tomahawk Cruise missiles, were selling like hot cakes on Munich street corners.

Rating: AA Amount: Eu200m

Do you, too, sense that the worst may be over for the main European insurance companies? OK, those who remain overweight in the life sector are still praying for a huge stock market rally, but portfolio insurance has helped to soften the blow. General risk insurance premiums were hiked sharply before the war with Iraq, the money is pouring in and who is to say that the insurers will have to bring those rates down again? Four weeks ago, you could not, for example, have given away shares in Germany's Munich Re and Allianz. The insurance industry was in the doghouse, Germany looked like an economic basket-case and most German banks, with the exception of Deutsche, were teetering on the brink. For one awful moment, it looked as if Allianz shares would join the dreaded 90% Down Club and Allianz share certificates, cleverly converted into imitation US air force Stealth bombers or Tomahawk Cruise missiles, were selling like hot cakes on Munich street corners.

Barclays Capital, Dresdner Kleinwort Wasserstein, Deutsche Bank and JP Morgan will launch the syndication of the $2.27bn loan for Xstrata next week. For more details see EuroWeek 798.