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Investors will follow closely the expected launch of Russian holding company Sistema's debut Eurobond next week as they look for an indication of how US-led attacks on Iraq have affected appetite for new issuance. With no new deals from emerging Europe, the Middle East and Africa credits this week, attention has been focused on the roadshow for Sistema's 144A transaction, via lead managers Deutsche Bank and ING, which has been taking place simultaneously in Europe, the US and Asia. It finishes today (Friday) with pricing predicted for next week, market conditions allowing.

Mandated arrangers ING and Standard Bank have closed syndication of a $109m financing for Mobile Systems International Cellular International (MSI). The facility is divided into an $87m three year term loan 'A' and a $22m six year amortising term loan 'B'. The Development Bank of South Africa and Emerging Africa Infrastructure Fund are arrangers. Coutts and the Finnish Fund for Industrial Cooperation are managers.

Goldman Sachs, La Caixa and SG will launch the Eu6.3bn acquisition loan for Gas Natural into syndication imminently. The banks were yesterday (Thursday) finalising strategy before going out to market. Gas Natural surprised the market last week when it announced its Eu15.3bn proposed take-over of power company Iberdrola.

Rating: Aa3 Amount: Sfr200m

Rating: Aa2/A+/AA- Amount: $150m

Mandated arrangers ABN Amro, Deutsche Bank and Nordea have launched syndication of the $1bn five year facility for Scania. A well attended bank presentation was held in Stockholm this week. For more details see EuroWeek 794.

The mandate to arrange the Eu50m five year amortising facility for Banka Celje will be awarded by today (Friday). Banks close to the award are Bank Austria Creditanstalt, Bawag, LB Kiel and RZB.

Amount: Eu1bn Rating: Moody's/Fitch

Syndication of the Eu400m revolver for recruitment agency Adecco will close oversubscribed. The deal was launched into syndication at the end of February. Bank of America and SG are running the books and arranging the deal with Royal Bank of Scotland.

Citigroup/SSB has launched the $120m five year credit for ASE Test Finance to general syndication. Banks earn an initial margin of 110bp over Libor and front end fees on two levels. Co-arrangers with tickets of $10m or more earn 15bp and co-lead managers absorbing $5m-$9.9m earn 10bp.