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Household Finance has completed the signing of its $3bn EuroCP programme arranged by Deutsche Bank. Deutsche is joined on the dealer panel by Citigroup/SSB, Goldman Sachs and UBS Warburg. The private finance bank is part of the Household International Group, the organisation HSBC Holdings is to acquire in a deal worth $13bn. Bankers believe the programme will not be used for issuance until the end of March, by which time HSBC should have completed the takeover. Household and Deutsche refused to confirm the issue date.

Bidding continues for the mandate to arrange the new facility for Mol. It is expected to be awarded early next week. The borrower requested proposals for a Eu500m facility but may want a larger amount. One banker told EuroWeek that there will be at least four mandated lead arrangers at the top of this deal. He added that the deal should pay a margin in the region of 70bp-90bp over Libor.

Amount: NT$3.59bn Rating: Taiwan Ratings

HSBC and JP Morgan this week launched syndication of a £1.25bn dual tranche facility for Reuters. Debt is split into a £450m 364 day revolver and an £800m five year revolver.

Imperial Chemical Industries (ICI) has requested bids for a new loan of around $500m. ICI most recently tapped the market when it secured a $685m credit facility in October 2001 via HSBC, Mizuho and Royal Bank of Scotland.

Indian Railway Finance Corp is tapping the market for a $75m five year bullet loan through arrangers Barclays and HSBC. The deal should be launched next week. Proceeds are for working capital purposes.

Amount: Eu2.03bn Issue price: 100.00

HBOS is arranging the debt backing the buy-out of high street ladies fashion retailer Jane Norman by Graphite Private Equity Trust. Senior debt is a £23m six year term loan 'A' priced at 250bp over Libor and a £3.5m six year revolver also at 250bp.

The $2bn 30 year tranche of the Republic of Italy's $4bn global bond tightened 3bp this week, after revised pricing announced last Thursday (February 20) proved the catalyst needed to generate sufficient momentum and a book of some $3bn for the transaction. Priced last Friday (February 21), the 30 year tranche tightened from 63bp over at re-offer to 60.5bp/59.5bp over yesterday afternoon (Thursday).

Guarantor: Japan Rating: Aa1/AA-

JC Penney, the US department store company, was able to access the US bond market for the first time in over a year this week with a blowout $600m seven year offering. The deal, led by CSFB and JP Morgan, was increased from an initial $350m as the split-rated company benefited from the happy combination of strong bids from high yield buyers and high grade accounts desperate for higher yielding cross-over credits.

Amount: ¥15.05bn Legal maturity: February 2010