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A request for proposals came this week from Nurbank which is looking for a term loan of up to Eu30m with a 12 month tenor. The deal will carry a 12 month extension option. Proceeds will be used for trade finance purposes. The borrower last tapped the market in October 2002 with a $15m six month bullet facility. Mandated arranger was Standard Bank. That deal paid a margin of 325bp over Libor.

Amount: ¥14.6bn Legal maturity: November 2010

Rating: Aaa/AAA/AAA Amount: C$100m (fungible with C$100m issue launched 07/01/03)

A $180m fundraising for Hana Bank has been launched by Barclays Capital, Bayerische Landesbank, Citigroup/SSB, Development Bank of Singapore, Landesbank Kiel, Standard Chartered, Sumitomo Mitsui Banking Corp and Wachovia Bank. The facility is divided into one, two and three year tranches with banks earning margins of 15bp, 23bp and 33bp, respectively. Tranche sizes will be determined by demand.

Rating: Ba1/BB/BBB- Amount: $375m upper tier two debt

The UK non-conforming ABS market saw its first test of the year as two regular issuers, Southern Pacific Mortgage Lenders and GMAC returned to the market, issuing around £1.35bn equivalent of bonds. As well as setting the tone for upcoming issues such as Kensington Mortgages RMS 14, which began marketing this week via Barclays Capital and Morgan Stanley, the deals also tested investor appetite for Ambac risk - the monoline wrapping both issues.

Morgan Stanley made a successful return to its EloC commercial mortgage programme this week, with a Eu340m securitisation of a single property in Paris called Zeus, which was closed oversubscribed. The deal's early marketing was dogged by a report from the trustee on a previous EloC deal, HOTELoC revealing a potential mistransfer of funds to and from an agency account within the deal's structure. That issue was immediately placed on review for possible downgrade and RatingWatch negative by Moody's and Standard & Poor's respectively.

Cantor Fitzgerald has poached a team of seven risk arbitrage professionals, three traders and four sales staffers, from Lehman Brothers in New York to kick start a risk arbitrage desk. Joseph Gabor, managing director and head of the team, which joined Monday declined comment. Tom Ryan, spokesman at Cantor in New York, confirmed the hires but declined further comment. It could not be determined how risk arbitrage will fit with CantorÕs brokerage business.

Goldman Sachs has reportedly let go Zar Amrolia, managing director and co-head of the firm's corporate derivatives marketing group in London. Amrolia was believed to have been told on Friday that he no longer had a job at Goldman, according to an individual familiar with the matter. Amrolia did not return a message left on his cell phone. Rebecca Nelson, spokeswoman in London, did not return calls by press time.

Merrill Lynch has hired Chris Ricciardi, head of U.S. CDO origination at Credit Suisse First Boston in New York, to head the firm's global CDO structuring and origination business. Merrill reportedly hired Ricciardi because Mac Taylor, managing director and head of global structured products in New York, will take control of more areas of the firm and wants to add another layer of management for the day-to-day running of the CDO business, according to a Merrill insider.

Bank of America and Bear Stearns today launched syndication of a $225 million credit for Pinnacle Entertainment. The proceeds will finance the gaming company's construction and development of a hotel and casino resort in Lake Charles, La. The debt package includes a five-year, $125 million term loan and a four-year, $100 million revolver. Bankers familiar with the deal would not indicate pricing, but one banker noted that it would be in line with Pinnacle's BB rating. He added that total leverage would start at 5.8 times, with senior leverage below two times for the life of the facility. B of A and Bear Stearns officials declined to comment.

Microcell Telecommunications' bank debt levels have retreated to the low 70s after investor demand ran the paper up into the 77-79 context two weeks ago. Market players said there are lenders looking to sell, but buyers of the paper have filled up on their capacity for the name. No trades could be confirmed. J.P. Morgan is the lead on Microcell's bank debt.