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EuroWeek understands that the mandate to arrange the $200m 2-1/2 year facility for Polish Oil and Gas Company (PGNIG) will be awarded soon. It is not known at this point if the deal will be launched this year or next. Two bidding groups remain - Citigroup/SSSB, Kredyt Bank/ KBC, Pekao Bank and WestLB; and SG, Bank of Tokyo-Mitsubishi, HVB Group and ING.

The Republic of Poland is due to sign a EuroMTN programme in the first quarter of 2003 and has sent out invites for arrangership pitches. The majority of the EuroMTN market's top 10 league table dealers have been asked this week to pitch to be either the arranger or a dealer on the facility. One top EuroMTN originator intending to respond told EuroWeek that those invited include Citigroup/SSSB, Credit Suisse First Boston, Deutsche Bank, Dresdner Kleinwort Wasserstein, JP Morgan, Merrill Lynch, Morgan Stanley and UBS Warburg.

The Republic of Poland is due to sign a EuroMTN programme in the first quarter of 2003 and has sent out invites for arrangership pitches. The majority of the EuroMTN market's top 10 league table dealers have been asked this week to pitch to be either the arranger or a dealer on the facility. One top EuroMTN originator intending to respond told EuroWeek that those invited include Citigroup/SSSB, Credit Suisse First Boston, Deutsche Bank, Dresdner Kleinwort Wasserstein, JP Morgan, Merrill Lynch, Morgan Stanley and UBS Warburg.

Mandated arrangers LB Kiel and RZB signed banks into the Eu50m three year bullet term loan for Banco Internacional do Funchal SA (Banif) this week in Lisbon. SanPaolo-IMI joined as an arranger for a take of Eu10m and Landesbank Baden-Württemberg as a co-arranger for a take of Eu7.5m.

Amount: R1bn ($113m) Call option: December 15, 2006

Rating: Aaa/AAA Amount: Nkr400m (fungible with Nkr900m issue launched 19/11/02)

Rating: Aa3/A Amount: Eu320m

Rating: AA Amount: Eu129.8m

Rating: B2/B/B Amount: $139m (fungible with $1.127438bn issue launched 15/03/00 and $260m issue launched 21/11/02)

Rating: A3 Amount: $300m tier one capital

Rating: A1/A+/AA- Amount: $100m (fungible with $300m issue launched 19/03/02)

Investors had to choose this week from a variety of collateralised debt obligation structures this week as seasoned CDO managers Axa Investment Managers, Pimco, Prudential M&G and Henderson Global Investors all raced to close deals before year end, running the gamut from cash deals to synthetic structures. The first to market was Axa Investment Managers, which returned on Tuesday to its Jazz programme with a Eu756m synthetic collateralised debt obligation via Deutsche Bank, the same bank that closed the asset manager's last Jazz deal. The transaction offers a leveraged exposure to largely investment grade corporate names and asset backed securities.