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Leading UK retailer Tesco launched a four tranche Eu1.68bn equivalent euro/sterling transaction on Tuesday that was warmly welcomed by market participants. The multi-tranche offering, lead managed by Deutsche Bank, Citigroup/SSSB, HSBC and RBS, comprised a £50m tap of a 2025 inflation-linked bond, a £350m piece due 2019, a £200m portion due 2033, and a Eu750m 2010 issue.

Sibneft impressed bankers this week by the speed with which it priced a $500m January 2009 bond, its third debt capital markets transaction so far this year. Lead manager Citigroup/SSSB began bookbuilding on Monday morning and had already gathered orders of $750m by the end of the day. "The company was prepared to go on a roadshow, but we found that there was no need," said Rafael Biosse Duplan, director of debt capital markets at Citigroup/SSSB in London. "It is remarkable to note the speed with which we were able to put this transaction together."

Sole mandated arranger Islandsbanki will close syndication of the Eu52m five year club-style facility for the Baugar Group in the middle of December. Interest has been good due to the lack of Icelandic deals and so at least four banks should join.. Proceeds will be used for refinancing the borrower's Icelandic retail division. The borrower is an international retail company with operations in the US, Scandinavia and Iceland.

Amount: Eu90m, $20m, ¥2bn Rating: Moody's/Fitch

Early market reaction to the refinancing of Imperial Tobacco's $6.615bn acquisition facility has been positive. The borrower's desire to reduce funding costs and to trim its relationship bank group looks set to succeed, according to mandated lead arrangers ABN Amro, BayernLB, HSBC and JP Morgan.

LIC Housing Finance is tapping the market for a $50m five year fundraising fully underwritten by arrangers ABN Amro and Bank of Baroda. The transaction pays a margin of 100bp over Libor and fees on three levels: co-arrangers earn 50bp for $10m tickets; senior managers gain 40bp for commitments of $5m-$9.9m; and managers receive 30bp for contributions of $3m-$4.9m.

Rating: A3/BBB+/BBB Amount: $350m

Rating: Aaa/AA+/AA+ Amount: $1bn

Rating: A1 Amount: Eu50m tier one capital

Two Italian names plan to come to the EuroMTN market shortly, reflecting the increasingly popular trend towards alternative sources of finance in Italy. The Italian Region of Emilia Romagna is to sign an MTN facility in the next two months and the Autonomous Province of Trento has chosen the arrangers for its debt issuance shelf. Emilia Romagna has mandated Dexia Crediop, JP Morgan and UniCredit Banca Mobiliare to arrange its Eu1bn EuroMTN programme. No other dealers have yet been chosen. The programme is nearing completion, with the finishing touches currently being put to the documentation, according to one of the arrangers.

Two Italian names plan to come to the EuroMTN market shortly, reflecting the increasingly popular trend towards alternative sources of finance in Italy. The Italian Region of Emilia Romagna is to sign an MTN facility in the next two months and the Autonomous Province of Trento has chosen the arrangers for its debt issuance shelf. Emilia Romagna has mandated Dexia Crediop, JP Morgan and UniCredit Banca Mobiliare to arrange its Eu1bn EuroMTN programme. No other dealers have yet been chosen. The programme is nearing completion, with the finishing touches currently being put to the documentation, according to one of the arrangers.

The selldown of the Eu171m senior debt facility for Teksid should be wrapped up next week. JP Morgan is mandated lead arranger, while BNL is lead arranger.