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Rating: A2/A- Amount: $1.75bn

Rating: A2/A-/A Amount: Eu750m

Welcome back from the Christmas and new year holidays. While most of our pals were frolicking on the ski slopes or sunning their interesting bits in the Caribbean, we in the south of England were awash from non-stop rainstorms and regretting the fact that someone hadn't given us a DIY Noah's Ark Christmas present. You know that the situation is dire when your three Labradors, who all take like ducks to water normally, are not even pestering you to go for a walk.

After a bumper year in 2002, Hungarian banks have already begun to return to the syndicated loan market. This week two new mandates have been awarded for facilities. The first is the long awaited mandate to arrange the Eu150m five year deal for the Central European Investment Bank (CIB). The borrower originally issued a request for proposals (RFPs) in September and there followed a long drawn-out process to select Bank Austria, DZ Bank, ING and LB Kiel as the mandated arrangers.

Mandated arranger Deutsche Bank signed banks into the $40m two year term loan for General Banking and Trust on December 30. The deal pays a margin of 75bp over Libor. CIB Bank, HVB Bank Hungary, LB Kiel and Rabobank joined as arrangers. Bank Melli Iran and Arab Investment Company joined as lead managers. Banca Nazionale del Lavoro, Bankgesellschaft Berlin and Depfa Investment Bank joined as managers.

Rating: Aa1/AAA/AAA Amount: Eu500m Öffentlicher Pfandbrief series 587 (fungible with two issues totaling Eu2bn first launched 04/12/01)

Rating: AAA Amount: Sfr100m (fungible with two issues totalling Sfr300m issue launched 16/10/02 and 26/11/02)

IIB Capital, the Dublin-based funding vehicle of Belgium's KBC Bank, has put its name to a Eu1.5bn EuroMTN facility. Merrill Lynch has scooped the arrangership. The borrower has yet to issue its first trade, but Adam Mesbur, senior director of treasury at IIB Capital, is adamant that an issue will reach the market this month.

Rating: Aaa/AAA/AAA Amount: $2bn

Iceland's biggest bank Islandsbanki is looking to kick off its 2003 funding programme with its first ever benchmark transaction in the public dollar markets. Yesterday (Thursday) BNP Paribas and CSFB were mandated to lead manage the expected $250m minimum three year floating rate note transaction, with investor presentations scheduled to take place later this month.

Bankers expect the Eu1.6bn acquisition facility taken out by special purpose vehicle Endesa Italia - 45% owned by Endesa, 40% by BSCH and 14% by municipality ASM Brescia - to be refinanced in the first quarter. The loan funded Endesa Italia's acquisition of Italy's power utility Elettrogen from state owned Enel last year. Dresdner Kleinwort Wasserstein sole led the multi-tranche deal. Two term loan tranches of Eu700m had tenors of 1-1/2 years each and there was also a Eu200m one year revolver. All tranches offered initial margins of 40bp over Euribor. Endesa, the major shareholder of the consortium is rated A2/A and is Spain's largest integrated utility and Latin America's second largest utility. Mandated lead arrangers of Autostrade's Eu2.55bn term loan, Mediobanca and UniCredito Italiano, have finally capitulated and agreed to four banks joining them as mandated lead arrangers. The four banks were among 14 institutions initially invited to sub-underwrite the deal, Barclays, Crédit Lyonnais, La Caixa, and Goldman Sachs have come into the deal on certain conditions - in the case of Barclays and Goldman Sachs probably under an agreement that they will have leading roles in the capital markets refinancing. Some bankers have suggested that of the banks which have joined the deal some will only lend to the initial short term bridges and will not commit to the long term loan. This has not been confirmed. EuroWeek understands that the six banks were in Milan this week discussing syndication strategy. So far, the bank market has not responded warmly to the deal because a seven year term loan, which will refinance a 1-1/2 year bridge facility, is considered too long. Lenders were also unhappy about the large underwriting ticket on offer, which would leave them with a high final hold level. Underwriters have been offered Eu1.5bn to be brought down to a final amount of Eu500m for 150bp. Citigroup/SSSB, JP Morgan, HSBC, SG, WestLB, among others, have turned down the deal. The loan is split into a Eu2.255bn 18 month less one day term loan 'A' with a starting margin of 150bp over Euribor for a rating of AA-. This will ratchet on a Standard & Poor's ratings grid and will reach 270bp for a rating of BBB- or lower. There is also a Eu5.43bn and an Eu800m 18 month less one day term loan 'B' and 'C'. Both feature initial margins of 150bp. Part of the facility will be replaced by a seven year term loan and part will be taken out in the bond market. There has also been speculation about refinancing through a securitisation. Proceeds of the loan support Schemaventotto's acquisition of the 30% of Autostrade which it does not already own through SPV Newco 28 SpA.

Rating: A3/A- Amount: $850m