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Syndication of the Eu250m leveraged financing for Findus has been closed oversubscribed. Banks and institutions will be signed into the deal next week.

Swiss Life's proposed Sfr1.2bn capital increase was thrown into further turmoil this week by revelations that the insurer has been asked by the Swiss regulator to explain a capital increase at an investment vehicle. The disclosure comes a week after Swiss Life reported an IT error had resulted in Sfr192m of losses not being accounted for in its second-half results.

Banks and institutions which committed to the $635m dual tranche facility for Centrepulse will be funded into the deal on November 4. US-based institutional investors in particular have responded enthusiastically to the deal - despite unusual proceeds.

Although tax complications still militate against the expansion of a market for true sale securitisations in Germany, the market for synthetic deals continues to expand - driven principally by the increasing pressures that are being piled upon the German banking industry. As Philip Moore reports, KfW's Provide and Promise programmes have played a vital part in the market's growth.

Winbond Electronics has mandated Chinatrust Commercial Bank and First Commercial Bank for a $106m five year term loan. Banks will earn a margin of 90bp over Libor and a commitment fee of 20bp. Fees to the market are being decided.

To keep pace with the dynamic developments in Japan's increasingly innovative financial markets, regulatory change is vital. Mark B Johnson looks at changes in the law governing equity-linked transactions and warrants, regulatory support for the securitisation industry and the efforts underpinning the widespread move to book entry settlement of securities. Amendments to the Commercial Code of Japan that became effective on April 1, 2002 repealed the provisions relating to the issue of convertible bonds, replacing them with provisions relating to the issue of bonds with stock acquisition rights (shinkabu yoyakuken-tsuki shasai).

Telewest Communications is expected to reach an agreement with its lenders over a restructuring of £3.5bn in debt by the end of the week. At the end of September Telewest announced that with approval from its creditor banks it would exchange some £3.5bn in debt for 97% of equity. Existing shareholders will hold just 3% of the company. Telewest has been in negotiations with its bondholders and senior lenders over the last month.

TNK has successfully returned to the international capital markets with a $400m 11% five year transaction, nearly six months after being forced to cancel a $500m bond following a last minute audit fiasco. The transaction for the B+/B+ rated Russian oil major falls in the middle of the $300m-$500m range that joint bookrunners CSFB and Citigroup/SSSB had been marketing. It was priced at the tight end of price talk of 11%-11.25%. Merrill Lynch was joint lead manager (no books) on the transaction.

Toshikazu Funo, director in the accounting and treasury department at the Tokyo Electric Power Company talks about being content to issue bonds in the domestic market, where the company can still achieve short or long term funding at rates considerably below the international markets. What amount of debt funding have you budgeted to raise this financial year and how much have you raised so far?

Abbey National, the UK’s second largest mortgage bank, this week defied a difficult credit market by returning successfully to its Holmes master trust structure in what the issuer believes to be the largest securitisation of residential mortgages in the European market.

Abbey National, the UK’s second largest mortgage bank, this week defied a difficult credit market by returning successfully to its Holmes master trust structure in what the issuer believes to be the largest securitisation of residential mortgages in the European market.

Existing lenders to insurance company ACE Europe have responded positively to the company's £440m six year refinancing. Proceeds will be used to refinance a £440m loan signed in November 2001. Citigroup/SSSB arranged that deal with Barclays joining as an arranger and ING as a co-arranger. Lead managers were Crédit Lyonnais (£50m), National Westminster Bank (£50m), Lloyds (£35m) and ABN Amro (£30m). Pricing was not disclosed. Banks committing a similar amount to the latest facility will receive a 2bp fee and those increasing their exposure will get 5bp.