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Lehman Brothers has closed syndication of Europe's largest senior secured LBO financing and largest mezzanine facility underwritten on a sole basis supporting Charterhouse Development's acquisition of Coral Eurobet. The deal was closed 40% oversubscribed with 16 banks and eight institutional investors committing to the deal.

Rating: Aaa/AAA/AAA Amount: A$100m

Development Bank of Kazakhstan (DBK) reaped the benefits of pent-up investor demand for Kazakh risk last Friday with the launch of a blowout debut international bond. The $100m five year issue was more than three times oversubscribed, allowing sole bookrunner UBS Warburg to price the issue with a 7.125% coupon and an issue price of 98.97. This gives a yield of 7.375% - in the middle of the pre-launch 7.25%-7.5% price guidance.

Royal Bank of Scotland, Rabobank and WestLB are syndicating a £120m acquisition facility for chilled dairy foods company Dairy Crest plc. Dairy Crest will use the proceeds for the proposed acquisition of the business and assets of the St Ivel spreads business from the Uniq Group for a £86.5m in cash.

Guarantor: Deutsche Telekom AG Rating: Baa1/BBB+/BBB+

Mandated arranger RZB is completing the documentation for the Eu20m five year facility for Roskilde Bank, and banks will be signed in over the next two weeks. The deal has been oversubscribed to Eu32m and an increase will be accepted.

Depfa was this week taking on board the lessons of its first foray into the global dollar market last week, when its inaugural global dollar Pfandbrief issue had to be cut from $3bn to $2bn as demand from the US proved weaker than expected. According to Wally Höfer-Neder, global head of capital markets at Depfa Bank, one of the hurdles the bank failed to overcome was the 144a structure of the bond. She said that, in line with syndicate managers' suggestions, Depfa had made an internal decision to issue true global bonds in the future.

Amount: Eu929.45m Issue price: 100.00

Bids for the arranging mandate for the $1.15bn debt financing for Egypt LNG (ELNG) are due in on October 14. Initially, around 25 banks expressed an interest in bidding for the mandate. Whether so many remain interested now that the sponsors' firm intentions for 15 year effectively uncovered debt have been made clear is uncertain.

Guarantor: ENI SpA Rating: Aa3/AA

The dollar and euro primary debt markets were in the doldrums all this week with very little swap-driven issuance priced in either sector. However, swap spreads have been driven by wider factors, and, in the case of the dollar market, spreads were jolted lower by the emergence of a fresh piece of news about Fannie Mae and its celebrated duration gap (see story above).

Guarantor: Gazprombank Amount: Eu50m (increase to Eu100m issue launched 20/09/02)