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Ba1/BB+ rated Alcatel is in discussions with its banks about easing potentially restrictive triggers in a Eu2.075bn revolver signed in April. Telecoms equipment manufacturers face decreased demand from operators, and Alcatel wants to avoid problems if it is downgraded.

BNP Paribas, Citigroup/SSSB and Commerzbank have been mandated to arrange a Eu1.5bn five year loan for Bertelsmann. The deal refinances a Eu2.5bn bridge facility put in place for the acquisition of music company Zomba.

Goldman Sachs came under fire from the US Congress this week as it was shown to have awarded preferential allocations to senior executives at firms that the bank received investment banking business from. The House Financial Services Committee unveiled its findings on Wednesday. The broadening of its investigation into IPO spinning now implicates both Goldman Sachs and Credit Suisse First Boston as well as Citigroup/SSB.

Amount: $50m Maturity: October 2, 2005

Mandated lead arranger BayernLB has closed senior syndication of the Eu150m five year term loan for Hungarian Foreign Trade Bank (Magyar Külkereskedelmi Bank, or MKB). The facility was launched into general syndication on Wednesday. Erste Bank, HVB Group, Landesbank Rheinland-Pfalz and Westdeutsche Genossenschafts-Zentralbank have joined as arrangers for takes of Eu20m each.

Arranger Citic Ka Wah Bank has launched a HK$150m three year term loan for Wah Sang Gas Holdings, a gas supplier in the People's Republic of China. Banks will receive a margin of 150bp over Hibor. Fees are set at two tiers: co-arrangers absorbing $25m-$35m gain 68bp and lead managers investing $15m-$24m receive 56bp.

Congratulations to Henry "Hank" Paulson at Goldman Sachs, who knew just how the firm could cruise through the worst markets in 30 years. Hank Paulson and the wizards at Goldie knew that conventional business flows had fallen off the cliff and that there was no point in 21,000 Goldman employees sitting around, scratching their duffs and waiting for namby-pamby customers to return. What was Hank Paulson's master plan? We will tell you. Over the doors of every Goldman Sachs trading floor around the world huge signs were erected saying, "Welcome to the Golden Nugget Casino".

Rating: Aa1 Amount: Sfr50m

Hutchison Whampoa pulled its planned multi-tranche Eu1.5bn benchmark this week, becoming the most high profile casualty of the European market meltdown that has laid waste to the corporate Eurobond pipeline.

Amount: Eu3bn Rating: Moody's/Fitch

Unlisted Italian energy group Italenergia successfully raised Eu1bn through a zero coupon Eu1.272bn five year issue on Wednesday, the first liquid zero coupon corporate bond in the European market. However, to launch the innovative issue into the turbulent market, the borrower had to revise pricing by 20bp. Launched via IEB Finance and guaranteed by Aaa/AA/AAA Electricité de France (EDF), the deal completes Eu2bn of debt issues Italenergia has launched as part of its Eu4bn financial restructuring, ahead of its merger with power unit Edison in November. The first part, a Eu830m domestic retail targeted issue, was completed in August.