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Michel Bon resigned as chief executive of France Télécom yesterday evening (Thursday) as the French government delayed plans for a Eu15bn rights issue for the beleaguered telco.

Rating: Aaa/AAA/AAA Amount: $4bn

Rating: Aaa/AAA Amount: £150m

The Eu5bn debut syndicated loan for RWE will hit the market in around a week's time. Interest in the deal should be high, with banks eager to book strong corporate assets in the relatively robust utility sector and cement a relationship with the A1/A+ rated firm.

Amount: $1.948bn, Eu1.194bn, £723m Issue price: 100.00

Guarantor: Hamburgische Landesbank Girozenrale Rating: Aa1/AA/AAA

Guarantor: Hamburgische Landesbank Girozentrale Rating: Aa1/AA/AAA

The UK insurer Hiscox announced a £110.5m rights issue this week. Bankers are expecting a long line of insurance companies to raise money on the equity markets in the fourth quarter. ING has fully underwritten the one-for-two rights issue, which will get under way on September 19. Investors will have until October 21 to subscribe for the rights.

The mandate to arrange the Eu130m seven year facility for the Municipality of Budapest is due to be awarded in the next few weeks after renewed bids were submitted this week. However, one banker told EuroWeek that the renewed offers are available until November, so the borrower has plenty of time before it has to award the mandate.

HVB Group is preparing to bring an Eu828m financing for the Stendal pulp mill project to market by early October. The project is a 552,000 tonnes a year capacity mill in Saxony-Anhalt producing northern bleached softwood kraft pulp. The debt for the project is structured into six tranches including a Eu465m 15 year facility and a Eu62m eight year tranche. A further three tranches amounting to Eu141m with 5-1/2 year, eight year and 15 year tenors are for working capital, standby facilities and debt service reserve account funding. The final element is a Eu160m five year bridge loan to pre-finance part of the deal's government subsidies.

Rating: Aaa/AAA/AAA Amount: Eu300m Öffentlicher Pfandbrief series K5008 (fungible with Eu750m issue launched 19/08/02)

Rating: Baa2 Amount: Eu250m (fungible with transaction first launched 03/07/02 now totaling Eu750m)