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In a direct swap, JP Morgan's Sjoerd Leenart and Michael Ridley are exchanging jobs on Monday, with Ridley taking over EMEA investment grade syndicate and Leenart becoming co-head of corporate debt capital markets origination. They will be based in London. For Ridley, it is a return to a business he knows well - he joined Chase Manhattan in 1998 and by April of that year was made head of international syndicate.

JP Morgan and Bank One have clinched the mandate to arrange a jumbo plain vanilla loan for the world's second largest reinsurer Swiss Re. The triple-A rated company has mandated the two banks to arrange its $3bn 364 day revolver. Swiss Re will use funds to issue standby letters of credit.

Mandated arranger KBC Bank has completed a $65m three year pre-export finance facility for crude oil for OJSC Karazhanbasmunai. Hypovereinsbank and BayernLB have joined as co-arrangers and Credit Suisse First Boston is a lead manager. Glencore International is the offtaker for the deal.

Guarantor: Kreditanstalt für Wiederaufbau Rating: Aaa/AAA/AAA

Chocolate and food company Nestlé this week indicated its interest in buying US-based chocolate company Hershey in what could be a Eu10bn takeover. Although loan originators would be eager to suggest to Néstle that a credit line as the best form of funding the purchase, bankers say that Néstle has sufficient cash and access to funds in the CP market to finance a large acquisition in the short term.

Arranger Citibank NA (Taipei) has closed the NT$19bn equivalent fundraising for Quanta Display. The deal was well received by the market and oversubscribed by just under 10%. Banks are in documentation and the allotments will be made next week in time for signing in mid-September.

A group of around six banks is forming a $150m fundraising for KorAm Bank. Details are being finalised, with pricing expected to range between 10bp and 20bp. KorAm last came to the market in May with an HK$800m 364 day term loan arranged by Commerzbank, Crédit Lyonnais, and Standard Chartered. Banks earned a margin of 18bp over Hibor and a top participation fee of 12bp.

EuroWeek understands that BNP Paribas and Citigroup/SSSB will today (Friday) launch the Eu1.34bn of senior debt facilities backing the Eu1.6bn 64% buy-out of French broadcaster Télédiffusion de France (TdF) from France Télécom by Charterhouse Capital Development, CDC IXIS Equity Capital and Caisse des Despots. Institutions invited to sub-underwrite the deal can expect invitations to offer two levels of commitments.

Guarantor: TotalFinaElf SA Rating: Aa2/AA

The mandate to arrange the $300m one year term loan for Akbank was awarded yesterday (Thursday). The deal was also launched yesterday. In total 21 banks have been mandated to arrange the facility. They are ABN Amro, Alpha Bank, American Express Bank, Bank of New York, Bank of Tokyo-Mitsubishi, Citigroup/SSSB (bookrunner), Commercial Bank of Kuwait, Commerzbank, Deutsche Bank (bookrunner), Dresdner Kleinwort Wasserstein, HVB Group, ING (signing and press), Landesbank Schleswig-Holstein, Natexis Banques Populaires, The National Commercial Bank, Standard Chartered, Sumitomo, UFJ, Wachovia Bank, National Association and WestLB (bookrunner).

After a two week delay, Marconi has finally reached a restructuring agreement with its creditors. Through a debt for equity swap, Marconi's debt will be reduced from £4.9bn to £300m and the company will be left with £635m of working capital.

After having successfully completed the initial sub-underwriting phase of the Eu2.222bn senior secured credit facilities backing Kohlberg Kravis Roberts & Co and Wendel Investissement's buy-out of Legrand from Schneider, arrangers Credit Suisse First Boston, Lehman Brothers and Royal Bank of Scotland have launched the facilities into the second round of senior syndication. Yesterday morning (Thursday), a group of 24 banks and institutions were invited to commit to the deal as co-arrangers taking a sub-underwriting ticket of Eu100m with a projected final hold of around Eu65m. The 125bp fee is split between a 30bp underwriting fee and a 95bp participation fee.