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A HK$400m two year FRCD for Asia Commercial Bank has been launched into general syndication by arrangers Commerz East Asia, ICBC Asia and Standard Chartered. Banks joining the facility will receive a margin of 30bp over Hibor. Fees to the market are at two tiers: co-arrangers committing HK$60m or more earn 26bp and lead managers taking HK$30m-HK$55m receive 22bp.

BayernLB has been awarded the mandate to arrange a Eu100m two year bullet term loan for Landsbanki Islands, Iceland's national bank. BayernLB will invite a select group of banks to join the deal in senior syndication before it is launched into general syndication.

Rating: A/A1/A+ Amount: Nkr500m

Renewed bids for the mandate to arrange the Eu130m seven year facility for the Municipality of Budapest are due by September 6. Banks have formed four groups. ABN Amro and KBC have joined forces while BNP Paribas, Bank Austria, BayernLB, DZ Bank and RZB are also bidding. A banker close to the deal told EuroWeek that the local banks are out of the bidding process as they did not submit competitive bids. He also said that the deal carries a margin of 25bp over Libor. But others said that competition will drive the margin down to around 20bp.

Rating: Aa2/AA-/AA- Amount: Nkr300m

EuroWeek hears that mandated lead arranger CIBC, which has been joined by arrangers Allied Irish Bank Capital Markets, Bank of Ireland and one other, has approached around six banks to join syndication of the debt facilities backing the Elektra Partners buy-out of BWG from Pernod Ricard. Debt is split into an Eu84m seven year term loan 'A', a Eu56m eight year amortising term loan 'B', a Eu72.5 seven year revolver and Eu60m seven year term loan. All portions carry a margin of 225bp over Libor.

Merrill Lynch and Dexia Crediop have secured the arranger mandate for the Province of Milan's EuroMTN programme. The borrower is still putting the finishing touches to the facility, but the signing is expected shortly and will highlight the growing attraction of the international debt capital markets to Italian borrowers.

Deutsche Bank and Crédit Lyonnais are planning to launch the debt facilities backing the PAI-led buy-out of pasta company Lustucru into syndication in late September or early October. A circa Eu300m loan will back PAI's Eu500m acquisition.

Italy effectively re-opened the sovereign and supranational market this week with a highly successful $3bn five year transaction, the largest new issue in its asset class since the EIB’s dollar benchmark in May.

Italy effectively re-opened the sovereign and supranational market this week with a highly successful $3bn five year transaction, the largest new issue in its asset class since the EIB’s dollar benchmark in May.