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Mandated arrangers Citigroup/SSSB and ING have closed syndication of the Eu170m five year facility for Polskie Sieci Elektroenergyczne (PSE). The deal has been slightly oversubscribed but it will not be increased. Signing is due to take place next week.

Republic of Portugal has been closed oversubscribed. Arrangers BNP Paribas, SG and WestLB hope to sign banks into the deal by the end of August.

Amount: A$104.1m Rating: Aa3/AA-

The insistence by rating agencies Moody's and Standard & Poor's that Vivendi Universal (VU) either raise cash speedily or secure more credit from its relationship banks intensified this week when both agencies slashed the conglomerate's ratings. The downgrades came on the same day that the company announced a worse than expected cashflow shortfall in its 2002 half year results.

Dee Valley Water will today (Friday) launch a £35m structured bond via RBS Financial Markets to finance a share buyback scheme and reduce its cost of funding. Issued through Artesian Finance, an RBS vehicle, and wrapped by Financial Security Assurance (FSA), the deal highlights the demand for structured debt across the UK water sector as an alternative to equity and conventional debt finance, after larger corporate restructurings such as Anglian Water Services £1.76bn bond in July.

Electricity company Termoelectrica has invited banks to bid for the mandate to arrange a new $150m facility. The borrower last tapped the market in March with a $150m dual tranche one year term loan. ABN Amro and JP Morgan were arrangers.

Russian capital markets pioneer Alexander Pertsovsky has been named as a managing director and head of domestic distribution at leading Russian investment bank Renaissance Capital. Pertsovsky, 34, was one of the founders of Russian equity brokerage Rinaco Plus, which was established in 1992. By 1998, Rinaco Plus was a domestic equity market leader and had the largest turnover among all market participants in the pre-crisis period.

BNP Paribas, HVB Group and International Moscow Bank have won the mandate to arrange a $200m term loan for Rosneft. The deal pays a margin of 365bp over Libor. The proceeds will be used to finance various projects.

Rating: Aa3/AA-/AA Amount: $1bn

Rating: AA-/AAA Amount: Eu100m

This week's drop in Treasury yields to 40 year lows helped revive a moribund US high grade primary market, with close to $5bn of deals due for pricing by the end of the week. Although hardly in the same league as record issuance weeks last year, the pick-up in deals - led by a successful $1bn 10 year global bond by SBC Communications - is a welcome relief after the dismal volumes in recent weeks.

Mandated arranger Bank of Tokyo-Mitsubishi will sign banks into the $150m multi-tranche facility for the Central Bank of the Republic of Seychelles today (Friday). The deal attracted a slight oversubscription, but will not be increased. In total 11 banks have joined including Barclays (facility agent), Standard Chartered as a lead arranger, Belgolaise Bank as an arranger, Nouvobanq a co-arranger, African Export-Import Bank as a manager and Habib Allied International Bank as a co-manager. The facility is split into three tranches. Tranche 'A' is a $15m 364 day bullet facility that carries a margin of 200bp over Libor and an extension option. Tranche 'B' is a $75m three year facility that carries a margin of 250bp over Libor. Tranche 'C' is a $60m five year facility that carries a margin of 325bp over Libor.