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BNP Paribas and SG have been mandated to arrange and bookrun a Eu625m project financing for Rijnmond Energi. Proceeds will be used to finance the construction of a natural gas fired plant in Rotterdam. InterGen, which is 68% owned by Royal Dutch Shell and 32% held by UK-based Bechtel, is sponsoring the project.

James Paget has joined UBS Warburg in London to advise UK and Swiss financial companies on managing their assets, liabilities and credit exposure. Paget left Goldman Sachs in London, which he joined in 2000. There he worked mainly in fixed income products, also covering the UK and Swiss markets, although recently he was also marketing equity derivatives. Before that he spent seven years at JP Morgan.

Mandated arrangers BayernLB (bookrunner), Danske Bank, DZ Bank and Swedbank will today (Friday) launch the Eu80m dual currency revolver for Sparebanken Nord-Norge into general syndication. Proceeds will be used for refinancing. The borrower last tapped the market in May 2000 with a Eu105m five year facility via BGB.

EuroWeek hears that HBOS and Royal Bank of Scotland have joined the £495m of senior debt facilities backing the Charterhouse-led secondary buy-out of the Coral Group in a senior role before the sub-underwriting phase. The debt facilities, sole arranged by Lehman Brothers, are split between £495m of senior debt, a £135m mezzanine tranche and a £75m PIK facility. EuroWeek understands that the PIK facility does not feature cash interest and has no acceleration and so is viewed by banks as equity.

The US capital markets have finally turned a corner. The US high grade market sprang back to life this week with almost $15bn of deals priced, as issuers jumped in to take advantage of a sudden revival of confidence in credit among investors.

The US capital markets have finally turned a corner. The US high grade market sprang back to life this week with almost $15bn of deals priced, as issuers jumped in to take advantage of a sudden revival of confidence in credit among investors.

Citigroup/SSSB has joined ING and JP Morgan to jointly provide the senior debt backing the acquisition of the 51% stake in Cesky Telecom by bidding consortium Deutsche Bank Capital and TDC. More details will be available when the sale and purchase agreement is signed at the end of the year.

Rating: Aa3/A/A+ Amount: Eu100m

Mandated arranger RZB has launched syndication of the Eu20m five year facility for Roskilde Bank into syndication this week. Two commitments have already been received and the rest are due by September 9. Three levels of participation have been offered: co-arranger for a take of Eu5m; lead manager for a take of $3m; and manager for a take of $2m. Proceeds will be used for working capital purposes and the deal will be signed in early October.

Guarantor: Deutsche Telekom AG Rating: Baa1/BBB+

Rating: Aaa/AAA/AAA Amount: Eu1bn obligations foncières

The dollar denominated new issue market unexpectedly exploded into life this week, and swap spreads were driven tighter. Around $14bn of new debt was priced, making it the busiest week in the bond market since that of June 21. While issuance has yet to resurface in the Euromarket, euro swap spreads were dragged tighter by the expectation that it is only a matter of time before the market is swamped by swappable debt. Throughout the capital markets there are signs that appetite for credit is returning, with obvious consequences for swap spreads.