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Rating: Aa2/AA-/AA Amount: $1.5bn subordinated debt

Despite complaints about the high total debt ratio of 6.4 times for the Eu1.2bn of senior and subordinated debt backing the PAI-led buy-out of Elis, the initial response to the deal has been enthusiastic. Arrangers CIBC and Crédit Agricole Indosuez have been inundated with reverse enquiries from investors and EuroWeek understands that of the three banks invited into the deal as co-lead arrangers, one institution has already committed.

France Télécom (FT) revealed yesterday (Thursday) that it has raised Eu1.6bn through the sale of its broadcasting assets in France. The heavily indebted telco, rated Baa3/BBB-/BBB, has sold radio and TV transmission group Télédiffusion de France (TDF) to equity sponsors Charterhouse Capital Development and CDC Ixis Equity Capital, and financial institution Caisse des Dépôts et Consignations.

France Télécom (FT) revealed yesterday (Thursday) that it has raised Eu1.6bn through the sale of its broadcasting assets in France. The heavily indebted telco, rated Baa3/BBB-/BBB, has sold radio and TV transmission group Télédiffusion de France (TDF) to equity sponsors Charterhouse Capital Development and CDC Ixis Equity Capital, and financial institution Caisse des Dépôts et Consignations.

Howard Davies, chairman of the Financial Services Authority, yesterday (Thursday) called for greater disclosure of short selling in equity markets. The announcement comes after several leading investors and corporates complained that hedge funds have contributed to the volatility in the stock markets in recent months. David Prosser, the chief executive of UK life assurer Legal & General, called on the FSA in early July to look into the matter.

Gaz de France has ended months of speculation and named BNP Paribas as the arranger of its forthcoming EuroMTN programme. Sources close to the deal suggest that the signing date is still a long way off, but it is believed that the programme amount will be in the region of Eu3bn and that a public deal of between Eu500m and Eu750m will be launched shortly after the signing. Gaz de France has a long term Moody's rating of Aa1, but the agency has placed the utility on watch for a possible downgrade. It will be the third signing from a utility this year. The last signing was London Electricity Group's Eu3bn facility in May.

Boots Company this week agreed the sale of car parts and cycle retailer Halfords to CVC Capital Partners. EuroWeek understands that Barclays is arranging the debt supporting the buy-out.

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

Amount: Eu438m Rating: Fitch

Guarantor: Bank of Scotland Rating: Aa2/AA

Guarantor: Landesbank Hessen-Thüringen Girozentrale Rating: Aaa/AAA/AAA

Arrangers of the HK$4.5bn five year financing for Wharf (Holdings) through special purpose company Success Record have already received more than HK$850m of contributions. Following this overwhelming response the 11-strong arranger group is looking to close the deal as soon as the remaining invitees have confirmed their commitments.