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Like last week, the three to five year sector was again the busiest in the EuroMTN market. But although fewer trades were closed, more than $1.1bn more was issued. HVB Real Estate traded four notes, the largest a Eu250m three year transaction rated A1 at launch by Moody's. The deal was based on lead orders and most of the paper was pre-placed with German banks. The trade carries a coupon of 20bp over three month Euribor and was lead managed by Commerzbank.

Rating: Aa1/A-/AA Amount: $1bn

Rating: AA- Amount: Sfr110m

Rating: Aaa/AAA/AAA Amount: Eu400m obligations foncières (fungible with two issues totalling Eu1bn first launched 07/02/01)

Mandated arrangers Citi-group/SSSB and ING signed banks into the Eu170m five year facility for Polskie Sieci Elektroenergyczne (PSE) on August 20. The deal was slightly oversubscribed but not increased. Arrangers are Bank Austria Creditanstalt/Bank Przemyslowo-Handlowy PBK and Bank Gospodarki Zywnosciowej. HSBC is a senior co-arranger and Nordea/LG Petro has joined as co-arranger. Lead managers are BIG Bank Gdanski and Banca Nazionale del Lavoro. Bank Pekao has joined as a manager. A ceremonial signing will take place in Poland in September.

EuroWeek hears that P&O Nedlloyd Container Line is close to awarding a close relationship bank the mandate to arrange its new $200m syndicated loan. The UK-based company last tapped the market when it mandated Citigroup/SSSB to arrange a $225m nine year term loan in December 2001.

Rating: Aa2/AA Amount: C$100m

Joint mandated arrangers Arab Banking Corporation (ABC) (facility agent), National Bank of Abu Dhabi (information memorandum) and Bank of Tokyo-Mitsubishi (bookrunner) will launch the $120m three year bullet term loan for the Commercial Bank of Qatar into syndication on Tuesday August 27. The deal pays a margin of 47.5bp over Libor. The facility will be used for general funding purposes and to refinance the borrower's previous facility signed in May 2000. This was a $120m five year term loan that paid a margin of 70bp over Libor.

Bank of America, Deutsche Bank, JP Morgan, Lehman Brothers and Wachovia have been mandated to arrange the debt facilities backing the world's second largest ever leveraged buy-out - the $7.05bn LBO of QwestDex from Denver-based communications company Qwest by Carlyle Group and Welsh, Carson, Anderson & Stowe. QwestDex is Qwest's directories business.

Rating: Aaa/AAA/AAA Amount: $500m

Mandated arrangers RZB and ZAO Raiffeisenbank Austria will sign banks into the $20m 364 day facility for Ural-Siberian Bank (formerly BashCreditBank) today (Friday). The facility has been oversubscribed and will be increased to $25m-$30m.

Rating: A1/A+ Amount: Eu100m (fungible with Eu500m issue launched 21/05/02)