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US insurance company American International Group this week postponed its $519m securitisation of premium finance loans — the second time in as many years that it has had to do so.

Arrangers ABN Amro, IntesaBci, Commerzbank, K&H Bank and Central European Bank will launch the Eu300m five year facility for Hungarian Development Bank (MFB) into syndication next week. The long awaited deal is thought to carry a margin of 22bp over Libor.

Rating: Aa3 Amount: Huf8bn

Royal Bank of Scotland, the mandated arranger for the £275m 20 year financing for the Immingham combined heat and power project, will sign in three co-arrangers next week. These banks were offered tickets of £50m. The first stage of selldown of the deal has been a long one, but general syndication is already under way. Banks have been invited to join with three tickets: £25m, £17.5m and £10m. The deal pays an initial margin of 130bp which then rises to 175bp over the duration of the facility.

The mandate to arrange the $250m multi-tranche facility for Reliance Industries is due to be awarded in the coming weeks. Bids are nearly all in and an announcement is expected in July.

The mandate to arrange the $250m multi-tranche facility for Reliance Industries is due to be awarded in the coming weeks. Bids are nearly all in and an announcement is expected in July.

The loan market has seen another new hire this week with the appointment of Paul McKenna to the syndicated finance team at ING. McKenna has joined the team as a managing director and head of leveraged finance and acquisition syndicated finance. He joins two months after Grant Johnson was appointed European head of syndicated finance at ING. With the leveraged loan market picking up momentum, the hire of McKenna, a leveraged loans expert, is timely. "This is an excellent hire for ING and further demonstrates our ambitions to drive forward our loan syndication capabilities," said Johnson. "Paul will spearhead ING's leveraged loan and mezzanine syndication capability across Europe in support of the strongly developing acquisition finance platform."

Guarantor: Endesa SA Rating: A2/A

In another disastrous week for Vivendi Universal, the ailing media group suffered at the hands of a confused investor base as it attempted to sell a Eu1.5bn stake in its utilities subsidiary, Vivendi Environnement, on Monday. The market had been expecting the deal for some time. The French media group has been toiling under a huge debt burden, which has weighed down its stock price. And it had made clear that it needed to reduce its position in Vivendi Environnement to below 50% to avoid having its water subsidiary's debt consolidated on its own balance sheet.

Mandated arrangers Danske Bank, Royal Bank of Scotland and WestLB have signed banks into a Eu400m three year term loan for an A3 rated building society Irish Nationwide. The deal was twice oversubscribed from the launch amount of Eu200m.

Vulture investors, which can target returns of up to 20%, have been flapping over the WorldCom carcass, as the distressed debt sell side recorded one of its busiest days of the year yesterday (Thursday). But there was hesitancy from them too. "WorldCom is difficult to value and the price is being driven by technicals as accounts are forced to sell it. I have no faith in the numbers," said David Newport, Standard Bank Asset Management's senior portfolio manager responsible for distressed debt.

Documentation is under way in the ¥8.75bn three tranche deal for Tower Records KK arranged by JP Morgan. The arranger will close the facility in the next week or two. Arranger Bank of Tokyo-Mitsubishi has completed a ¥35bn 364 day revolving credit facility for Mitsubishi Estate. The borrower specialises in property and real estate development.