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Spanish utility Union Fenosa, rated Baa1/BBB+, scored a success this week with its third attempt to price a benchmark debut issue, while Vattenfall and TXU Eastern Funding were not so fortunate, having to shelve their deal plans. A deal for Fenosa was first roadshowed in the week of September 11, 2001. The issuer failed a second time to get a deal away in February when market conditions proved unfavourable.

Guarantor: Tiscali SpA Amount: Eu150m

Rating: Aa1/AAA Amount: Eu500m

Mandated arranger RZB signed banks into the $15m one year term loan for Banque du Bosphore on June 14. The deal has been increased to $27m.

The $50m facility for Union International de Banque (UIB) is due to be closed over the next week and will be signed through mandated arrangers ABC (facility agent) and Citigroup/SSB (bookrunner) in early July. Arab Investment Company has joined for a title of lead arranger and for a take of $10m.

Rating: A- Amount: Eu400m

Tryg I Danmark, the Danish benevolent institution, sold a Skr4.57bn (Eu503m) block in Nordea, the Nordic financial services group, this week to finance the acquisition of Nordea's non-life insurance group. The sale of 93m shares was completed at Skr49.1 on Wednesday by Credit Suisse First Boston and Carnegie. This price represented a 0.8% discount to Nordea's close on Wednesday of Skr49.5, but a 6% discount to Tuesday's close. The offering, which was 1.4 times covered, was sold mostly to Scandinavian investors which made up 58% of the final book.

Morley Fund Management has won a £90m socially responsible investment (SRI) mandate from insurer UIA, which the fund manager believes could encourage more companies to consider ethical investments. UIA, whose customers include members of trade unions and not-for-profit organisations, sought legal and actuarial opinion to ensure that managing its money on an SRI basis would not reduce the returns it makes.

Rating: A/A+ Amount: Eu200m subordinated debt

Guarantor: Union Electrica-Fenosa SA Rating: Baa1/BBB+

Vasakronan has announced the dealers off its euro1 billion ($957.52 million) Euro-MTN programme. They are Dresdner Kleinwort Wasserstein (also the arranger), BNP Paribas and Goldman Sachs.

Rating: A1/A+/A+ Amount: $2bn