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Mandated lead arrangers Danske Bank, HSBC and SEB hope to launch the $500m five year revolver for Swedish engineering group Sandvik into syndication on July 29. The deal includes a Skr1bn swingline facility. Proceeds will be used for corporate purposes.

Mandated arranger BayernLB has signed banks into the debut Sfr250m 10 year term loan for oil product company Tamoil. Banca Nazionale del Lavoro and Hamburgische Landesbank are arrangers. Landesbank Rheinland-Pfalz has committed as a co-arranger. LBKiel is a senior lead manager and lead managers are Landesbank Saar, Arab Petroleum Investments Corporation, British Arab Commercial Bank and Banque Cantonale du Valais.

Redemption in respect of each Eu1,000 denomination shall be determined as follows:

CMC Magnetics Corp is tapping the market for a NT$2.5bn three year bullet facility through arranger Citibank NA (Taipei). Details are being finalised and Citibank will launch the deal next week.

Rating: Aa3/AA-/AA- Amount: £200m

Thai Military Bank's $80m three year deal arranged by ABN Amro was launched into general syndication yesterday (Thursday). Lenders will receive a margin of 67bp and front end fees set at three levels: senior managers pledging $10m or more gain 20bp; managers earn 18bp for contributions of $5m-$9.9m; and co-managers absorbing less than $5m receive 15bp.

Fixed income bankers were this week cautiously predicting an end to the turmoil in the equity markets that has almost paralysed the primary and secondary bond markets.

This week the markets established a new set of depressing records. Wednesday saw heavy trading on every stock exchange and volatility that paralysed new issue activity. The FTSE hit its lowest level for more than six years and the Dow recorded its largest price increase since the crash of October 1987, after dropping in early trading to its lowest point since the Russian crisis of 1998. Government bond markets see-sawed in sympathy, creating a nightmare scenario for dealers and investors. The African Development Bank managed to price its debut global bond on Friday before volatility gripped, but Export Development Canada plunged headlong into the fray and priced its debut dollar global on Wednesday, one of the most turbulent days in the stock markets' recent history. The deal, however, was successfully executed at 2bp over agencies or minus 9bp versus swaps, achieving broad global distribution.

Leading Russian investment bank United Financial Group has boosted its research team with the appointment of two new analysts. Pavel Kushnir has been named as the firm's new oil and gas sector analyst, and Elena Sakhnova is its new automotive, engineering and transportation analyst. The two new recruits are replacing Dmitry Avdeev and Julia Zhdanova, both of whom have both been promoted to positions in UFG's corporate finance department.

Alpha Credit Group (Alpha), the Greek banking and financial services company, has put its name to a Eu1bn EuroCP programme. Deutsche Bank has won the arranger role. The signing came seven months after the borrower set up its Eu3bn EuroMTN facility. George Georgiou, group treasurer at the bank, believes that the time is right to tap the short term market.

Rating: Aa3/AA- Amount: Nkr400m