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The $18bn global fundraising for subsidiaries of GE Capital Corp was signed on May 22 via arrangers Bank of America, Citigroup/SSB and JP Morgan. The deal was heavily oversubscribed with some $20bn in commitments received, which led to the deal being increased from $15bn. The facility was split between four borrowers with the Hong Kong and Japan subsidiaries accounting for $1.83bn and $140m respectively. The other entities were the Irish branch which was assigned $10.875bn and the US office which received $5.15bn.

Joint lead arrangers ABN Amro, HSBC and Lloyds TSB signed banks into the £175m five year facility for Household Finance Corporation on Friday May 17. JP Morgan, LB Kiel and Royal Bank of Scotland have joined as arrangers. Banca Popolare di Lodi, Berliner Volksbank, BNP Paribas, Commerzbank, Deutsche Bank, Hamburgische Landesbank, Landesbank Schleswig-Holstein, NordLB, RBC and WestLB have committed as lead managers.

The Eu30m five year deal for Hungarian Foreign Trade Bank (MKB) has been closed by mandated arranger BNP Paribas and is due to be signed on May 30. The deal follows the borrower's Eu50m transaction that was signed through DZ Bank in April.

One of the largest Euro-MTN shelves in the market has been overhauled. HypoVereinsbank has dropped two houses from its dealer panel off its euro50 billion ($46.30 billion) debt issuance programme. The dropped dealers are Credit Suisse First Boston and Salomon Smith Barney. The borrower has also added four new houses to the programme's dealer panel. They are HSBC, JPMorgan, Mizuho and SG.

Banca IMI has won the mandate to lead the Eu1bn IPO of Italian telecoms operator Albacom, as a result of Mediobanca dropping out because of its involvement with Wind. Banca IMI is not likely to bring the deal for some months. Although Italian bankers suggested this week that it might be revived before the summer break, investor sentiment towards telecoms makes this unlikely.

Deutsche Bank is to arrange a £300m post-IPO financing for Intertek. Intertek plans to float 100m shares worth £450m. Goldman Sachs and Citigroup/SSSB are leading the issue. Proceeds from the offering will be used to repay debt, and will allow Charterhouse Development, which bought 84% of Intertek in 1996, to claim dividends.

Rating: A1/AA- Amount: $900m (indicated $500m-$1bn)

Intertek Testing Services, the global testing and services inspection business, heeded the warning of sceptical investors by pricing its £400m IPO last night (Thursday) at the bottom of the range.

Intertek Testing Services, the global testing and services inspection business, heeded the warning of sceptical investors by pricing its £400m IPO last night (Thursday) at the bottom of the range.

Rating: A1/A/A+ Amount: Eu500m (fungible with Eu1bn issue launched 21/11/01)

The recent run of holidays in Europe has meant that replies to the Eu3.675bn acquisition facility for Edipower have been slow. Books were due to close today (Friday), but invited banks have been given an extra week to respond. Despite the slow response, observers are confident that the deal will be well backed in the market.

Arranger Mizuho Corporate Bank has completed a ¥30bn 364 day revolving credit for Hokuriku Electric Power. The arranger pledged ¥10.95bn. Participants are Hokuriku Bank absorbing ¥7.5bn, Hokkoku Bank lending ¥4.5bn, Fukui Bank providing ¥1.8bn, Sumitomo Mitsui Banking Corp taking ¥1.5bn, Bank of Tokyo-Mitsubishi absorbing ¥750m, UFJ Bank, Shinkin Central Bank and Norinchukin Bank pledging ¥600m each, Sumitomo Trust & Banking and First Bank of Toyama contributing ¥450m apiece, and Toyama Bank lending ¥30m.