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Amount: Sfr150m Maturity: June 12, 2009

The Eu400m five year multi-currency revolver for paper company Holmens Bruk was closed this week by arrangers SEB and HSBC. The deal was oversubscribed to Eu675m and will be increased to Eu500m. It was due to be signed yesterday (Thursday).

Transco has dropped Barclays Capital and HSBC as dealers off its euro6 billion ($5.56 billion) Euro-MTN programme.

Arranger Citigroup/SSB has introduced a yen tranche to the $200m two year fundraising for Formosa Plastics Corp USA. The new tranche will allow more banks to join the deal as the previous structure only allowed for those banks that could book dollar funds from their US branches. Banks have been given an extension on the deadline to process this new information although the arranger is still aiming for an early June close. Proceeds are for general working capital.

The $50m five year facility for Union Internationale de Banques (UIB) is due to be launched next week. The information memorandum is being prepared. Arrangers are ABC (facility agent) and Citigroup/SSSB (bookrunner).

EuroWeek understands that the Turkish fuel retailer Petrol Ofisi is coming to the market with a club-style one year deal. The mandate to arrange the facility will be awarded in the next two weeks.

Merrill Lynch hopes to have drawn a line under the investigation into its research practices after reaching a $100m agreement with the New York state attorney general, Eliot Spitzer, on Tuesday. Spitzer had been investigating internet sector research conducted at the firm between 1999 and 2001, after suggestions that equity analysts had been misleadingly bullish on stocks of certain clients of the investment banking division. The inquiry centred on e-mails in which analysts allegedly scorned internet stocks despite publicly giving them a favourable recommendation.

The market struggled to focus on anything this week but the yo-yo activities of Deutsche Telekom as it fought to price its jumbo transaction. Having revised the price talk three times, Deutsche, JP Morgan and Citigroup/SSSB hope to price the Eu5bn three tranche deal today (Friday) at levels consistent with initial price talk.

Institutional investors were left unmoved by Tuesday's news of the settlement between the New York State Attorney General, Eliot Spitzer, and Merrill Lynch, over charges that the firm had misled investors with its research. EuroWeek spoke to members of the industry this week to gauge attitudes towards sellside research, and examine new developments in the field.

More bad news was heaped on the the Wembley National Stadium project this week with the news that the National Audit Office (NAO) is to launch an investigation into scheme. The move comes after independent reports concluded that the bidding process conducted by Wembley National Stadium Limited for the concession to design and build the project was not sufficiently transparent.

HSBC has clinched the mandate to arrange a new debt facility to back Westbury's acquisition of house construction firm Prowting plc. The size of the loan has not been finalised but it will be between £400m and £450m and pricing will be between 100bp and 125bp over Libor. Syndication will be launched in about two weeks' time. HSBC has fully underwritten the loan.

Guarantor: WestLB Rating: Aa1/AA+/AAA