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Edinburgh Fund Managers (EFM), the embattled Scottish investment management house, suffered another blow to its struggle to remain independent as the Edinburgh Investment Trust threatened to desert the company this week. The Edinburgh Investment Trust, one of the fund manager's largest clients, has put the contract to manage its £1.4bn of assets out to tender. And while EFM has the opportunity to bid for the business, the uncertainty over the tender has re-opened the door for a possible takeover of the Scottish fund management group.

The $250m three year facility for the National Bank of Egypt has been closed and is due to be signed in London on Friday May 31. The deal was well received in syndication and is due to be increased to $300m.

The European Investment Bank this week successfully enhanced and deepened its access to the US market, with 40% of its $3bn August 2005 transaction being sold to US investors. When the bank redefined its strategy at the beginning of 2001, one of the key objectives was to attract demand for its global dollar bonds from the US investor base.

The European Investment Bank this week successfully enhanced and deepened its access to the US market, with 40% of its $3bn August 2005 transaction being sold to US investors. When the bank redefined its strategy at the beginning of 2001, one of the key objectives was to attract demand for its global dollar bonds from the US investor base.

Rating: Baa2/BBB Amount: $800m (increased from $500m)

EuroWeek understands that ABN Amro, HSBC and Lloyds TSB are arranging a £170m three year facility for HFC Bank.

Amount: £220m Issue price: 100.00

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.