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French company Havas Advertising overcame the potential setback of the early and incorrect release of the terms for its convertible issue by the French Commission des Opérations de Bourse (Cob) to raise Eu450m through a convertible bond this week. The commission accidentally issued a press release on Monday morning indicating that Havas was seeking to raise Eu350m via a six year 1% coupon convertible issue. Confusion immediately ensued as no bank was marketing the deal to investors.

Banks will be signed into the £170m five year facility for HFC today (Friday). An oversubscription achieved in syndication means that the borrower may increase the loan to £225m.

Arrangers BNP Paribas and DBS Bank have launched a HK$300m five year term loan for Chevalier (Hong Kong), a subsidiary of the Chevalier Group. Banks joining the deal will earn a margin of 72bp over Hibor. Fees to the market are set at three levels - arrangers providing HK$60m-HK$70m will receive 60bp, lead managers taking HK$40m-HK$50m gain 50bp and managers providing HK$20m-$30m are paid 40bp.

Rating: A2/A Amount: $2.5bn

Bidding is under way for the $300m five year facility for Hungarian Development Bank (MFB) and a shortlist is understood to have been drawn up. Banks have formed five joint bidding groups. They are: RZB, Dresdner Kleinwort Wasserstein and Landesbank Schleswig-Holstein; Citigroup/SSSB and Deutsche Bank; Sumitomo, WestLB and Mizuho; BNP Paribas, Bank Austria and BayernLB; and IntesaBci, Commerzbank and ABN Amro.

Mandated arranger Royal Bank of Scotland is waiting for one further bank to obtain credit approval to join the senior syndication of the £275m 20 year financing for the Immingham combined heat and power project. If the bank gets clearance it will be the fourth to join in senior syndication out of the eight banks invited to take tickets of £50m.

Guarantor: C Olivetti & C SpA Rating: BBB

Amount: Eu356m Legal maturity: July 5, 2012

Guarantor: Petroliam Nasional Berhad (Petronas) Rating: Baa1/BBB

Petroliam Nasional (Petronas) on Wednesday took its place in the Asian capital markets’ hall of fame by securing a highly successful jumbo $2.73bn equivalent multi-tranche global issue.

Bond investors will lose money at the longer end of the curve, according to speakers at Pimco's 2002 Secular Forum, which ended late last week. "You want to invest in intermediate maturities between two and five years, because that is where the curve rolls down and you can pick up some extra yield. At the same time, you don't suffer the price volatility of between 10 and 30 year bonds," Emanuele Ravano, executive vice president of Pimco Europe, told the forum at Pimco's Newport Beach headquarters in California.

Co-ordinators ABN Amro, BNP Paribas and SG are finalising the term sheet for Optimus Telecommunicacoes's new Eu900m 9-1/2 year dual tranche facility with a group of potential mandated lead arrangers. The facility will partly refinance a Eu400m multi-tranche loan signed in 1999 and will fund Optimus's UMTS build-out.