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John Brewer, who was co-head of European investment grade trading at Goldman Sachs, has joined Bank of America, where he will manage the integration of the high grade corporate and credit derivative trading groups for Europe, the Middle East and Africa (EMEA). He reports to Arrington Mixon, who moved across from Charlotte recently to head the global markets group for Europe.

Croatia The Republic of Croatia is expected to decide within the coming week who will lead manage its ¥25bn five or six year bond to be issued this summer. RFPs were returned last Friday.

Two banks have submitted firm commitments to the $250m three year fundraising for Sinochem Hongkong (Holdings) Co arranged by ABN Amro. The arranger is waiting for one more bank to sign up before launching the deal into general syndication next week.

Three banks have elbowed their way into Morgan Stanley’s bridge loan for Enterprise Inns’ £2bn acquisition of pubs from Nomura’s principal finance group.

Three banks have elbowed their way into Morgan Stanley’s bridge loan for Enterprise Inns’ £2bn acquisition of pubs from Nomura’s principal finance group.

The troubled split capital trust sector suffered another blow this week as a large-scale class action lawsuit was launched against many of the main participants in the industry for allegedly mis-selling the product as a low risk investment. Stephen Alexander, senior partner at Class Law, the law firm that is managing the action, believes it could involve the largest number of defendants in history. "In terms of scope this case should be one of the biggest ever," said Alexander.

Amount: Dkr1.057bn Legal maturity: October 7, 2022

Rating: A1/A-/A Amount: Eu50m

Rating: A2 Amount: Eu100m

The Croatian Bank for Reconstruction and Development (HBOR) has mandated ING and RZB to arrange a $50m five year facility. The deal has been launched to a select group of arrangers this week.

The mandate to arrange the Eu700m three year facility for Czech Export Bank (CEB) will be announced in the next two or three weeks. The deal is suffering a number of delays due to political issues.

Fonterra Cooperative Group has signed a $1.5 billion Euro-CP programme. Citibank is the arranger. The programme replaces the $1 billion Euro-CP facility for New Zealand Dairy Board Finance, which has $461.18 million-worth outstanding off six trades. It is the first New Zealand issuer to sign a Euro-CP facility in four years. Fonterra was formed in 2001 when New Zealand Dairy Board and Kiwi Cooperative Dairies merged. The issuer also recently signed a $2 billion Euro-MTN shelf via Salomon Smith Barney. The CP dealers are Citibank, Deutsche Bank, Merrill Lynch, National Australia Bank and UBS Warburg.