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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.

JPMorgan has been reappointed as arranger and as a dealer off Imperial Tobacco's debt issuance programme. JPMorgan originally arranged the programme in September 1999, but was replaced as the arranger in August 2000 by another member of the dealer panel, Deutsche Bank. JPMorgan was also dropped from the dealer panel in that update. The new update sees JPMorgan return as both the arranger and as a dealer. Deutsche Bank remains on the dealer panel (see MTNWeek's feature article next week that will focus on the importance of arrangerships in the Euro-MTN market). In addition to these changes, the shelf's limit has been upped to euro6 billion ($5.56 billion) from euro2 billion and Salomon Smith Barney has been added as a dealer.

JPMorgan has self-arranged a $1 billion structured Euro-MTN programme. The signing reflects an increasing trend for MTN shelves solely for the issuance of structured notes.