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Mandated arranger Royal Bank of Scotland reports it has three firm commitments so far on the syndication of the £275m 20 year financing for the Immingham combined heat and power project. RBS is continuing to talk to further banks and hopes to bring in more in the coming weeks. Some eight banks were invited in to the deal at this stage for tickets of £50m. The arranger is also working on the launch of the retail phase of the syndication.

Secondary traders have been champing at the bit this week as signing of the Eu5.9bn facility for Imperial Tobacco has been postponed three times - delaying its availability in the secondary market. EuroWeek understands that banks were supposed to be signed into the deal on Friday April 26. The signing date was then put back to Wednesday May 1. And by the time EuroWeek went to press on Thursday, banks had still not been signed into the loan.

Interbanca has added three banks as MTN dealers to its euro3 billion ($2.72 billion) debt issuance programme. The named banks are Banca Akros, Bankgesellschaft Berlin and Interbanca itself.

International Lease Finance has upped the debt ceiling off its $2 billion Euro-MTN programme. The new size is $4 billion and the document update was completed on April 15. The programme has been mainly used for public trades, with over $2.33 billion outstanding off just five deals.

Cancelled new issues littered the US high grade corporate market this week as a meltdown in telecoms bonds infected the wider market and threatened an even bigger crisis than Enron’s collapse.

Cancelled new issues littered the US high grade corporate market this week as a meltdown in telecoms bonds infected the wider market and threatened an even bigger crisis than Enron’s collapse.

Three new high yield issues were priced in the past week, offering relief to investors starved of supply, although the difficulties in the credit markets put paid to Fresenius's hopes of pricing its planned Eu400m bond on Monday. Investors and bankers welcomed the issues for Sanitec International, Britax Group and JohnsonDiversey that did hit the market. "This is great," said one trader. "Keep them coming."

The Euro Commercial Paper Association (ECPA), is to merge with IPMA in a bid to increase its lobbying power and help realise the full potential of the ECP market. The ECP market is only $250bn in size, compared to the US commercial paper market, which is $1.4tr. Many participants feel that the ECP market has that potential to grow given the comparative size of funds under management in Europe and the US, but is being held back by the regulators of domestic markets.

Mandated arranger Barclays Capital is preparing to launch the one stage syndication of the Eu220m Huntstown combined cycle gas turbine power project possibly as soon as today (Friday). The 340MW tolling plant is sponsored by Viridian.

Barclays (joint bookrunner, documentation), IntesaBci (joint bookrunner, facility agent), Crédit Agricole, Interbanca, SG, Royal Bank of Scotland and UniCredito Italiano (joint bookrunner) have finally launched the eagerly anticipated debt facility supporting Edipower's takeover of Italian energy utility Enel's electricity subsidiary, Eurogen. The Eu3.675bn deal is divided into four portions. All tranches have an 18 month less one day maturity and carry an out-of-the-box margin of 100bp over Libor. The margins ratchet according to the ratings of the industrial sponsors. They are Edison Sondel, Atel and the Milan and Turin AEM energy municipalities.

JP Morgan has launched the ¥8.75bn leveraged buy-out financing for Tower Records by Nikko Principal Investments Japan. The arranger is inviting sub-underwriters to join before launching the facility into general syndication.