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Private equity group Dresdner Kleinwort Capital (DrKC) and recruitment consultancy Pedersen & Partners have teamed up again to launch a management buy-out/management buy-in (MBO/MBI) club in Hungary. The two firms had linked up to launch a similar venture in Poland at the end of last year.

The German cartel office's rejection of Deutsche Telekom's planned Eu5.5bn cable sale to Liberty Media led to renewed speculation this week over the Eu10bn flotation of T-Mobile. Both Moody's and Standard & Poor's (S&P) put the operator on review for downgrade, citing the failure to sell the cable assets and the uncertainty over the T-Mobile IPO.

Croatia Joint mandated arrangers Mizuho (Dai-Ichi Kangyo Bank) and Zagrebacka banka are preparing to launch a $100m syndicated medium tenor term loan for Industrija Nafte (INA), a 100% state owned oil and gas company.

National Bank of Egypt is set to test market appetite for Middle Eastern risk with a new $250m term loan. The loan, which is yet to be mandated, will be the first fully syndicated credit for an Egyptian borrower since September 11 2001.

Eléctricité de France (EdF) exited Pechiney, the French aluminium company, on Wednesday and Thursday, raising Eu368m. EdF received the bulk of its 7.8% stake in the aluminium company when Pechiney was privatised in December 1995 and took the decision to sell its holding this week as part of a reweighting of its portfolio.

National Bank of Egypt is set to test market appetite for Middle Eastern risk with a new $250m term loan. The loan, which is yet to be mandated, will be the first fully syndicated credit for an Egyptian borrower since September 11 2001.

Poland * Republic of Poland

Small cap investors were relieved this week after an influential EU committee voted to change proposals to create a single prospectus for European equity and bond issuance. The proposals had threatened to damage the small-cap market across Europe, as the requirements would have been a burden for small companies and could have deterred some from issuing capital on the stock markets.

* Alpha Credit Goup plc Guarantor: Alpha Credit Bank AE

* Aareal Bank AG Rating: A+

Twenty-one euro trades were closed and some large volumes from US borrowers took the total to $1.09 billion. National Rural Utilities Cooperative Finance Corp did the largest note - a euro500 million ($434.85 million) trade that has a five-year tenor. The note pays an annual coupon of 6.500% and has a spread of 173 basis points over the mid swaps. JPMorgan and Lehman Brothers were the bookrunners. And Monumental Global Funding did a seven-year euro400 million trade. The note pays an annual coupon of 5.375%. JPMorgan led a euro100 million deal for its financial repackaged entity, Corsair (Netherlands). The note has a five-year maturity. Bank Nederlandse Gemeenten traded a three-year euro25 million note. It pays a semi-annual coupon of 3.200%. Caisse Centrale du Credit Immobilier de France closed a short-dated note. Its euro9.75 million equity-linked deal matures on September 6 of this year. Only KBC Ifima traded with a shorter maturity. Its euro5 million deal settles on June 11 of 2002.