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EuroWeek understands that the $950m financing for the UAE Offsets Group-sponsored independent power project in Fujairah has been quietly funded on a club basis by around 10 banks. The facility is structured as a bridge-style financing with a tenor of around five years to fund construction costs and is guaranteed by the state. The margin is believed to be around 50bp over Libor.

HSBC Investment Bank (Netherlands) issued the highest number of trades. But Danske Bank announced the biggest trade: a $100 million two-year trade due to be settled on May 7. Reuters Group and KfW International Finance also issued relatively large amounts. Reuters did a $50 million eight-month note and KfW announced a $36 million 15-year trade. Three issuers closed notes for $10 million. Wuerttembergische Hypothekenbank announced a $10 million note that goes out one-year. It was led by Deutsche Bank. And Rabobank Nederland did a seven-year $10 million note, while Spintab closed a five-year note for $10 million.

Punch Taverns, the UK pub owner, joined the pipeline of UK IPOs this week when it confirmed plans to complete a £300m deal in May or June. Merrill Lynch has advised Punch Taverns for some time, and will be sole bookrunner on the IPO. The flotation will combine a £150m-£250m partial exit for private equity backers and a £100m capital increase for Punch. Merrill Lynch is expected to market the deal as a value stock with steady, but not spectacular, growth opportunities.

Punch Taverns, the UK pub owner, joined the pipeline of UK IPOs this week when it confirmed plans to complete a £300m deal in May or June. Merrill Lynch has advised Punch Taverns for some time, and will be sole bookrunner on the IPO. The flotation will combine a £150m-£250m partial exit for private equity backers and a £100m capital increase for Punch. Merrill Lynch is expected to market the deal as a value stock with steady, but not spectacular, growth opportunities.

Rating: A3/A- Amount: $700m (increased from $500m)

Two deals in the past week have re-opened the market for Russian corporate risk with a vengeance. Mobile phone operator VimpelCom followed gas titan Gazprom's lead, achieving a strong oversubscription for its $250m three year offering. JP Morgan and UBS Warburg attracted a book of $850m at the launch yield of 10.45%, at the tight end of price talk. "The size and diversity of the orderbook allowed price guidance to be revised down several times," said Mike Elliff, head of emerging market origination at UBS Warburg in London. "This demand reflected both strong current investor sentiment for Russia and the credibility of the management team"

Rating: B3/B Amount: $250m

UBS Warburg is sole lead arranging some Eu608.5m of senior debt backing the Cinven-led buy-out of the business and healthcare publishing assets of Vivendi Universal by a consortium of private equity investors. The consortium - comprising Cinven, Carlyle Group and Apax Partners as well as Vivendi - is buying the two businesses separately. This is because the two businesses have different cashflows and risk profiles, and keeping them apart allows the sponsors more flexibility when the assets are to be resold.

Rating: A3/BBB+ Amount: Ck400m

UBS Warburg is sole lead arranging some Eu608.5m of senior debt backing the Cinven-led buy-out of the business and healthcare publishing assets of Vivendi Universal by a consortium of private equity investors. The consortium - comprising Cinven, Carlyle Group and Apax Partners as well as Vivendi - is buying the two businesses separately. This is because the two businesses have different cashflows and risk profiles, and keeping them apart allows the sponsors more flexibility when the assets are to be resold.

RWE will today (Friday) price its Eu6bn equivalent four tranche sterling and euro benchmark ahead of a busy few weeks of corporate supply. But bankers are surprised that RWE's deal is coming at the wide end of guidance. The five year euro is now expected to be priced in the 54bp-55bp area over mid-swaps from initial guidance of 50bp-55bp, and the 10 year in the 74bp-75bp area, from 70bp-75bp. The sterling 2012s are expected to come at 105bp over Gilts, and the 2030s at 115bp over.

White & Case has added a Rome dimension to its Italian structured finance practice, hiring one partner and five lawyers from other firms. Three of the hires come from Freshfields: Corrado Rosano, a partner who specialises in tax for structured finance and M&A; Martin Pugsley, an associate, and Simone Tredicine, a tax associate.