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Russian gas and oil conglomerate Gazprom affirmed the confident acceptance of Russian risk in the Euroloan market with the launch of its new $200m five year deal. Arrangers ABN Amro, Moscow Narodny Bank, Bankgesellschaft Berlin and Commerzbank have invited banks to join the deal on four levels. Co-arrangers are invited to commit $20m for 90bp, $15m for 80bp, $10m for 60bp, and $5m for 50bp.

Russian gas and oil conglomerate Gazprom affirmed the confident acceptance of Russian risk in the Euroloan market with the launch of its new $200m five year deal. Arrangers ABN Amro, Moscow Narodny Bank, Bankgesellschaft Berlin and Commerzbank have invited banks to join the deal on four levels. Co-arrangers are invited to commit $20m for 90bp, $15m for 80bp, $10m for 60bp, and $5m for 50bp.

Hannover Re, the German reinsurance firm, is planning to launch a Eu200m capital increase, either at the end of this year or the start of 2002. "We want to be well prepared for a hardening market, which we are anticipating for the next two to three years," an official at the company told EuroWeek.

* General Motors Acceptance Corp Rating: A3/BBB+/A-

Lanny Lim has become the latest addition to ABN Amro's efforts to strengthen its fixed income team in Asia. Lim has been appointed to head up Asian credit research in the bank's Global Financial Markets (GFM) business, having previously run a team of analysts at Deutsche Bank in Hong Kong. At AB ts issued and traded in local debt markets, and will report to Julia Peach, the London based global head of credit research and David Wong, head of GFM Asia in Singapore. Lim is also based in the bank's Singapore office.

Angola The general syndication of the $500m four year oil receivables backed term loan for Sonangol, the state owned oil producer, has been closed oversubscribed by mandated lead arrangers BNP Paribas (joint bookrunner), Glencore, Natexis Banques Populaires (joint bookrunner) and SG (joint bookrunner). The facility will not be increased and syndicate banks are reviewing the deal's documentation.

Alusuisse-Lonza has overhauled its multi-currency CP programme. The issuer name is now Alcan Holdings Germany. The programme size has also been redenominated from Dm800 million ($359.74 million) to euro750 million ($659.55 million). The shelf was signed in 1991 via Commerzbank. The dealer panel is the arranger, Deutsche Bank and UBS Warburg.

French telecoms equipment manufacturer Alcatel, rated Baa1/BBB, will next week launch a benchmark euro transaction targeting either the three or five year maturity. A five year is considered most likely, in line with investor preferences, and unofficial price talk is in the mid-swaps plus 250bp-275bp area.

Argentina this week chose Deutsche Bank, Merrill Lynch and Salomon Smith Barney to manage the international part of its $95bn debt restructuring. The mandate was awarded as Argentine prices plunged this week on fears that the government is heading rapidly toward a default on debt payments in the next few weeks.

Goldman Sachs has been dropped as a dealer off ASB Bank's $1.5 billion Euro-MTN programme. The programme was signed in April 1998 via UBS Warburg.

Hong Kong * PCCW-HKT Capital Ltd

Instituto de Credito Oficial has raised the limit off its Euro-MTN programme from euro12 billion ($10.62 billion) to euro15 billion. The issuer signed its programme in 1996 and it has $9.58 billion outstanding off 73 trades. The issuer closed a five-year $1.5 billion trade this week via Credit Suisse First Boston and Salomon Smith Barney.