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JP Morgan and SG are arranging an Eu855m five year loan to support France's Havas Advertising's bid for Tempus of the UK. The facility covers the cash purchase price of Eu570m and will refinance Eu125m of the company's debt as well as provide Eu30m of transaction costs. The margin on the facility is a fat 115bp, which will please lenders that have been faced with a series of skinny margins on French acquisition facilities.

The Eu6.5bn loan supporting bidding consortium Italenergia's hostile takeover of Montedison will not be increased. Italenergia upped the offer for the remaining 48% of Montedison shares it does not own from Eu2.82 to Eu3.07 on Tuesday. The bid was initially priced at Eu5bn and an increase in the offered share price will hike the bidding up costs. However, arrangers of the Eu6.5bn loan - Deutsche Bank, SG, IntesaBci, Banca di Roma and San Paolo IMI - have confirmed that the loan funding the proposed takeover will not be increased.

Italy made an experimental first visit to the 15 year sector of the euro market this week, achieving a cost of funding well inside its BTP curve while sending a message to the market that its treasury is taking a more proactive approach to debt management. The Eu3bn transaction, led by Deutsche Bank, JP Morgan and Morgan Stanley, coincided with an announcement from the treasury that it is studying changes in its long term debt issuance strategy.

Germany’s Landesbanks were left contemplating a challenging future without the state support mechanisms of Anstaltslast and Gewährträgerhaftung this week, following an agreement between European competition commissioner Mario Monti and German state secretary for finance Caio Koch-Weser on Tuesday to phase out the two guarantees.

Italy made an experimental first visit to the 15 year sector of the euro market this week, achieving a cost of funding well inside its BTP curve while sending a message to the market that its treasury is taking a more proactive approach to debt management. The Eu3bn transaction, led by Deutsche Bank, JP Morgan and Morgan Stanley, coincided with an announcement from the treasury that it is studying changes in its long term debt issuance strategy.

Germany’s Landesbanks were left contemplating a challenging future without the state support mechanisms of Anstaltslast and Gewährträgerhaftung this week, following an agreement between European competition commissioner Mario Monti and German state secretary for finance Caio Koch-Weser on Tuesday to phase out the two guarantees.

Ghana EuroWeek understands that the Ghana Cocoa Board (Cocobod) has approached banks about refinancing its $260m dual tranche pre-export facility signed in September last year.

Alliance & Leicester Group Treasury is set to issue a £

Arcor, the German fixed line telephone subsidiary of Vodafone, has cleared the way for an IPO next year by clearing up a dispute with Deutsche Bahn (DB), the German state owned rail operator. Arcor had hoped to float in March this year but was forced to postpone the plan after DB, which owns 18% of the company, exercised a veto right to block the IPO. Arcor operates all of DB's signalling and DB was concerned that it would lose control over the company through the IPO.

Australia JP Morgan has been mandated to arrange a $300m, 364 day refinancing for Lend Lease (US) Finance Inc, guaranteed by parent company Lend Lease Corp.

Several Latin American issuers are set to come to market between now and the end of the year with structured deals as borrowers in the region seek ways to avoid the bad new issue conditions in the emerging markets. Jamaica's National Commercial Bank has completed a $125m five year credit card receivables issue and next week Banamex, the Mexican bank bought by Citibank, will price a $450m five year credit card merchant voucher transaction.