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* Ernst & Young has made Philip Moschetti a director in corporate finance, based in Milan. "I will be concentrating on project finance and securitisation," said Moschetti. "I will work on Italian regional municipalities and utilities in southern Europe."

Market report: Compiled by Glenn Blackley, RBC DS Global Markets, Australia. Tel: +61 2 9373 0431

LEBANESE bank Credit Libanais placed a $55m three year FRN deal this week via lead manager Merrill Lynch, heralding a flurry of issues from Lebanon which will compete with each other in the market. The republic itself is planning a major issue, for which it has mandated Merill Lynch and Morgan Stanley Dean Witter. Also planning transactions are Bank Byblos through lead manager UBS Warburg and Bank of Beirut via CSFB.

Mandated arrangers Chase Manhattan and Morgan Stanley Dean Witter went out to six banks to join the £2.5bn revolver for NTL, backing its UK acquisition of Cable and Wireless assets, and have found a 100% hit rate. Coming into the lead arranging group are Bank of America, BNP Paribas, CIBC, Citibank/SSSB, Deutsche and Royal Bank of Scotland. Each was asked to underwrite £300m, with an expected final take of £150m.

Denmark Arranger LB Kiel has launched a Dkr150m three year credit for Nordvest Bank into syndication. The deal is priced at 22.5bp over Libor and carries a commitment fee of 11.25bp.

* Alfred Berg had to lower the offer price by 21% to complete the Skr462m (Eu55m) IPO of internet consultancy Mind in a falling market last week. Since the price range was set at Skr48-Skr58 at the beginning of May, some internet stocks have fallen as much as 60%, a banker close to the deal said. Competitor Framtidsfabriken fell from Skr135 on May17 to Skr101 on May 24, the banker added. "In the face of that price correction you have got to be realistic," he said. "On Friday, with three days of bookbuilding left, the decision was taken to offer the shares at a fixed price - Skr38. The company wanted to present institutions with a straightforward offer."

* Commerzbank AG Rating: Aa3/AA-

* Credit Suisse Group Capital Guernsey III Ltd Guarantor: Credit Suisse Group

Dollar swap spreads closed yesterday (Thursday) around 4bp wider than last week, but off their highs as economic data released this week suggested that the chances of a 50bp or 75bp interest rate rise had fallen. Ten year swaps closed around 132bp over the 6.50% 2010 Treasury with five years at 103bp over the new 5.875% May 2005. Early in the session yesterday, 10 year swaps had traded up to 137bp bid, but then levels contracted sharply as the Treasury market rallied.

* Vattenfall Treasury AB Guarantor: Vattenfall AB

Loan professionals were unsurprised by this week's indefinite postponement of a £9.5bn debt facility for Orange. Before the proposed takeover of Orange by France Télécom, the size of the loan facility had been moving around, with the four arrangers recently announcing they would be sharing a £5bn equity bridge between them in addition to the £4.5bn senior debt destined for the market.