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At first glance there appears to have been little activity in the Middle East project finance market so far in 2000. However, behind the scenes bankers are working feverishly on a large number of mandates - either awarded or still being bid for - which suggests that this year may see a far wider group of countries and projects come to market from the region than in 1999. While last year was very much the preserve of the Qatari projects, this year states such as Kuwait, Saudi Arabia, Bahrain, Oman, Jordan and Egypt should all see projects being financed through the international syndicated credit market.

Deutsche Bank and Goldman Sachs are poised to launch the long awaited IPO for Infineon with the Siemens spinoff set to raise up to Eu6bn, making the deal the world's largest offer for a technology company. While the issue is widely expected to be a blow-out, banks involved in the deal have already begun to grumble about the size of the syndicate - saying the 14 member group will prove unwieldy and prone to disputes.

Six banks have won the mandate to arrange financing for debut borrower African Export-Import Bank (Afreximbank). The first part of this financing is a $60m bridge financing, split between the six. They are DG Bank, KBC Bank, Raiffeisen Zentralbank Österreich, Standard Chartered Bank, WestLB and WGZ Bank.

Finland Euroweek understands that Merita Bank with Unibank and Bikuben Bank have won the mandate to arrange the Eu250m senior debt package backing the leveraged buy-out of Findus - the frozen foods business of Nestlé - by EQT Scandinavia, the investment manager of the EQT Scandinavia II private equity fund.

* World Bank Rating: Aaa/AAA/AAA

Market report Compiled by Vusi Mhlanzi,

* ABN Amro Bank NV Rating: Aa2/AA/AA+

Sterling renewed its status as one of the most attractive funding currencies on Monday, when sterling swap spreads widened sharply and opened an arbitrage window to borrowers looking for deep sub-Libor funding. As with wider US credit spreads, levels opened up across the board. By Wednesday, 10 year spreads were at 106bp compared to 98bp on Monday, while 20 year spreads were 12bp wider at 138bp, compared to 126bp on Monday. Thirty year spreads widened by 10bp to 128bp.

SAINT GOBAIN, the French glass manufacturer and building materials group, has secured a Eu2bn credit facility from BNP Paribas and Chase Manhattan that will finance its recommended bid for Meyer International of the UK. But almost immediately after news of the mandate came out earlier this week, the deal was surrounded by controversy with some bankers claiming that Chase had won a sole mandate and signed up with the company, only for the company to invite BNP in as a joint arranger. Neither house would comment.

SAINT GOBAIN, the French glass manufacturer and building materials group, has secured a Eu2bn credit facility from BNP Paribas and Chase Manhattan that will finance its recommended bid for Meyer International of the UK. But almost immediately after news of the mandate came out earlier this week, the deal was surrounded by controversy with some bankers claiming that Chase had won a sole mandate and signed up with the company, only for the company to invite BNP in as a joint arranger. Neither house would comment.

Sterling renewed its status as one of the most attractive funding currencies on Monday, when sterling swap spreads widened sharply and opened an arbitrage window to borrowers looking for deep sub-Libor funding. As with wider US credit spreads, levels opened up across the board. By Wednesday, 10 year spreads were at 106bp compared to 98bp on Monday, while 20 year spreads were 12bp wider at 138bp, compared to 126bp on Monday. Thirty year spreads widened by 10bp to 128bp.

* Eksportfinans A/S Rating: Aaa/AAA