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Telefónica del Perú (TdP) will start roadshows in the week ahead for a vital new $200m bond structure involving an insurance guarantee from the US Overseas Private Investment Corp (OPIC). An ever increasing number of Latin American corporates are pinning their hopes on the structure, at a time when corporate access to vanilla debt markets is all but impossible.

Telefónica del Perú (TdP) will start roadshows in the week ahead for a vital new $200m bond structure involving an insurance guarantee from the US Overseas Private Investment Corp (OPIC). An ever increasing number of Latin American corporates are pinning their hopes on the structure, at a time when corporate access to vanilla debt markets is all but impossible.

Loan market professionals this week expressed concern that the recently completed Eu1.5bn three year standby revolver for the Republic of Portugal will make it difficult for other EU sovereigns to follow suit. The Kingdom of Spain is the closest sovereign to coming to the market. Spain is thought to have held preliminary talks with banks about a new standby facility over the summer.

Toyota is poised to list in London and New York at the end of September, on the back of a ¥162bn share sale by three major investors. The move continues a trend of reduced cross-holdings in Japanese industry.

n Salomon Smith Barney is to make a number of transfers and hires to its European investment banking division to boost its European growth strategy. Theodore Kuh, managing director, has transferred from San Francisco to London to head the new European retail and consumer investment banking franchise. Previously, he ran the San Francisco consumer franchise and headed the company's US and Canadian food retail practice. Kuh joined Salomon in 1994 and will report to Michael Klein and Edward Miller, co-heads of European investment banking.

The Republic of Turkey returned to the international bond markets this week with its first issue since the country was hit by a devastating earthquake last month. Merrill Lynch yesterday (Thursday) sole lead managed a $200m tap of the B1/B/B+ rated sovereign's $400m 12% December 2008 puttable global bond.

HANA BANK and H&CB (formerly Housing & Commercial Bank of Korea) have followed the recent trend for Korean banks to tap the market. Hana Bank has mandated BA Asia, First Union National Bank and Standard Chartered Bank to arrange a $120m 364 day transferable term loan. Citicorp International and Natexis Banque are arranging a $100m 364 day financing for H&CB.

Sole arranger ABN Amro has closed the general syndication of the £48m portfolio project financing for PowerGen Renewables Limited. The deal is in documentation and should be signed soon. Tranche 'A' is a £22m credit to be used to refinance the operational assets and capital expenditure of two windfarms.

Chile Enersis has refinanced more than $3.5bn in debt with a two year syndicated loan at 75bp over Libor provided by Citibank, Chase Manhattan Bank, Bank of America, Banco Santander Central Hispano, Argentaria Banco de Negocios, Dresdner Bank AG, HSBC and Banque Nationale de Paris.