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BANK of Tokyo-Mitsubishi and Deutsche Bank have won the mandate to arrange a Eu600m five year revolver for Electricidade de Portugal (EdP). The facility is fully underwritten and will be used for general corporate purposes. It carries a margin of 15bp for the first three years and 17.5bp for the remaining two. There is a utilisation fee of 2.5bp if more than 50% is used, and a commitment fee of 50% of the margin.

Until recently, any bank seeking to raise deeply subordinated capital in size would have had little choice but to turn to the US market. The US, with its pool of credit-friendly investors, was the only sizeable source of funding for capital securities.

THE GOVERNMENT of the Czech Republic is preparing the privatisation of Komercni banka, the country's biggest bank. The divestment is part of a widespread process of state sales encompassing most of the country's banking industry and the government is seeking international investors to take stakes in Komercni as soon as possible.

Rating: AAA Amount: Eu250m (fungible with three issues totalling Eu1.25bn launched 20/10/98, 21/01/99 and 12/07/99) Öffentlicher Pfandbrief series 858

Bookrunners Commerzbank and HSBC Trinkaus brought Europe's high yield market to the heart of the Continent this week with the launch of a Eu100m deal for German precious metals and coin producer Deutsche Nickel. Although modelled on Anglo-Saxon structures, the unrated transaction involved purely continental players and offers a blueprint for the development of a deep corporate debt market in Germany.

Bookrunners Commerzbank and HSBC Trinkaus brought Europe’s high yield market to the heart of the Continent this week with the launch of a Eu100m deal for German precious metals and coin producer Deutsche Nickel.

Hungary Arrangers ABN Amro, Central European International Bank, Commerzbank and WestLB are enjoying a strong response to the Eu300m five year term loan for the Republic of Hungary, which will close oversubscribed after general syndication.

Argentina n Republic of Argentina

Barclays Capital this week launched a £137.4m bond, the largest yet to finance a hospital under the revived Private Finance Initiative (PFI). The bond structure builds on earlier hospital transactions, allowing participants to claim that if there is not yet a production line for capital market transactions from the sector, there is at least a viable template. "I do not think I would call it a cookie cutter, but there clearly have been efficiencies in that we apply some lessons across transactions," said Charles Silberstein, a managing director at the London office of FSA, the monoline insurer that gave the transaction a

n AIG SunAmerica Institutional Funding II Rating: AAA