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Cyprus The Cypriot government is looking for a $50m facility.

WHITBREAD has mandated Barclays, Deutsche and HSBC to arrange a £2bn credit that will part finance its bid to acquire the pubs and off-licence businesses of Allied Domecq. Whitbread, responding to an increased bid by fellow suitor Punch Taverns of £2.93bn (that is being part financed by a £1.5bn credit arranged by Morgan Stanley), raised its own bid earlier this week to £2.87bn.

ARRANGERS of the term loan for Yapi ve Kredi Bankasi will sign its record breaking $250m (increased from $150m) one year facility today (Friday) in London. A total of 47 banks - the most a Turkish bank borrower has ever had in one deal - are participating in the facility including arrangers Bank of New York (bookrunner), Bank of Tokyo-Mitsubishi (bookrunner), Barclays, HypoVereinsbank, Citibank, Crédit Agricole Indosuez (bookrunner), Dresdner Bank Luxembourg, First Union National Bank, Sanwa and Standard Chartered.

INVESTICNI A Postovni Banka is tapping the market with five arrangers for a refinancing of its one year deal from 1998. The five arrangers are the majority shareholder Nomura, with Bayerische Landesbank, Commerzbank, DG Bank and Standard Bank. The new deal is a $70m one year revolver. It has a bullet repayment structure and carries a margin of 65bp.

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Independence Day celebrations meant a quieter week on Wall Street, with few companies launching new issues and even fewer new registrations. Musicmaker.com grabbed the headlines, however, as the first online music company to take the plunge into the stockmarket.

Kazakhstan and Tunisia will complete roadshows in Europe today (Friday) ahead of euro denominated transactions next week which will provide further evidence of the increasing geographic diversity of issuers choosing to tap the single currency bond market. The Central Bank of Tunisia's planned Eu250m seven to 10 year transaction via Merrill Lynch and Morgan Stanley Dean Witter will be the country's first in euros as well as the first standalone issue in the currency from North Africa.

ING Barings and Lehman Brothers will shortly launch the sale of stock in VersaTel, the Dutch provider of telecommunications services to businesses. The deal comes shortly after the sale of Libertel by ING Groep and has much negative sentiment to combat as a result. ING's divestment was eagerly awaited by the local market and by international institutional investors, but has badly disappointed in the aftermarket.

FOUR LEVERAGED loan specialists at Deutsche Bank in London resigned this week, only a month after the German bank completed its merger with BT Alex Brown. The most senior defector is Iain McCarthy who was co-head of loans and previously a director at BT Alex Brown. He is leaving to go to Morgan Stanley where he will report to Kevin Adeson, executive director.

ARRANGERS Argentaria, Barclays, Chase Manhattan, Dresdner Kleinwort Benson, JP Morgan and Lehman Brothers have launched a Eu300m transaction for Jazztel. Early market reaction has been favourable. The deal has a tenor of eight years, with a 2-1/2 year grace period and a 5-1/2 year amortisation period. The borrower's drawdown pattern is dependent on it adhering to a forecast business plan.

Egypt Bank of New York, Bank of Tokyo-Mitsubishi and WestLB have wrapped up the co-arranging phase of the $150m three year term loan for Commercial International Bank (Egypt) SAE.