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NESTLE SA is set to make its first foray into the Euroloan markets with a Eu600m 364 day back-up facility that is arranged by Citibank. The triple-A rated company will use the credit as a back-up for its new Eu4bn global commercial paper programme which will be launched in late July or early August.

Lead manager Donaldson, Lufkin & Jenrette has launched the $100m sale of stock in Netia Holdings, the Polish fixed line telecommunications operator. The company, which plans to list its shares on Nasdaq, will raise new capital through the flotation to finance expansion of its fixed line network. Some 5.5m ADSs will be sold to investors, which will push the free float of Netia's equity capital up to around 21%. DLJ set an indicated price range of between $22 and $25. At the mid-point of this valuation, the company will have a market capitalisation of around $650m.

NESTLE SA is set to make its first foray into the Euroloan markets with a Eu600m 364 day back-up facility that is arranged by Citibank. The triple-A rated company will use the credit as a back-up for its new Eu4bn global commercial paper programme which will be launched in late July or early August.

n Martin Cardoe has been appointed director of marketing, global corporate finance, at Arthur Andersen. He joins the professional services firm in London from Goldman Sachs where for the past six years he has been co-ordinating European corporate communications and media relations for the recently floated group.

Due to a production error the bookrunner's comment on the Denmark Nkr500m 5.75% of 2005 was omitted from last week's magazine.

Merrill Lynch and Warburg Dillon Read will finalise the London listing and international offering of shares in Old Mutual, South Africa's premier life insurance group, this weekend. The process has involved a demutualisation where domestic policyholders have been offered stock and a recycling of unwanted shares is taking place from these investors into the international market.

Banca di Roma broke new ground in European structured finance this week by issuing a public securitisation backed entirely by non-performing loans. Italy's banks, burdened with some of the highest bad debt ratios in western Europe, have long looked to securitisation as a potential solution, but the legal impediments to asset backed finance in Italy have bulked large - the first securitisation of any kind by an Italian bank came only 13 months ago.

EUROPE'S largest non-recourse financing for a toll road was closed and signed today (Friday) on behalf of the Aenor consortium which will design, build, finance and operate the 170km Northern Concession toll road under a 30 year agreement. Arrangers and underwriters of the debt facilities for the Eu1.3bn project are Banco Espirito Santo e Commercial de Lisboa, Banco Mello, Banco Pinto & Sotto Mayor and BPA-Banco Português do Atlântico.

Dollar swap spreads tightened in thin trading in the early part of the week after the July 4 holiday in the US. However, by Thursday they were 2bp-3bp wider than last week. The 10 year mid-market was around 86bp, five years was at 73.5bp and three years was at 62bp. Secondary spreads in the corporate market have by and large moved in tandem with swaps in recent weeks, and there is little improvement in arbitrage to floating rate funding.

International equity issuance exploded this week as a variety of vendors sought to complete large offerings before the summer break and take advantage of firmer investor sentiment following the US Federal Reserve’s move on interest rates last week.

International equity issuance exploded this week as a variety of vendors sought to complete large offerings before the summer break and take advantage of firmer investor sentiment following the US Federal Reserve’s move on interest rates last week.

Spain's largest ever share issue by a private sector company closed successfully this week as oil and gas group Repsol completed its Eu4.8bn capital increase via global co-ordinators Goldman Sachs, Merrill Lynch, Salomon Smith Barney, BBV and Invercaixa. Despite a 3% fall in the share price on Monday and Tuesday this week, the company managed to raise more than anticipated from the issue - which will help pay for its takeover of Argentina's YPF.