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Morgan Stanley Dean Witter is preparing to launch the $500m to $600m flotation of Sogecable, the Spanish cable TV group. The deal forms part of a hectic period of activity for the Spanish stockmarket - where activity has been quiet since last year's stockmarket turmoil.

First National Bank of Southern Africa and Rand Merchant Bank, soon to merge into First Rand Bank, are looking to raise a medium sized credit facility. First National Bank of Southern Africa has an office in Dublin, that will probably be used as the financing vehicle. First National has been a regular visitor to the market over the past five years. Fuji Bank is one of its main arrangers.

STANDARD BANK of South Africa has finally mandated a group of banks to arrange a 364 day revolving credit that is initially set at $175m. This may increase over the next few days if a couple of new arrangers join before general syndication is launched next week. Named arrangers are Bayerische Landesbank, Citibank, Commerzbank (bookrunner), Crédit Agricole Indosuez, Dai-Ichi Kangyo Bank (bookrunner), Deutsche Bank (documentation agent), Dresdner Bank Luxembourg (bookrunner), DSL Bank, First Union National Bank, Gulf International Bank, Sanwa (information, publicity and signing agent) and Sumitomo (agent).

Statoil is poised to return to the Scandinavian loan market after a four year absence. The Norwegian state oil company is looking for Nkr3bn from the loans market, probably in the form of a five year revolver, with very early price talk suggesting a margin in the forties. About five banks are on the shortlist for the arranging mandate, and the deal is likely to have a strong Nordic focus.

n Deutsche Siedlungs- und Landesrentenbank

ARRANGER Christiania Bank has closed syndication of a revolving credit for Storebrand Bank, after failing to reach the level set at launch. The borrower tried to tap the market for a Nkr1.25bn five year revolver, with a margin of 20bp and a utilisation fee of 2.5bp, but the deal has closed for Nkr1bn.

n Statkraft SF Rating: Aaa/AA+

THE IRISH government's privatisation sale of stock in Telecom Eireann is on course for a resounding success, with a strong response from retail and institutional buyers. Already the institutional book is more than seven times covered as investors have rushed to gain exposure to an attractive company that will also act as a proxy stock for the booming Irish economy. Domestic retail buyers, who will receive 40% of the shares, have responded with equal vigour.

Leading Polish telco Telekommunikacja Polska Spolka Akcyna (TPSA) has sent out invitations to banks to bid for the lead management roles on a bond issue for launch in either the third or fourth quarter this year. With corporate Eurobond issuance from central and eastern Europe proving scarce this year, competition for the mandate is likely to be fierce.

Leading Polish telco Telekommunikacja Polska Spolka Akcyna (TPSA) has sent out invitations to banks to bid for the lead management roles on a bond issue for launch in either the third or fourth quarter this year. With corporate Eurobond issuance from central and eastern Europe proving scarce this year, competition for the mandate is likely to be fierce.

SG, the sole lead arranger on the £250m Great Yarmouth independent power project, achieved financial close for the project last Tuesday. Details of the financing structure and terms, which have so far been tightly guarded, are to be released imminently.

n Deutsche Bank Capital Funding Trust II Rating: A1/A+/AA-