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France Barclays and Crédit Lyonnais have been officially mandated to arrange the coveted Eu400m reducing revolving credit for Framatome.

Market commentary: Compiled by Vusi Mhlanzi,

n British Energy plc Guarantor: British Energy Generation Ltd, British Energy Generation (UK) Ltd

n Crédit Local de France Rating: Aa1/AA+

n General Electric Capital Corp Rating: Aaa/AAA

GEC has signed its latest facility - the Eu2.5bn (increased from Eu2bn) one year less one day multicurrency revolving credit. The facility carries a margin of 25bp over Libor with a commitment fee of 10bp. There is also a utilisation fee of 5bp if between 50% and 100% of the loan is drawn down, giving a fully drawn margin of 30bp.

n Bank of Western Australia Ltd Rating: A1/A

n AIG SunAmerica Institutional Funding Rating: AAA

One of the largest non-IPO equity offerings ever from North America will close on Monday with the pricing of a $3bn combined stock offering and convertible bond issue for Canadian entertainment and drinks group Seagram. Goldman Sachs is leading the offer, which is being predominantly aimed at US and Canadian investors. Just 3.5m of the 37m shares on offer are being sold outside North America. In addition to the $2bn common stock offering, Goldman is leading a $1bn convertible bond - with indicated terms of a 7%-7.5% coupon and premium of 18%-22%.

Venezuela is expected to announce a bond mandate of up to $2bn within days, following president Hugo Chavez's first ever meeting with bankers in New York this week. Chavez told investors in New York yesterday that: "We believe this is the time to go to the

LEAD MANAGER Goldman Sachs has reduced the total proceeds from the IPO of Charles Vogele, highlighting the increasing reluctance of investors to take up small cap paper in the primary market. Some Sfr900m ($588m) was raised through the group's flotation. Although this is sizeable by the standards of the Swiss market, it is less than half that anticipated when Vogele announced its intention to list.

Wachovia Corp is poised to launch its debut fixed rate benchmark bond in the US dollar market following a week-long roadshow in Europe. A $500m to $750m five year global transaction is anticipated next week if market conditions allow. Merrill Lynch will lead manage the transaction with Wachovia Securities acting as joint lead.