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THE PORTUGAL Telecom 4 share offering is proving a blow-out at the retail level, with the offering already oversubscribed by eight times when the government announced the retail allocations yesterday (Thursday). Pre-registration of the 10,002,500 shares in the retail tranche began on June 18 and closes today.

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Norway Nykredit Bank has successfully increased its Eu200m facility to Eu250m. The deal was signed on June 29. The margin on the five year revolver loan is 18.75bp over Euribor, and there is a 9.375bp commitment fee on the undrawn amount.

TO REFLECT the growing interest in the secondary loan market, Euroweek will be publishing from this week onwards the Loan Market Association's (LMA) summary loan pricing survey (see opposite page). The volume of loans traded in Europe has grown impressively over the last few years and is believed to have totalled some $30bn in 1998 (split between $20bn in par/near par and leveraged loans and $10bn in special situation loans). This compares to an estimated $20bn for 1997.

Slovak finance ministry officials are mulling a further increase to the Slovak Republic's debut euro offering. Jozef Trojak, head of the country's state treasury department, said this week the issue might be increased up to the maximum Eu500m level approved by the government earlier this year.

SALOMON Smith Barney has received an encouraging early response to the co-underwriting phase of the Ffr5.4bn senior leveraged debt backing the creation of Capital BSN Emballage SA out of the merger of Gerresheimer's and Danone's glass packaging business. SG has already joined as a co-arranger committing Ffr750m for an upfront fee of 112.5bp.

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