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Australia Arranger ANZ Investment Bank is finalising the information memorandum for the A$313m seven year acquisition financing for Southern Cross Pipelines Australia. The deal will be launched by mid-September.

Market commentary: Compiled by Glenn Blackley,

Is there no limit to the genius of Guy Hands, the increasingly cherubic securitisation wizard at Nomura in London? This was the man who first provided us with trains adorned with hostesses wearing black fishnet stockings, and who was then bidding to run the London Under- ground system.

The UK primary equity market is set to host a number of high profile deals that, if successful, may help revive its following among both local and international equity investors. A number of IPOs launched on the London stockmarket this year have suffered as UK institutional investors continue to shun all but a small group of sectors. The next wave of new business will include stocks from diverse industries such as leisure and construction as well as technology.

ABN Amro, Chase Manhattan (bookrunner) Citibank (bookrunner) and Paribas have launched syndication of the much anticipated £1.3bn credit for Tomkins Plc. The debt package consists of two tranches. Tranche 'A' is a £700m 364 day piece with an 18 month term out option that carries a margin of 40bp over Libor (50bp if termed out) and a commitment fee of 12.5bp.

THE refinancing for Cofco Capital Corp's $200m 364 day L/C facility signed in September 1998 has been completed. Mandated arranger BA Asia invited nine banks to sign up as joint arrangers and underwriters before launching the deal into general syndication. Arrangers are BA Asia, Banca Commerciale Italiana (New York), Banca Monte dei Paschi di Siena, Bank of China (New York), Banque Nationale de Paris (Beijing), First National Bank of Chicago, Rabobank and Standard Chartered Bank (Beijing) pledging $18.5m apiece, and Bank Brussels Lambert (Hong Kong) and Development Bank of Singapore committing $13.5m each.

BARCLAYS, with Ghana Commercial Bank, has been officially mandated to arrange the most prized facility in the African trade finance calendar, the annual pre-export financing for the Ghana Cocoa Board (Cocobod). This year's offering is a $300m 11 month pre-export financing, amortising monthly after six months, that carries a margin of 35bp over Libor.

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