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n Province of Ontario Rating: Aa3/AA-

Fiat Euroloan talk surfaces

CHASE Manhattan and JP Morgan have wrapped up the co-arranging phase of the £585m senior debt backing CinVen Group Ltd and Investcorp's buy out of Astra-Zeneca's specialty chemicals business, Zeneca Specialities. The two arrangers effectively closed the level last Friday after nine banks joined the deal. They are Royal Bank of Scotland (committing £100m), Bank of Scotland (£100m), Deutsche Bank (£100m), Morgan Stanley Dean Witter (£75m), ING Barings (£75m), Lloyds Bank (£75m), Industrial Bank of Japan (£75m), Credit Suisse First Boston (£75m) and WestLB (£75m). Co-arrangers were originally offered 112.5bp for $75m.

European investors taught French construction and communications company Bouygues a lesson in the harsh realities of the euro debt market this week when they forced the corporate to reprice its seven year Eu500m debut transaction and widen the bonds’ spread from 70bp over OATs to 95bp over.

European investors taught French construction and communications company Bouygues a lesson in the harsh realities of the euro debt market this week when they forced the corporate to reprice its seven year Eu500m debut transaction and widen the bonds’ spread from 70bp over OATs to 95bp over.

n DaimlerChrysler UK Holdings plc Guarantor: DaimlerChrysler

DEUTSCHE Bank and Barclays have completed the extension and recasting of a DM1.26bn credit for Opel, the German subsidiary of General Motors. The five year loan was originally signed in July 1995 and was arranged by the same two banks. The reworking of the facility has meant the extension of the deal by another two years and the conversion of it from Deutschmarks into euros.

Deutsche in maiden Blue Stripe CLO

UK food and drinks group Diageo pounced on a sudden pick-up in the dollar bond markets this week to launch a blow-out $1bn five year debut global bond. The deal, led by Morgan Stanley Dean Witter and Goldman Sachs, was priced at 90bp over Treasuries and quickly tightened in to around 88bp on its first day.

France's privatisation of Crédit Lyonnais has been launched to an enthusiastic initial response, with the government expected to raise between Ffr41bn and Ffr48bn from the sale of shares at an indicated price range of Eu22.5-Eu26.2. The deal will close at the end of the first week in July, marking the end of a dismal episode in the bank's history. Joining lead manager Crédit Lyonnais are joint lead managers ABN Amro Rothschild and Schroders, with Salomon Salomon Smith Barney as senior co-lead manager.

Croatia Chase Manhattan has arranged a $303m financing for the Republic of Croatia, to fund the first three sections of the Bregana-Zagreb-Dubrovnik motorway. The facility is split into two tranches: a $75m term loan and a $228m 14 year US Exim guaranteed facility.

n Alcatel Rating: A1/A+