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* Banca Popolare di Brescia

A group of 16 regional European banks have formed an association to boost their role in the new euro sector by offering borrowers diversified placement power in Europe. The "Euroclub" is a loose association in which the banks will cooperate on areas outlined in a code of conduct: premarketing, distribution, market-making, and information exchange, especially in the field of credit analysis. The move comes in response to the enhanced competition that has followed the arrival of the euro. Faced by the experience, larger balance sheets and league table positions of the major Euromarket players, smaller regional banks are pushing the role they can play in distribution to end investors.

THE RETAIL market got its first chance this year to buy into a Middle Eastern project finance asset this week when co-ordinating arrangers Apicorp, Credit Suisse First Boston and Paribas launched general syndication on Tuesday of the $475m Qatar Vinyl Company (QVC) project financing. For international banks three ticket levels are on offer. Senior lead managers committing $20m receive participation fees of 80bp, lead managers receive 70bp for takes of $15m and managers with $10m receive 60bp. A sell-down was also targeted at regional banks, led by Apicorp, for slightly smaller ticket sizes.

Norway Den norske has launched syndication of the Nkr1.95bn seven year debt package for Joh Johannson. The loan consists of a Nkr1.5bn term loan and a Nkr450m revolver.

SCOTTISH POWER has launched the refinancing of its £2.6bn revolving credit to the general market. The facility was first arranged in 1996 by Royal Bank of Scotland, Union Bank of Switzerland and ING Barings, to support Scottish Power's bid for Southern Water and for general corporate purposes. To date the deal is undrawn. This time, the deal is sole arranged by Royal Bank of Scotland and has been reduced to £2bn.

Fritz Kropatscheck is to leave his post as global head of syndicated loans at Deutsche Bank in Frankfurt and move to Deutsche's offices in New York where he will head up North American corporate relationship banking for Deutsche. Kropatscheck, one of the Euroloan market's most respected and admired members, will leave on March 31. He is likely to be one of the most senior German bankers in Deutsche's New York offices.

SG has wrapped up general syndication of the Ffr3bn acquisition facility for Beaufour-Ipsen. A geographically diverse group of banks showed exceptional appetite and an oversubscription was raised with banks' allocations severely scaled back. Co-arrangers are ABN Amro (Ffr240m), Banque Nationale de Paris (Ffr240m), Dresdner Bank Luxembourg (Ffr175m), Natexis Banque-BFCE (Ffr240m), Rabobank (Ffr240m) and Royal Bank of Scotland (Ffr175m). They were originally invited to commit Ffr400m.

The region of Sicily looks set to find a solution to the shortfall in its budget after receiving bids from at least six banks proposing ways to help the region raise Lit1.7tr by April. In November and December last year, Sicily tried but failed to borrow from Italian and international banks.

Lehman Brothers has won the mandate to act as global co-ordinator for the flotation of stock in Software, the German enterprise systems software producer. The deal is one of the most prestigious high growth issues to emerge from this market this year. The US bank will run the books, with BHV leading the sale of stock to local investors and joint lead for the international tranche.

Lehman Brothers has won the mandate to act as global co-ordinator for the flotation of stock in Software, the German enterprise systems software producer. The deal is one of the most prestigious high growth issues to emerge from this market this year. The US bank will run the books, with BHV leading the sale of stock to local investors and joint lead for the international tranche.

* Bank Nederlandse Gemeenten NV Rating: Aaa/AAA/AAA

* European Investment Bank Rating: Aaa/AAA