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* Canada Rating: Aa2/AA+

Details are emerging of the record breaking Eu22.5bn syndicated loan backing Olivetti's $58bn bid for Telecom Italia. The facility has monopolised the attention of loan departments throughout Europe, Asia and the US this week, eclipsing the $14bn facility for Vodafone's purchase of Airtouch.

* Crédit Local de France

* Islandsbanki HF Rating: A3

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VODAFONE has officially mandated 11 banks to arrange its jumbo $14bn credit that will back its $62bn merger with AirTouch of the US. Underwriting $1.27bn each, they are Bank of America (bookrunner), Barclays (bookrunner), Citibank (bookrunner), Goldman Sachs (bookrunner), Banque Nationale de Paris, Deutsche Bank AG, ING Barings, National Australia Bank, Warburg Dillon Read and WestLB.

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Belgium Arrangers Dresdner Kleinwort Benson and JP Morgan have closed oversubscribed by some 50% the Eu595m non-recourse project financing supporting the development of KPN Orange, Belgium's third cellular network.

Hong Kong conglomerate Hutchison Whampoa this week successfully launched non-Japan Asia’s first euro denominated bond, a Eu500m deal which could open a new and important source of funding for Asia’s top credits.

Russia's restructuring of its GKO/OFZ debt markets took an unexpected turn this week when members of the 19-strong committee of banks negotiating on behalf of foreign creditors voted to abolish the position of chair, held by Deutsche Bank. Deutsche incurred the wrath of its fellow committee members when it agreed unilaterally to accept the terms offered by the Russian government in respect of some of its proprietary holdings and those of some of its clients - a move rival bankers claimed made a mockery of Deutsche's position as chair.

Robert Fleming, Cazenove and Goldman Sachs have completed the sale of stock in South African Breweries (SAB), one of the country's most prestigious corporate names and the world's fourth largest brewing group. The lead managers raised around £300m by selling 70.18m shares to investors at 428p. Some 35.05m primary shares and 35.13m secondary shares were sold.

Yen * Ikko Corp