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UK MOBILE phone company Vodafone is preparing a loan package of up to £5.5bn, the first of a host of corporate jumbo credit facilities poised to hit the European market in the coming months.

UK MOBILE phone company Vodafone is preparing a loan package of up to £5.5bn, the first of a host of corporate jumbo credit facilities poised to hit the European market in the coming months.

THE SWISS market is set to host a number of heavyweight equity issues in the next two months. In line with other continental bourses, Zurich is rapidly appreciating on the back of renewed investor confidence in the region and the huge volumes of liquidity that are still driving most US and European markets. Zurich is also benefiting from the second phase of corporate restructuring that started two years ago, embracing consolidation among most consumer and manufacturing industries. The next leg involves the spin-off of non-core assets by newly merged groups -- either to strategic partners or to institutional investors.

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Belgium Dresdner Kleinwort Benson and JP Morgan have launched general syndication of the Bfr24bn non-recourse facility financing the development of KPN Orange, Belgium's third cellular network. A bank meeting is scheduled for January 27 at JP Morgan's London offices.

LEHMAN BROTHERS has finally launched the senior secured debt portion of the financing backing Morgan Grenfell Private Equity's £390m purchase of Coral, the bookmakers chain. The senior debt totals £190m and is split between a £125m six and three-quarter year amortising term loan that carries a margin of 225bp over Libor, a £50m seven and three quarter year bullet 'B' loan that carries a margin of 275bp and a £15m six and three quarter year revolving credit that carries a margin of 225bp.

Egypt Overall global coordinator Chase Manhattan along with Commercial International Bank and National Bank of Egypt are forming an arranging group for the project financing for the Egyptian Company for Mobile Services (ECMS).

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NATIONAL GRID is unlikely to officially mandate banks to arrange a credit facility backing its acquisition of New England Electric System until mid-February and not by the end of January as was previously reported. Reasons for the supposed delay could be due to the success of National Grid's sale of one third of its shareholding in Energis, the telecommunications group.