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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

TÜRKIYE Garanti Bankasi has mandated Bank of New York, Bank of Tokyo-Mitsubishi, Bankers Trust International, Bayerische Hypo- Und Vereinsbank, Dai-Ichi Kangyo, Dresdner Bank Luxembourg and Standard Chartered Bank as arrangers for its Eu140m one year term loan. Bank of New York and Bank of Tokyo-Mitsubishi are also bookrunners. The margin is 55bp over Euribor, compared to 50bp over Libor for the facility it refinances. Bankers expressed surprise that the increase was not greater, given the reduction in banks' exposure to the region since emerging markets closed down last year.

Although there were a couple of sizeable dollar denominated bond issues this week from NTT and KfW International Finance, volumes were thinner than most bankers had expected. General market nervousness and the impending US non-farm payroll figures were behind the reduction in activity in the new issue market. The short term outlook for new issue business is not shaping up to be much busier.

The Italian treasury has appointed Morgan Stanley Dean Witter and NM Rothschild as advisers on the sale of its 3.4% stake in Telecom Italia. The government is keen to execute its divestment to distance itself from the takeover battle between Olivetti and the national operator. Salvatore Cardinale, the communications minister, said the judgement on the takeover would be as rapid as possible, "given the delicate profile of the entire situation before us."

Bahrain Citibank has been appointed financial adviser by Bahrain Petroleum Company (Bapco) which is looking to raise around $800m in syndicated loans to finance a refinery upgrade and possible expansion.

BRENDA Mills is returning to the European loan market as head of syndicated loans at ABN Amro's London offices. Mills was previously head of syndicated loans at Union Bank of Switzerland where she reigned over an successful team until her retirement in the summer of 1998.