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STANDARD BANK of South Africa has finally mandated a group of banks to arrange a 364 day revolving credit that is initially set at $175m. This may increase over the next few days if a couple of new arrangers join before general syndication is launched next week. Named arrangers are Bayerische Landesbank, Citibank, Commerzbank (bookrunner), Crédit Agricole Indosuez, Dai-Ichi Kangyo Bank (bookrunner), Deutsche Bank (documentation agent), Dresdner Bank Luxembourg (bookrunner), DSL Bank, First Union National Bank, Gulf International Bank, Sanwa (information, publicity and signing agent) and Sumitomo (agent).

Statoil is poised to return to the Scandinavian loan market after a four year absence. The Norwegian state oil company is looking for Nkr3bn from the loans market, probably in the form of a five year revolver, with very early price talk suggesting a margin in the forties. About five banks are on the shortlist for the arranging mandate, and the deal is likely to have a strong Nordic focus.

n Deutsche Siedlungs- und Landesrentenbank

ARRANGER Christiania Bank has closed syndication of a revolving credit for Storebrand Bank, after failing to reach the level set at launch. The borrower tried to tap the market for a Nkr1.25bn five year revolver, with a margin of 20bp and a utilisation fee of 2.5bp, but the deal has closed for Nkr1bn.

n Statkraft SF Rating: Aaa/AA+

THE IRISH government's privatisation sale of stock in Telecom Eireann is on course for a resounding success, with a strong response from retail and institutional buyers. Already the institutional book is more than seven times covered as investors have rushed to gain exposure to an attractive company that will also act as a proxy stock for the booming Irish economy. Domestic retail buyers, who will receive 40% of the shares, have responded with equal vigour.

Leading Polish telco Telekommunikacja Polska Spolka Akcyna (TPSA) has sent out invitations to banks to bid for the lead management roles on a bond issue for launch in either the third or fourth quarter this year. With corporate Eurobond issuance from central and eastern Europe proving scarce this year, competition for the mandate is likely to be fierce.

Leading Polish telco Telekommunikacja Polska Spolka Akcyna (TPSA) has sent out invitations to banks to bid for the lead management roles on a bond issue for launch in either the third or fourth quarter this year. With corporate Eurobond issuance from central and eastern Europe proving scarce this year, competition for the mandate is likely to be fierce.

SG, the sole lead arranger on the £250m Great Yarmouth independent power project, achieved financial close for the project last Tuesday. Details of the financing structure and terms, which have so far been tightly guarded, are to be released imminently.

n Deutsche Bank Capital Funding Trust II Rating: A1/A+/AA-

n Bayerische Hypo- und Vereinsbank AG Rating: Aa2/AA-/AA

Wall Street greeted the decision this week by the Federal Reserve to stick with one 25bp rate rise for the moment with a relieved rally, giving a stronger underlying tone to the market as the second quarter drew to a close. There was no shortage of new issues to take advantage of the upturn. Unsurprisingly internet related stocks led the way. The IPO for Ask Jeeves Inc, got the third quarter off to a blazing start, when it jumped over 400% when it began trading yesterday (Thursday).