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* Fannie Mae Rating: Aaa/AAA

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Bank of Tokyo-Mitsubishi has hired Stuart Levett as head of secondary loan sales and trading. Levett joins from Citibank where he was a member of the loan syndication and secondary sales team. He will report to John Reffell, head of syndications at Bank of Tokyo-Mitsubishi.

LEAD arrangers Merrill Lynch, Caixa Geral de Depósitos and Citibank have won the mandate to arrange a $1.3bn debt package backing Portugal Telecom's acquisition of Telebras, Brazil's leading telecom network. The loan, which is the largest credit facility ever for a Portuguese borrower, has a 364 day maturity. For the first six months, the facility carries a margin of 20bp over Libor, and 25bp thereafter. However, if Portugal Telecom's rating drops from A+ to A-, the margin increases by 10bp.

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GENERAL syndication of the £2.4bn credit facility for PowerGen Finance is scheduled to close today (Friday), according to arrangers Deutsche Bank, Goldman Sachs and HSBC. The deal has been an unqualified success and syndication should be a blow-out -- a rarity in today's market.

ROBERT Fleming and Dresdner Kleinwort Benson will next week launch the sale of stock in SanLam, one of South Africa's premier life assurance groups, as part of its demutualisation. Despite the difficult global stockmarkets, investors are reported to be expressing keen interest in this deal.

Denmark ABN Amro, Citibank and Bank of Tokyo-Mitsubishi have launched general syndication of the $500m facility for Borealis, the Danish petrochemicals company. A bank meeting is scheduled for today (Friday).

MERRILL Lynch and Merita will next week launch the sale of stock in Sonera, the Finnish national telecommunications operator. The authority will meet its bankers this weekend to decide on the structure and size of the deal. "We have two conflicting messages from the market," said one banker in London. "We have seen Swisscom trade like any bull market privatisation and we have seen the French government postpone its offering of France Télécom."

* Swedish Export Credit Rating: Aa2/AA+

* European Investment Bank Rating: Aaa/AAA

STANDARD & POOR'S has stated that it does not believe the Russian crisis will have a significant impact on European banks. Their domestic profits, diversification of services and government support will allow them to absorb any emerging market losses. In Switzerland, Credit Suisse First Boston has total exposure of $2.16bn, net of provisions, but this compares with shareholder's equity of $21.3bn. German banks, particularly in the public sector, have a substantial exposure, but comparable support from the Länder.