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* Rheinische Hypothekenbank AG Rating: Aa2

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NIKKO Salomon Smith Barney Limited, the investment banking joint venture to be formed as a result of a global strategic alliance between Nikko Securities and Travelers Group, is one of the boldest moves yet to deal with the growing competitive challenges in the industry, both in Japan and outside. By combining Salomon Smith Barney's institutional strength with Nikko's retail base, the participants aim to create a powerhouse which will provide investment banking, sales and trading and research services for corporate and institutional clients in Japan and overseas. "We have seen the Big Bang in Japan and we have jumped the gun," said Michel de Carvalho, head of Nikko's international operations.

Lloyds Bank Capital Markets has launched general syndication of the £40m revolving credit for Portsmouth & Sunderland Newspapers plc. The loan carries a margin of 55bp, a commitment fee of 22.5bp and a maturity of five years. Syndication has been targeted at a small club of relationship banks. Proceeds from the loan will be used for general working capital and to finance growth of its chain of One-Stop convenience stores.

* Bank Nederlandse Gemeenten Rating: Aaa/AAA

* Canadian Imperial Bank of Commerce Rating: Aa3/AA-

A NUMBER of potential IPO mandates involving Virgin Group companies are up for grabs in the UK, following the announcement by Richard Branson that he plans to float a number of Virgin businesses over the next two years. Although the mandates will not be awarded for some time, bankers tip Merrill Lynch as the frontrunner to land one or more of the proposed flotations.

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BANK Austria has closed general syndication of the $31m six month term loan extension for Vozrozhdeniye Bank. The loan was increased to $32m after a small -- but notable -- oversusbcription. The deal came amid perhaps the worst economic and political conditions lenders and borrowers have had to endure over the past five years.

WestLB has signed the Ecu472.75m and Bfr7.8bn purchase of receivables transaction for Forum Leopold. The loan is structured as a transaction to finance, over a 10 year period, the purchase price owed by the European parliament to Forum Leopold for the acquisition of a building in Brussels. The facility has been structured accordingly because the parliament is not allowed to borrow. It proved to be very successful-- it was closed early and was heavily oversubscribed.

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DESPITE challenging conditions in the fixed rate dollar market, two rare borrowers are preparing debut bonds. Zurich Insurance is holding presentations and meetings with investors with a view to inaugurating its recently signed $2bn Euro-MTN programme.