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9371

Bahrain Arrangers Chase Manhattan, JP Morgan, NatWest, Bank of Tokyo-Mitsubishi and Paribas have successfully closed the co-arranger phase of the $200m five year term loan for Arab Banking Corporation. Nine banks have joined as co-arrangers and $225m has already been raised. General syndication has been launched and commitments are due by April 10. The loan is priced at 35bp over Libor with a co-arranger fee of 30bp. It will be used for general corporate purposes.

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THE CITY of Moscow this week kicked off its $1.5bn Eurobond funding programme for 1998 with the launch of a well received DM500m three year issue via Credit Suisse First Boston. Moscow's debut Euro-DM offering featured a 9.125% coupon and was priced to yield 490bp over the Bobl 118 at a fixed re-offer price of 99.83. That was widely seen as offering fair value relative to the 490bp trading spread on the Russian Federation's DM1.25bn 9.375% five year issue launched last week and the 490bp trading margin on Moscow's $500m 9.5% three year transaction launched in May 1997.

* Deutsche Morgan Grenfell is arranging a Euro-MTN programme for Norwegian conglomerate Orkla. Little is known about the outlines of the programme, other than that it is to be signed in around eight to 10 weeks. DMG would not comment on the transaction. * The Union Bank of Norway will sign a $1.5bn Euro-MTN programme on Monday via Merrill Lynch. The programme will also contain a 144A option, as well as the ability to issue undated and dated debt. JP Morgan and UBS will join Merrill on the dealer panel.

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MORGAN Stanley Dean Witter this week successfully completed its sale of stock in Akbank, the largest Turkish private sector bank, setting a positive tone for several other internationally targeted equity deals that are planned from Turkey. The US firm raised $123m for the selling shareholders, the powerful Sabanci family, selling ordinary shares in the form of ADRs to a mixture of international investors.

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THE SALE of stock in Telecom Corporation of New Zealand (TCNZ) is heading for a successful conclusion with lead managers Credit Suisse First Boston and Merrill Lynch preparing to price the offer today (Friday) and complete stock allocations over the weekend. The deal has been several times oversubscribed - the book was 3.5 times oversubscribed in Europe alone late last week.

China ABN Amro Bank (Hong Kong) is coordinating a $15m, 364 day club loan for China Merchants Bank Ltd to finance the borrower's offshore activities. The last time the borrower was in the market was with a $100m FRCD arranged by Chase Manhattan Asia, Tokyo Mitsubishi International (Hong Kong), Dresdner Bank (Hong Kong), GiroCredit Bank and HSBC Markets in August 1996.

Australia Commonwealth Bank of Australia is in discussions with Citipower Ltd to refinance its A$1.2bn five year acquisition financing arranged by Commonwealth Bank of Australia, BA Australia and ABN Amro Australia which was completed in April 1996. Arrangers Deutsche Morgan Grenfell, National Australia Bank, Sumitomo International Finance Australia, Toronto-Dominion Australia with co-arrangers Société Générale Australia and Westpac Bank Corp are inviting banks to join as sub-underwriters for the A$1.932bn privatisation financing for Epic Energy (WA) Nominees Co Ltd.

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