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Lead arrangers of the $2.6bn loan package for Bacardi -- Goldman Sachs, Barclays. Citibank, Bank of Nova Scotia, Den Danske, Deutsche Bank, JP Morgan, NationsBank and Santander -- have closed general syndication and signed the deal. The deal has been one of the most successful and impressive transactions of the year. In senior syndication a massive $5.75bn was raised, showing the depth of demand. The success is all the more impressive considering the pricing -- which ranges between 25bp and 45bp over Libor -- attracted criticism when it came out.

Arranger Bank of Montreal is preparing to launch general syndication of the $530m debt financing supporting Sithe Energies' purchase of 12 power plants from Boston Edison. NationsBank and SG have both taken $150m sub-underwriting positions on the deal.

* Bank of NT Butterfield & Son Ltd Rating: Baa1 (Moody's), A- (Fitch IBCA)

HIGH yielding Slovak risk this week again struck the right chord with Deutschmark investors as institutions and retail accounts rushed to buy a DM175m three year offering by Vodohospodar-ska Vystavba, the Slovak water utility. Bankers said the issue benefited from the positive reception to last week's DM200m increase to the DM600m 8% 2003 transaction by the Ba1/BBB- rated Slovak Republic, which guaranteed the Vodohospodarska deal. Commerzbank and Nomura ran the books on both transactions.

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* Credit Linked Structured Securities (CLASS) Amount: Lit150bn

GLOBAL co-ordinators Morgan Stanley Dean Witter and Salomon Smith Barney have launched the final stage of bookbuilding for the sale of stock in Equant, the data communications carrier. The deal has been eagerly awaited by the market for some time and the transaction will involve the sale of around 15% of the company's equity to raise between $500m and $600m.

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Asset backed securities: * DOMOS 4

* Bank Austria Rating: Aa2/AAA

THE GERMAN primary market continues to provide investors with opportunities to invest in growth stocks and small cap deals from other sectors. The Neuer Markt and the main market in Frankfurt have provided a welcoming environment for the deals on offer with international and local investors still willing to pay top prices for the assets available.