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* Following the news that Mannesmann of Germany is to tie up with Olivetti, it has been announced that the Italian group is to be recapitalised using the issue of new shares, warrants and convertible bonds. The refinancing programme will amount to around Lit600bn and is being handled by Lehman Brothers.

Brazil * ARV International Ltd

Germany The high profile $1bn standby revolving L/C facility being arranged for the Hannover Re Group by Chase Investment Bank is to sign today (Friday).

THE Republic of Estonia this week became the highest rated of all the former Soviet states when Moody's Investors Service and IBCA awarded it Baa1 and BBB long term foreign currency ratings respectively. The country's two investment grade ratings place it ahead of its Baltic peers, Latvia (rated BBB by S&P) and Lithuania (rated Ba2/BBB-/BB+ by Moody's/S&P/ IBCA). Merrill Lynch acted as Estonia's ratings adviser.

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Ashanti Goldfields Company Ltd, one of Africa most highly regarded borrowers, has completed a landmark limited recourse project financing to fund the development of its Bibiani gold project in the western region of Ghana. Over the past two years, the company has redefined its borrowing strategy and successfully moved its bank financing from being under the umbrella of the IFC to using the stand-alone financing techniques that were previously only available to its peer group in western Europe and North America.

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HSBC Investment Bank is in the initial stages of launching syndication of the Ffr1.5477bn in senior debt facilities supporting the Ffr2.8bn buy-out of Holding de Restauration Concedée Elitair to form the leading concession catering business in France. Bercy, which operates the Elitair and Pomme de Pain food businesses, together with venture capital specialist Advent International are purchasing the HRC business from buy-out firm Charterhouse Development Capital and Accor. Bercy will own 51% of the new company, while Advent will hold 49%.

* Credit Suisse First Boston (London Branch) Rating: A2/A+

ICI LAUNCHED a $1.25bn Yankee bond this week which was the last major piece of the jigsaw in the financing of its $7.9bn acquisition of the specialty chemicals business of Unilever. The three tranche deal, lead managed by Goldman Sachs, rounds off an extraordinary six weeks of activity from ICI in the international bond markets, during which time it has raised $4.5bn.

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