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DEBUT BORROWER Banque du Caire has awarded a mandate to Sumitomo Bank to arrange a $100m three year term loan. The deal pays a margin of 67.5bp over Libor. Co-arrangers are invited in for tickets of $7.5m, managers for $5m and participants for $2.5m. The arranger is simultaneously looking for banks to come in at the arranging level. The structure of the eventual deal will probably be top heavy as is common in the emerging markets.

Deutsche Bank and Merrill Lynch held a well attended bank meeting on Wednesday for co-arrangers planning to join the sub-underwriting phase of the £265m backing the LBO of Ineos Acrylics by Charterhouse Development Capital. Sources say about 15 institutions were represented. As revealed in the last issue of Euroweek, banks have been asked to commit £30m for a fee of 112.5bp over Euribor.

PRICING for Turk Ekonomi Bankasi's latest mandate - a $35m 365 day term loan - has climbed, reflecting lenders' worries over Turkish deals in the run-up to year end and the overhang of paper from the bank in the market. Dai-Ichi Kangyo Bank (books, publicity), Greenwich NatWest (facility agent, info memo) and Natexis Banque (documentation) launched the deal into syndication this week. The bank is offering a margin of 75bp and in syndication co-arrangers earn 80bp for commitments of $4m.

LEAD ARRANGERS Chase Manhattan and Credit Suisse First Boston have raised an incredible $5bn in the syndication of the $2.4bn acquisition facility backing New Holland NV's acquisition of Case of the US. Much of the success is due to the guarantee provided by Fiat. Banks have had little opportunity to lend to the Italian car manufacturer at margins over 20bp over the past five years. But, with the 364 facility paying 37.5bp over Libor out of the box, many lenders found it impossible to ignore the transaction.

CITIBANK HAS won the mandate to arrange a $120m five year term loan for Pan Asia Paper. The deal launched on Tuesday, October 19. The borrower was established in February this year and wants to build up an international group of relationship banks.

Fannie Mae took the ultimate step this week in establishing its Benchmark Securities as US Treasury surrogates by announcing a monthly calendar for its year 2000 issues of bullet benchmark notes and bonds. In an unprecedented move, the company has scheduled the announcement, pricing and settlement dates for all of the stated maturities in the calendar.

THE POLISH government has launched the sale of stock in Polski Koncern Naftowy (PKN), the national oil and gas group owned by the state-owned group, Nafta Polska. Nafta plans to sell up to 30% of PKN's equity capital in a deal which could raise as much as Eu825m. The divestment will be the largest central European deal of 1999. The two tranche deal will target investors in both the local and international markets. Joining Dresdner Kleinwort Benson on the international sale will be Deutsche Bank, Lehman Brothers and Salomon Smith Barney as co-lead managers, with Crédit Lyonnais, CAIB and ABN Amro Rothschild as co-managers. The deal will be priced on November 19. A small retail sale will be targeted at local investors. The domestic tranche will be run by BRE Securities.

Brazil ABN Amro Bank NV, Bank of America and WestLB have been mandated to arrange a refinancing to replace the $1.75bn two year term loan for BellSouth Telecomunicaciones-Brazil (BCP) in March 1998. That deal was arranged by eight banks: Merrill Lynch, JP Morgan Securities, ABN Amro Bank, BT Alex Brown, Chase Securities, Nationsbank, Wachovia Bank and WestLB.

RUMOURS CONCERNING France Télécom's plans for the loan market persist thanks to the French telecom group's latest German acquisition. On Monday it paid Eu7.4bn for a 60.25% stake in E-Plus Mobilfunk put up for sale by Vega and Viag, only two weeks after its purchase of Vodafone AirTouch's 17.24% stake in E-Plus.

THE DEBT package backing the long mooted leveraged buy-out of Friedrich Gröhe finally emerged this week, as lead arrangers Dresdner Bank Frankfurt and HypoVereinsbank at last took the plunge and launched the deal to co-arrangers. Banks are offered tickets of DM125m for a fee of 87.5bp or DM75m for a fee of 67.5bp. Compared to the Ineos Acylics and the Accordis deals in the UK, the fees appear light.

Austria RHI Finance ApS has signed a Eu440m acquisition finance transaction with a seven bank club. The tenor is eight years with a bi-annual amortisation.