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Hungary The Eu100m seven year term loan for Hungarian power company BorsodChem was signed yesterday (Thursday) after the arrangers raised an oversubscription but the loan was not increased.

Freddie Mac achieved what it set out to achieve - the largest ever non-US distribution of a Reference Note - when it launched a $5bn three year issue this week. The US agency has been looking to promote its jumbo bonds to fund managers in Europe and Asia in the hope of inspiring a following for its product similar to that in the US, where most major investors see US agency benchmarks as a key investment tool.

ITALIAN BANKERS say Mediobanca and Warburg Dillon Read are joint arrangers and underwriters on a Eu3.5bn acquisition finance loan for Assicurazioni Generali, to back its Eu12.2bn bid for INA (Istituto Nazionale delle Assicurazioni). The two arrangers are working on the structure of the deal and more details - particularly whether it will be launched into full syndication this year, or held until next with a group of sub-underwriters sharing the risk over year end- should emerge in the next fortnight.

THE SALE of BTR Paper Technologies plc - one of the LBO market's longest running sagas - has been completed with Apax Partners & Co officially acquiring the paper technology division of Invensys for $810m. While the purchase price has surprised analysts - many thought it would go for over $1bn - the identity of the acquirer has not. Apax has been in the frame for over four months during which time Invensys had difficulty organising a clean sale.

THE STATE of Israel is looking to tap the loan markets in the coming months, probably to refinance a DM350m loan signed in November 1995. That was a two tranche term loan, divided into a DM87m five year tranche at 50bp, and a DM262.5m four year tranche at 45bp. The top participation fee was 32.5bp for takes between $6m and $8m.

SHINHAN Bank is tapping the market for $100m with a 364 day term loan with TLCs. Standard Chartered Bank is the sole arranger and underwriter. The deal pays a margin of 75bp. Banks are being invited to take part on three different levels. Co-arrangers earn 45bp for commitments of $9m or more, lead managers will be paid 40bp for takes of $5m to $8m and managers gain 35bp for pledging $3m to $4m.

Chile Chase Securities Inc and Dresdner Bank Luxembourg are arranging a $380m refinancing for Endesa Chile SA.

Despite speculation that the pipeline of deals from the Hellenic Republic is full, the majority of transactions will emerge next year - and not this one. Deals such as the Eu600m financing for ATE Holding, and the procurement facilities for government ministries, may hold back until after year end. Nevertheless, this year the most likely borrower to approach the market is Public Power Corp (PPC). Yesterday (Thursday), banks were asked to submit bids by the middle or end of next week, with a mandate following shortly after to allow the deal to go through the market before December.

Banamex, the leading Mexican commercial bank, is the latest private sector Latin issuer to turn to the securitisation market to raise funds. Using a triple-A MBIA insurance wrap, the bank sold $250m of seven year notes backed by future dollar denominated credit card receivables in a 144a offering led by Salomon Smith Barney.

South Africa RMB International has increased and signed its $100m one year debut loan after it was oversubscribed and increased to $150m.

ANGLO AMERICAN plc is tapping the Euroloan market for the first time since it registered on the London Stock Exchange. The former South African and Luxembourg-based firm is raising a $500m five year revolver that will be used to refinance a similarly sized tranche of an existing facility that was arranged in the first quarter of 1996. Arrangers of the latest facility are Barclays, Deutsche Bank (joint bookrunner), Dresdner Bank Luxembourg (joint bookrunner), Paribas, Sumitomo and Warburg Dillon Read.

AUSTRALASIA Australia