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Rating: Aaa Amount: Eu333.062m (fungible with two issues totalling Eu766.938m launched 29/04/98 and 14/07/98) Öffentlicher Pfandbrief series 600

ABN AMRO, Citibank, Dresdner Kleinwort Benson and HSBC have launched the Eu1.5bn credit for British Steel to senior co-arrangers and co-arrangers. Senior co-arrangers are required to commit Eu125m for an underwriting fee of 12.5bp and a final allocation fee of 20bp. Co-arrangers have been asked to commit Eu75m in return for an underwriting fee of 10bp and a final allocation fee of 17.5bp.

ARRANGERS of the £4.3bn senior debt facility for Air Liquide report that the limited general syndication is progressing well and that banks will be signed in on September 3. Tickets on offer are £125m for 15bp on allocation when signed in and 15bp on draw down, or £75m for 12.5bp on signing in and 12.5bp on draw down.

LEAD arranger ANZ Investment Bank has signed a $85m limited recourse project financing for HPL Cogeneration Limited - the project company developing a captive power and steam plant at Haldia Petrochemicals Limited's petrochemical complex which is being built in West Bengal. The deal is the first captive power plant financing in the country to be funded on a project finance basis.

Australia National Australia Bank is arranging a A$150m deal for Fox Studios Australia. Sponsors of the project are News Corp and Lend Lease.

Hungary The Republic of Hungary is in discussions with arrangers ABN Amro, Central European International Bank, Commerzbank and WestLB over an increase of its Eu300m five year term loan after an encouraging response from the market.

Ghana Euroweek hears that the Ghana Cocoa Board (Cocobod) will not award the arranger mandate for its $300m pre-export financing until August 31. Bankers had believed that the mandate was to be awarded this week.

Mexico Lead arranger Chase Securities Inc and arrangers BankBoston NA, Bank of Montreal, Banco Bilbao Vizcaya SA, Rabobank Nederland and Dresdner Kleinwort Benson have completed syndication of the $200m term loan for cornflour producer, Gruma SA de CV.

SEPTEMBER promises to be one of the busiest months on record for the syndicated loan market. A host of leveraged buy-out transactions have been primed for launch. Also, an unprecedented number of corporates have been in detailed negotiations with their house banks over securing jumbo credit facilities for general purposes as well as ambitious takeovers and mergers. Because so many deals are being stored for September, when market participants have returned from their summer breaks, lenders will be able to pick and choose transactions.

Egypt The $200m (increased from $150m) three year term loan for Commercial International Bank (Egypt) SAE was signed last week. As the facility increase indicates, arrangers Bank of New York, Bank of Tokyo-Mitsubishi and WestLB received a strong response in syndication.

SUEZ LYONNAISE des Eaux, the French utilities and environmental services firm, may be close to tapping the international loans market to finance further acquisitions in two of its partly owned subsidiaries - Belgium's Tractebel and Sita of France. The combined bid totals some Eu8.4bn. Suez Lyonnaise des Eaux already owns some 50.3% of Tractebel's shares which were suspended from trading on bid speculation earlier this week. Suez has offered a cash bonus of Eu16 and one its own shares for each Tractebel share, valuing the 49.7% outstanding stake in the company at Eu7.6bn.