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Arranger ABN Amro has closed oversubscribed the general syndication of the £42.65m 16 year project financing for Heartlands Power Ltd. Banks joining the deal as senior lead managers with takes of £10.663m each are - Bayerische Hypo-und Vereinsbank, Rabobank International and Mitsubishi Trust & Banking Corporation. These banks received participation fees of 40bp.

* Associates Corp of North America Rating: Aa3/A+

* Bank Austria Guarantor: deficiency guarantee from the City of Vienna

Vodafone AirTouch priced a $3.75bn two tranche short term FRN late yesterday (Thursday), the first bond issue relating to the bidding war for the UK's UMTS licences to hit the market. Bond and loan market participants are bracing themselves for an onslaught of telecoms funding as - with several European countries set to follow the UK's example of awarding third generation mobile licences after auctions - Vodafone and its rivals seek to finance costs associated with the new technology.

Vodafone AirTouch priced a $3.75bn two tranche short term FRN late yesterday (Thursday), the first bond issue relating to the bidding war for the UK's UMTS licences to hit the market. Bond and loan market participants are bracing themselves for an onslaught of telecoms funding as - with several European countries set to follow the UK's example of awarding third generation mobile licences after auctions - Vodafone and its rivals seek to finance costs associated with the new technology.

Ballooning swap spreads in the dollar markets and continued weakness in the euro weighed heavily on bond markets this week. US dollar swaps spreads widened sharply on Wednesday and yesterday (Thursday) in response to declining equity markets and nervousness ahead of today's (Friday) non-farm payroll data. But before the volatility set in, US financials Household, Heller and Associates Corp were able collectively to raise $3.9bn of global debt. Household's five year deal was doubled to $2bn and was still twice oversubscribed at the enlarged size. But the borrower had to pay considerably more than its usual targets to achieve successful execution. Some 20% of the deal was distributed internationally.

* British Telecommunications plc Rating: Aa1/AA+/AA+

Belgium Telenet is tapping the loan market for Bfr12bn (about Eu300m), and has mandated Merrill Lynch to lead the facility. KBC has come in as joint lead arranger, and has underwritten half of the deal, after Merrill Lynch originally underwrote the whole deal.