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n KfW International Finance Guarantor: Kreditanstalt für Wiederaufbau

Market commentary: Compiled by Vusi Mhlanzi,

n British Energy plc Guarantor: British Energy Generation Ltd, British Energy Generation (UK) Ltd

n Crédit Local de France Rating: Aa1/AA+

n General Electric Capital Corp Rating: Aaa/AAA

n AIG SunAmerica Institutional Funding Rating: AAA

Egypt The general syndication of the $220m international tranche of the senior secured facility for the Egyptian Company for Mobile Services (ECMS) led by international arrangers Chase Manhattan, Dresdner Kleinwort Benson, Paribas and WestLB has effectively closed. Around 16 banks joined, achieving a roughly 20% oversubscription.

GEC has signed its latest facility - the Eu2.5bn (increased from Eu2bn) one year less one day multicurrency revolving credit. The facility carries a margin of 25bp over Libor with a commitment fee of 10bp. There is also a utilisation fee of 5bp if between 50% and 100% of the loan is drawn down, giving a fully drawn margin of 30bp.

France Barclays and Crédit Lyonnais have been officially mandated to arrange the coveted Eu400m reducing revolving credit for Framatome.

SPECULATION that France Télécom is looking to raise a jumbo facility intensified yesterday (Thursday) as bankers close to the state owned telecom company said a possible takeover of One-2-One was being contemplated. While all banks contacted by Euroweek denied involvement in an acquisition financing, it is common knowledge that Cable & Wireless and Media One, owners of One-2-One, are considering a flotation or trade sale of the telecoms company. France Télécom is one name constantly mentioned by observers as a potential buyer.

Mexico Syndication of the $200m asset securitisation facility being arranged for Banco Nacional de Mexico SA (Banamex) by WestLB has closed oversubscribed. Some $235m was raised in general syndication but the loan was not increased.

Euroweek hears that Alan Tate is to leave Rabobank to join WestLB's London syndications team.