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MARCONI disappointed bankers and investors this week as its Eu1.5bn two tranche transaction - originally viewed as a potential deal of the year - was hit by confusion surrounding the pricing and syndication of the issue. Ahead of launch, Marconi appeared to have all the ingredients for a successful transaction: its A3/BBB+ rating matching demand for lower rated corporates; its business combining the attractions of the telecoms industry without the event risk of telecoms providers; and its strong name recognition.

Bahrain Seven banks are thought to be close to a mandate for Arab Banking Corporation. Officials this week indicated that Bank of Tokyo-Mitsubishi, BNP Paribas, Barclays, Fuji Bank, Greenwich NatWest, National Bank of Kuwait and WestLB are the likely winners of the closely fought mandate.

INTERNET and software offers on the Neuer Markt endured mixed fortunes as heavy falls on the US and European new markets put pressure on the investor love affair with the sector. While Lycos Europe's Eu773m IPO looks set to be a hit when it prices on Monday and DCI's Eu71.68m IPO more than doubled, Commerzbank's Eu97.9m IPO for Travel24.com just held its issue price at the end of its first day trading.

* Jack Levy has resigned as global head of mergers and acquisitions at Merrill Lynch after 22 years at the company. Levy headed Merrill's M&A group for the past decade. Steven Baronoff and Daniel Dickinson have been appointed as co-heads of the group.

Poland Poland's Turow power plant has mandated Salomon Smith Barney and Warburg Dillon Read to run the books on an expected $250m Eurobond. Based in the south-western Polish city of Bogatynia, Turow power plant is a 1,500MW lignite fired generation facility.

France Goldman Sachs and Salomon Smith Barney have begun bookbuilding on the Eu475m IPO for CompleTel. The 27.2m share deal, with a 15% greenshoe, has a price range of Eu15.5-Eu17.5 a share and will price on March 23.

* Deutsche Australia Ltd Guarantor: Deutsche Bank AG

Bankers in the loan market have been caught unawares by a £3.5bn loan for Orange. While many have been touting for super jumbo mandates from telecoms companies that might wish to bid for Orange when it is spun off from Vodafone AirTouch, the UK mobile operator has been making plans of its own. Orange has mandated Chase Manhattan (books), CIBC (docs), Dresdner Kleinwort Benson (books) and HSBC (agent) to underwrite £3.5bn.

Bankers in the loan market have been caught unawares by a £3.5bn loan for Orange. While many have been touting for super jumbo mandates from telecoms companies that might wish to bid for Orange when it is spun off from Vodafone AirTouch, the UK mobile operator has been making plans of its own. Orange has mandated Chase Manhattan (books), CIBC (docs), Dresdner Kleinwort Benson (books) and HSBC (agent) to underwrite £3.5bn.

The $12bn loan backing Pacific Century CyberWorks' acquisition of Hong Kong Telecom was launched late on Wednesday night. Asia's largest loan has gone to three levels from the four arrangers, Bank of China International, Barclays Bank, BNP Paribas and HSBC. Of the $12bn total, $9bn will be syndicated and $3bn will be held among the four arrangers. The $9bn is divided into a $5.4bn one year tranche and a $3.6bn one year tranche with a two year term out option.

Heller Financial of the US is the latest company to turn its focus on the European leveraged finance boom. The Chicago-based company is forming a European leveraged finance group. Based in London, the group will provide senior secured loans and underwritings of between £10m and £200m, take-and-hold portfolios in mezzanine loans from £2m to £10m, equity co-investments up to £7m and select investments in private equity funds.

THE CRITICISM surrounding the Republic of the Philippines' $1.6bn global bond offering continued as pricing further undermined the Ba1/ BB+ rated sovereign's attempts to rebuild its reputation with international investors. Widening secondary market spreads across the sovereign curve prompted claims that lead manager Lehman Brothers had either failed to maintain any control over the deal syndication last Friday, or had walked away in the first days of secondary market trading.