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TELECOMS equipment provider Marconi will next week launch a Eu1.5bn two tranche issue, offering investors a rare opportunity to gain exposure to the high grade telecoms sector without the event risk associated with former state monopolies or mobile. Led by ABN Amro and Warburg Dillon Read, the A3/BBB+ rated financing will be split into Eu500m five year and Eu1bn 10 year tranches. The five year is expected at around Euribor plus 40bp, the 10 year in the high 50s over Euribor.

Bahrain Arab Banking Corporation is understood to be finalising a mandate for a new facility.

Morgan Stanley Dean Witter will today (Friday) price a Eu380m securitisation of non-performing loans for Italy's Banco di Sicilia. Island Finance (ICR 4) SpA is Morgan Stanley's fourth securitisation of Italian NPLs, but unlike the earlier deals, which parcelled loans Morgan Stanley had bought from Italian banks, it is an agency securitisation.

* JP Morgan has hired Brian McBride, Steve Conway, Doug Clarisse and Matt Whitcomb from Deutsche BT. McBride and Conway join the European high yield origination group as managing directors. Between them, they have 13 years of leveraged finance experience.

Mexico Moody's Investors Service this week raised its Ba1 long term foreign currency rating for Mexico to Baa3 from Ba1 - marking the first time that a major Latin American sovereign has secured an investment grade rating. Moody's move prompted a further tightening in Mexican bond spreads, with the country's $1.5bn 9.875% February 2010 dollar global bonds trading on Thursday at 218bp over Treasuries, in from 315bp over at launch in late January. Mexico still has speculative grade BB ratings from Standard & Poor's and Fitch IBCA.

France Multimania closed 60 times subscribed this week as internet euphoria continued on the Nouveau Marché. The Merrill Lynch-led deal priced at the top of the Eu31-Eu36 range, raising Eu56.16m. Yesterday (Thursday) the share closed at Eu81.

Market report: Compiled by Glenn Blackley,

ASIA’S largest ever loan, the $12bn facility for Pacific Century CyberWorks (PCCW), has generated strong early indications of support from potential lenders.

ASIA’S largest ever loan, the $12bn facility for Pacific Century CyberWorks (PCCW), has generated strong early indications of support from potential lenders.

The Republic of Poland’s maiden issue in the single currency proved a storming success this week, with investors leaping at the chance to gain exposure to the well regarded central European sovereign.

Dresdner Kleinwort Benson has hired Stein Melsbo to join the bank as a director on the syndicated loans desk. He will start in early April and reports to Ed Robinson. Melsbo joins from Citigroup where he worked for 11 years, most recently in the London office reporting to Bill Fish.

The Republic of Poland’s maiden issue in the single currency proved a storming success this week, with investors leaping at the chance to gain exposure to the well regarded central European sovereign.