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Euroweek has uncovered further details of the loans for British Telecommunications (BT) and Vodafone Airtouch. Both are tapping the European loan market for self-arranged club deals, to make the most of their strong sway over relationship banks and the narrow pricing this can bring them. BT has assembled a group of seven banks to provide it with a Eu16bn CP backstop facility. The deal is not intended to be drawn down, but will give BT easy access to the deep liquidity of the US and European CP markets.

Arrangers Barclays Capital (administrative and facility agent), CIBC (technical bank), Citibank (trustee and collateral agent), Deutsche Bank (bookrunner), Dresdner Kleinwort Benson (documentation) and SG (insurance agent) are in the market with a $200m project financing for Kahama Mining Company Ltd for the development of its Bulyanhulu gold mine in Tanzania. Banks have been invited to join the nine year deal at two levels - co-arrangers taking $15m apiece for fees of 90bp and senior lead managers $10m each for fees of 75bp.

US wine and spirits company Canandaigua Brands this week sold £80m of nine year bonds at an aggressive 8.625% yield, vindicating the Ba2/BB rated borrower's strategy of marketing itself as a cross-over credit. The bond issue, which was sole lead managed by Barclays Capital, followed on from a £75m financing led by JP Morgan in November 1999. But while both transactions refinanced bank debt raised by Canandaigua for its acquisition of UK drinks company Matthew Clark, last year's deal was executed in a single day and sold to only high yield investors.

US wine and spirits company Canandaigua Brands this week sold £80m of nine year bonds at an aggressive 8.625% yield, vindicating the Ba2/BB rated borrower's strategy of marketing itself as a cross-over credit. The bond issue, which was sole lead managed by Barclays Capital, followed on from a £75m financing led by JP Morgan in November 1999. But while both transactions refinanced bank debt raised by Canandaigua for its acquisition of UK drinks company Matthew Clark, last year's deal was executed in a single day and sold to only high yield investors.

Canary Wharf Group plc, owner of the spectacular Canary Wharf office development in London’s Docklands, this week began marketing its second securitisation of buildings in the complex — a deal that may prove just as innovative as the company’s first asset backed issue in 1997.

Canary Wharf Group plc, owner of the spectacular Canary Wharf office development in London’s Docklands, this week began marketing its second securitisation of buildings in the complex — a deal that may prove just as innovative as the company’s first asset backed issue in 1997.

COMMERZBANK Securities has appointed Marc Bajer as head of global debt origination to work on issuer relationships and extend the range of the bank's new issue business. Reporting to Mark Eban, joint head of brokerage, he will be based in London and will assume his position in about three months, after leaving Barclays Capital.

* Spintab AB Rating: Aa3/AA-

DRESDNER Kleinwort Benson this week hired Andrew Pisker from BNP Paribas as head of global markets, the first successful move in the bank's effort to rebuild its debt markets operations since the collapse of the proposed merger with Deutsche Bank. Coming a month after former co-head of global markets TJ Lim's departure to Merrill Lynch, and the subsequent exodus of bankers from Dresdner's bond business, the hiring of Pisker is an essential step in rebuilding morale, as well as the German bank's debt markets team.

Brazil * Banco BBA Creditanstalt (Nassau)