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THE underwriting phase of the debt finance facility backing the LBO of Via Nova by Morgan Grenfell Private Equity has closed oversubscribed. Lead arranger BT Alex Brown was joined by seven banks at this level. They are Royal Bank of Scotland, JP Morgan, WestLB, Crédit Lyonnais, HypoVereinsbank, Paribas and Dresdner Bank. They were offered a choice of investment -- DM100m and DM75m -- but all took the higher ticket.

Belgium Banque Nationale de Paris (facility agent) and Citibank (bookrunner and documentation agent) have launched the $750m revolving credit for Tractebel into general syndication.

Argentina Arranger Crédit Lyonnais has completed a $25m one year pre-export finance facility at 275bp over Libor for Mastellone Hermanos SA.

Kuwait Arab Banking Corporation, Bank of Tokyo-Mitsubishi and National Bank of Kuwait have won the mandate to arrange a $100m three year term loan for Commercial Bank of Kuwait (CBK).

BARCLAYS, Chase Manhattan, Citibank and Greenwich NatWest have launched general syndication of the $1.25bn working capital facility for National Power, a credit likely to be the last UK jumbo of 1998. The loan consists of a $500m 364 day facility that carries a drawn margin of 27.5bp over Libor and an extra 7.5bp if more than 50% is used with a commitment fee of 10bp, and a $750m five year tranche that carries a margin of 25bp plus an extra 5bp if more than 50% is drawn and a commitment fee of 12.5bp.

Croatia The EBRD, with a group of private commercial banks, has arranged a DM168m credit for ZGOS, a special purpose company established to improve Zagreb's waste management services.

India ANZ Investment Bank and Citicorp International have teamed up with ABN Amro and Credit Suisse First Boston as global co-ordinators for Dabhol Power Co's $600m project financing. The four banks are finalising the structure of the deal.

South Africa Anglogold will early next week mandate a group of about eight banks to arrange a $350m facility. Banks already in the deal are Citibank, Deutsche and Dresdner. Anglogold wants its arrangers to take $50m each.

AKBANK has yet to decide on a strategy for its latest attempt to tap the loan market. However, Euroweek has learnt that the Turkish bank is considering a conventional syndication, rather than a club deal, and that it is inviting five of its closest relationship banks to act as lead arrangers. Last issue Euroweek reported that the bank had been forced to review its plans after failing to attract enough commitments. Last month Akbank went to the market with a $200m 364 day self-arranged credit that carried an all-in price of 100bp over Libor, asking its core banks to commit to a club-style syndication.

Australia Banks have been invited to bid for arranger and underwriting roles for Sydney Airport Corp's A$850m financing package advised by Macquarie Bank.

THE European loan market was embroiled in controversy this week after allegations over frontrunning emerged. The deal causing the commotion is the Dfl 1.7bn senior credit, lead arranged by Barclays Capital, backing Cinven and CVC's acquisition of Kappa Packaging from KNP BT NV. A large group of banks -- all experienced players in the international syndicated loan market and lenders to the Kappa deal -- allege that one of the senior co-arrangers was engaged in frontrunning while the deal was still in general syndication. As a result, they claim, progress of general syndication was severely impeded.

* ABN Amro is merging its emerging markets and debt capital markets directorates to form a fixed income directorate, headed by Alberto Francioni. Jonathan Greenwood, head of emerging markets, will help effect the integration, which will be operational from December 1.