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Croatia Banque Nationale de Paris, Bank Austria Creditanstalt and Dresdner Bank Luxembourg have closed general syndication of the DM70m three year revolving credit for HBOR.

Brazil ABN AMRO is considering alternative structures for its $400m refinancing for VBC Energia.

Oman The co-arranging phase of the $100m three year revolving credit for the Commercial Bank of Oman should close over the next few days.

Arrangers of the £2.4bn facility for PowerGen Finance -- Deutsche Bank, Goldman Sachs and HSBC -- will launch general syndication next week. Retail follows a blow-out success at the sub-underwriting level -- some 19 out of the 22 invited banks came into the deal.

Belgium Barclays and KBC are planning a presentation of the Bfr2.5bn credit facility backing the LBO of Alro Holdings on September 18.

ARRANGERS of the £700m facility for Railtrack -- Barclays, Deutsche, HSBC and JP Morgan -- have priced the transaction, Euroweek can exclusively reveal. The loan carries a margin of 45bp, stepping up to 55bp. However, the four banks are unlikely to launch the financing until October.

SPECULATION that Chase Manhattan's £1.5bn five year revolving credit for Royal & Sun Alliance was failing to attract enough banks at the co-arranging level was rife this week. However, the deal's supporters also rallied round and struck out against the deal's detractors. When the deal was made public, many bankers were taken aback by the margin -- a punchy 22.5bp over Libor. Many saw it as too skinny and unsympathetic to market conditions. Others confidently predicted that the deal would crash as a result of lack of market appetite.

THE RUSSIAN loan market, after collapsing last week, was pronounced dead this week by the international syndicated loan market. In the short term, there can be no return for Russian borrowers, be they banks, corporates or local authorities -- despite losses on loans expected to be minimal compared to losses on trading and hedging contracts. Even trade and pre-export financings -- usually the two techniques impervious to market conditions -- have been dropped by lenders. While Russia remains the main talking point among loan market players many bankers are beginning to focus on the impact that the crisis is having on the rest of central and eastern Europe.

Denmark ABN Amro, Citibank and Bank of Tokyo-Mitsubishi have launched the co-arranging phase of the $500m credit facility for Borealis, the Danish petrochemicals company.

Dale Somerville has joined Paribas' loan syndications team in Paris. Somerville joins from Crédit Lyonnais's Paris loans team and will cover French multinationals and local authorities, Emmanual Bresson has also been hired for the Paribas loans team. Bresson will cover project finance and media and joins from Bank of Tokyo-Mitsubishi in Paris.

* Commerzbank Global Equities has appointed Brian O'Keefe and Charlie Dove-Edwin to form a new pan-European engineering research team. They will be joined by Winfried Becker who is based in Frankfurt and has been with Commerzbank for two years. Brian O'Keefe joins CGE from JP Morgan Investment Management. Charles Dove-Edwin joins from Lehman Brothers.

Craig Pettengell, manager, customised reinsurance, St Paul Re explains the thinking behind the company's insurance securitisation -- the $68.5m George Town Re transaction. "The main reason we did George Town Re was that we could not get the retrocessional capacity to do the job we wanted to get done. We saw attractive business opportunities which -- if we had more capacity -- we could exploit. That has definitely turned out to be the case.