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Jean-Maurice Elkouby has joined the structured finance division of Crédit Lyonnais's syndication team in London. Elkouby joins from Royal Bank of Canada and will report to Charles Bingham.

n BankAustria Rating: Aa2/AA+

APPETITE for the Republic of Portugal's Eu1.5bn three year standby revolving credit has been so strong that arrangers ABN Amro (bookrunner), Bayerische Landesbank (agent and documentation bank), Caixa Geral De Depósitos, DePfa, Greenwich NatWest (bookrunner) and WestLB (bookrunner) have decided against a general syndication. Banks were offered tickets of Eu100m with the debt priced at a margin of 2.75bp over Euribor with a facility fee of 2.75bp attached. A utilisation fee of 1.25bp kicks in if more than 50% of the facility is drawn.

SG, COMMERZBANK and Crédit Mutuel will launch the long awaited Eu1bn credit for Pinault Printemps La Redoute (PPR) over the next few days. Co-arrangers have been selected from the borrower's best relationship banks. The financing consists of two tranches: a Eu500m 364 day revolver that carries a margin of 20bp over Euribor, pays a commitment fee of 9bp and a further 1.25bp if between 33% and 66% is drawn down and 2.5bp if more than 66% is drawn down; and a Eu500m five year revolver that carries a margin of 25bp and offers a commitment fee of 12.5bp and the same utilisation fees as on the 364 day tranche.

A Brazilian mandate for a Eu500m seven year benchmark was the focus of fierce competition among underwriters this week, with some houses attempting to drum up investor support for a yield as thin as 10.5%. Rivals said ABN Amro, which upset the market last week with an aggressively priced deal for Brazilian development bank BNDES, has been sounding investors out on whether they would accept a seven year offering for Brazil at just 10.5%, when its dollar denominated five year benchmark, maturing 2004, is yielding 14.67%.

A Brazilian mandate for a Eu500m seven year benchmark was the focus of fierce competition among underwriters this week, with some houses attempting to drum up investor support for a yield as thin as 10.5%. Rivals said ABN Amro, which upset the market last week with an aggressively priced deal for Brazilian development bank BNDES, has been sounding investors out on whether they would accept a seven year offering for Brazil at just 10.5%, when its dollar denominated five year benchmark, maturing 2004, is yielding 14.67%.

ABN Amro and Warburg Dillon Read will launch a roadshow for the sale of San Miguel's (SMC) A$1.3bn stake in Coca-Cola Amatil (CCA) next week. Jardine Fleming - which had been expected to lead the sale with ABN Amro when Euroweek revealed the sale plan in June - is not in the deal, for which there is no syndicate. Bank officials declined to comment.