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Azerbaijan The EBRD and IFC are set to syndicate $200m of 'B' loans for the Azerbaijan International Operating Consortium (AIOC) which is developing oil and gas reserves around the Caspian Sea. Both the EBRD and the IFC are also providing $200m through their 'A' loan structures.

India The $100m seven year syndicated credit for Power Finance Corporation (PFC) will be signed next week at a ceremony in Singapore. ANZ Investment Bank arranged the deal. Pakistan Drawdown of the first $80m tranche of a $600m loan for the Pak-Arab refinery has taken place. The debt was arranged by Jexim and Marubeni Corporation to finance the development of a 100,000 barrel a day refinery with a total cost of $886m.

Argentina Arrangers BancBoston Securities Inc, BancAmerica Robertson Stephens, Dresdner Bank Luxembourg SA, Banco Bilbao Vizcaya and Banco Rio de la Plata SA have completed syndication of the $150m two tranche facility for Transener SA. The facility is split between a $100m five year term loan for trade-related purposes and a $100m four year term loan for working capital purposes.

THE LOAN market is split over the fate of the general syndication for the $720m Al-Jubail Petrochemical Company (Kemya) expansion financing for sponsors, Sabic and Exxon. The arrangers -- Barclays Capital, Citibank, Riyad Bank, Saudi American Bank, and Sumitomo with Al Bank Al Saudi Al Fransi, Arab Banking Corporation, Arab National Bank, Apicorp, Gulf International Bank, IBJ, Morgan Guaranty Trust Company and Saudi British Bank -- argue that only a few banks were expected to join in retail, with a target to sell no more than around $100m of the project's debt. And so the syndication, with a reported three banks coming on board, must appear successful.

AFTER A hotly contested bidding process Apicorp, Banque Paribas and Credit Suisse First Boston have won the $615m Qatar Vinyl Company (QVC) arranging mandate, narrowly pipping a lower priced ANZ/IBJ bid. A more favourable repayment profile decided the bidding. The deal has a 12 year tenor with a two year extension clause. Pricing will be around 115bp over Libor.

China Beijing Enterprises Holdings, the sole overseas investment arm of the Municipality of Beijing, is in the market for the first time with a $150m loan coordinated by Chase Manhattan Asia, Standard Chartered Bank and Sumitomo Bank. The arrangers are selling the deal as a three year facility, hoping that the borrower will not exercise its option to take the deal to full maturity.

BOOKRUNNER Deutsche Bank will next week launch the first 'pan Euro' bond -- a transaction designed to remove the barriers between domestic and Eurobond issues. The deal will be for triple-A rated Electricité de France and will be a 10 or 12 year issue of up to Eu1bn. CDC Marchés will be joint lead and the deal should emerge at a spread in the low to mid-teens over OATs.

HIGH yielding Slovak risk this week again struck the right chord with Deutschmark investors as institutions and retail accounts rushed to buy a DM175m three year offering by Vodohospodar-ska Vystavba, the Slovak water utility. Bankers said the issue benefited from the positive reception to last week's DM200m increase to the DM600m 8% 2003 transaction by the Ba1/BBB- rated Slovak Republic, which guaranteed the Vodohospodarska deal. Commerzbank and Nomura ran the books on both transactions.

SES IPO heads for blow-out as growth story lures demand LEAD MANAGERS Deutsche Bank, Dresdner Kleinwort Benson and Morgan Stanley Dean Witter will today (Friday) execute their global offer of shares in Société Européenne des Satellites (SES).

LAND Sachsen-Anhalt this week launched the first rated issue for a German state, a DM2bn 10 year Euro-Asian bond lead managed by Deutsche and Goldman Sachs. Previous issues for individual German states and the collective Länder jumbos have all been unrated. Sachsen-Anhalt was recently awarded a Aa3 rating by Moody's and a AA- rating from Standard & Poor's.

LEAD MANAGERS Deutsche Bank, Dresdner Kleinwort Benson and Morgan Stanley Dean Witter will today (Friday) execute their global offer of shares in Société Européenne des Satellites (SES). Investor interest in the deal has blossomed steadily since the company announced at the beginning of this year that it was planning to float. "This kind of story makes a change from the large state sales which have recently run into investor fatigue," said one salesman.

MICHAEL CLANCY is to join Dresdner Kleinwort Benson as global head of credit spread businesses, turning the likelihood of a radical shake-up in the bank's fixed income operations into a near certainty. Dresdner announced at the end of last week that TJ Lim was to join as co-head of global markets alongside Frankfurt-based Erich Pohl and Heinrich Linz, a move which, Euroweek understands, prompted Peter Luthy, global co-head of the credit spread business, to fly to Frankfurt to confront Leonard Fischer, the Dresdner board member responsible for investment banking.