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Asset backed securities: * Almighty Asset Funding Corp

The overhaul of the Korean corporate and financial sectors that is starting to gather pace promises to be brutal and bloody. And it will involve many high-profile casualties. But only drastic action can put the country back on its feet after the traumatic events of the past year and rebuild international confidence. President Kim Dae-Jung's radical reform programme will trigger a complete restructuring of the corporate and financial systems. What the government hopes will evolve is a dynamic new economic model for Korea. But it will come at a high price and it will not be achieved without strong opposition. As this sea change sweeps through Korea, the opportunities for foreign commercial bankers, investment banks and corporate, venture capital and portfolio investors will be enormous. But the risks are high. Mark B Johnson reports on a country on the brink of an explosion of corporate bankruptcies and, if the government's radical reforms are derailed, a country on the brink of financial meltdown.

Finland Deutsche Bank, Enskilda Debt Capital Markets and Merita are looking to wrap up general syndication of the DM450m multicurrency revolving credit for Rauma Corporation, Rauma USA and Rauma Asia-Pacific early next week. Appetite has been strong with a healthy oversubscription. The borrower is unlikely to increase the facility so allocations will be scaled back.

Den Danske and Royal Bank of Scotland have launched general syndication of a £125m revolving credit for McBride. The two arrangers put the deal out to retail on Monday and are to hold a bank meeting at McBride's offices today (Friday). The facility carries a margin of 40bp over Libor and a commitment fee of 50% of the margin. In syndication banks are offered a fee of 10bp for takes of £20m, 8.5bp for £15m and 7.5bp for £10m.

Belgium Banque Nationale de Paris and KBC (formerly Kredietbank) have launched the Bfr15bn multi-tranche credit facility for Telenet Operaties to co-arranging sub-underwriters. Once this level has been completed, the two arrangers will launch the deal into general syndication. This should take place in early July.

Australia Bayerische Vereinsbank (Singapore) and Development Bank of Singapore, have joined the A$1.91bn Epic Energy (WA) Nominees Co facility.

ARRANGERS ABN Amro (bookrunner and facility agent) and SBC Warburg Dillon Read (documentation agent) have signed the £2bn revolving bridge facility for Akzo Nobel. The facility was popular, with over £2.45bn committed by the senior lead managers and lead managers. However, as the loan will be used for a specific purchase -- the agreed acquisition of Courtaulds of the UK -- the borrower chose not to increase the facility.

United States Chase Securities Inc and Barclays Capital have arranged a $500m revolver for Joint Energy Development Investments II LP. Pricing for the three year loan is based on the company's total capital and asset coverage ratio. The Libor margin range is 65bp to 162.5bp. The Houston, Texas-based joint venture between Enron Corp and California Public Employees Retirement System will use the loan to finance its purchase of the preferred stock of Costilla Energy Inc.

GOLDMAN Sachs will wrap up general syndication of the $2.6bn credit facility backing Bacardi's purchase of Dewar's Scotch Whisky and Bombay Gin from Diageo today (Friday). After an extremely successful senior syndication -- which raised over $5bn -- general syndication was always going to be a small affair and Goldman's original target of about $300m has been raised

GOLDMAN Sachs and HSBC are looking to close the sub-underwriting phase for co-lead arrangers and co-arrangers of the $6bn senior debt facility backing Pearson Plc's bid with Hicks, Muse, Tate & Frusta for Simon Schusta, the US media firm being sold by Viacom. Despite some banks taking their time to commit to the deal, bankers suggest that over $9bn has been raised from the two levels -- a superb achievement considering the size of the facility.

THE Hellenic Republic has set the loan market alight with news it that intends to tap the market for as much as $2.5bn equivalent through a groundbreaking jumbo loan and a Deutschmark facility over the coming months. Although no lead mandate has been awarded, Euroweek has learnt that the republic is considering raising the jumbo in euros.

India ANZ Investment Bank has closed a $100m seven year credit for Power Finance Corporation oversubscribed. This is the first large cross-border syndicated loan to an Indian borrower since the southeast Asian financial crisis began last summer.