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Rabobank has won the mandate to arrange a $120m five year revolver for KPMG International. The bullet deal carries a margin of 75bp. It refinances bilateral lines and will be used for general corporate purposes. The arrangers have launched the deal into general syndication, where senior lead managers earn 10bp for $15m, and lead managers earn 8bp for $10m.

n Ford Motor Credit Rating: A1/A

n Export Finance & Insurance Corp (EFIC) Guarantor: Commonwealth of Australia

The US dollar market breathed a sigh of relief as the Ford Motor Credit jumbo financing was finally launched after overhanging the market for several weeks. The four tranche deal raised $7.5bn for Ford Motor Credit's debut GlobLS transaction - the first ever attempt by a corporate to mirror the liquidity of the US agency market. Bear Stearns, Merrill Lynch and Salomon Smith Barney were lead managers.

Cyprus The Cypriot government is looking for a $50m facility.

WHITBREAD has mandated Barclays, Deutsche and HSBC to arrange a £2bn credit that will part finance its bid to acquire the pubs and off-licence businesses of Allied Domecq. Whitbread, responding to an increased bid by fellow suitor Punch Taverns of £2.93bn (that is being part financed by a £1.5bn credit arranged by Morgan Stanley), raised its own bid earlier this week to £2.87bn.

ARRANGERS of the term loan for Yapi ve Kredi Bankasi will sign its record breaking $250m (increased from $150m) one year facility today (Friday) in London. A total of 47 banks - the most a Turkish bank borrower has ever had in one deal - are participating in the facility including arrangers Bank of New York (bookrunner), Bank of Tokyo-Mitsubishi (bookrunner), Barclays, HypoVereinsbank, Citibank, Crédit Agricole Indosuez (bookrunner), Dresdner Bank Luxembourg, First Union National Bank, Sanwa and Standard Chartered.

INVESTICNI A Postovni Banka is tapping the market with five arrangers for a refinancing of its one year deal from 1998. The five arrangers are the majority shareholder Nomura, with Bayerische Landesbank, Commerzbank, DG Bank and Standard Bank. The new deal is a $70m one year revolver. It has a bullet repayment structure and carries a margin of 65bp.

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Independence Day celebrations meant a quieter week on Wall Street, with few companies launching new issues and even fewer new registrations. Musicmaker.com grabbed the headlines, however, as the first online music company to take the plunge into the stockmarket.

Kazakhstan and Tunisia will complete roadshows in Europe today (Friday) ahead of euro denominated transactions next week which will provide further evidence of the increasing geographic diversity of issuers choosing to tap the single currency bond market. The Central Bank of Tunisia's planned Eu250m seven to 10 year transaction via Merrill Lynch and Morgan Stanley Dean Witter will be the country's first in euros as well as the first standalone issue in the currency from North Africa.