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INDIA'S first serious visit to the international loans market since the southeast Asian crisis has been hit by fall-out from this week's nuclear tests in the country. ANZ Investment Bank, mandated to arrange a $100m syndicated loan for India's Power Finance Corporation (PFC), completes roadshows for the deal today (Friday) with a bank presentation in London, after visiting Mumbai, Bahrain and Singapore over the last week. General syndication is to be launched next week.

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THE MUCH maligned $500m receivables backed financing for Yukos arranged by Crédit Lyonnais, Merrill Lynch and Goldman Sachs is finally drawing to a close with news that the arrangers plan to settle the bond element of the transaction today (Friday). The banks had planned to raise much of this in the bank markets. But the untimely merger of Yukos with Sibneft and poor market conditions meant that the loan was first reduced and then split between a $250m fixed rate bond, a $100m floating rate bond and a $150m credit.

Czech Republic Bankgesellschaft Berlin, Bayerische Vereinsbank and Deutsche Bank have launched general syndication of the DM50m five year term loan for Ceskoslovenska obchodni banka (CSOB). The arrangers have invited relationship banks into the deal and expect them to show strong demand.

India National Thermal Power Corp's US dollar equivalent of DM53.984m loan has closed. Arrangers for the loan are Bank of America NT & SA (Singapore) pledging $7.5m, Crédit Agricole Indosuez taking $7m and Fuji Bank (Singapore) contributing $5m.

Abhay Rangnekar has been appointed as director, head of project and structured finance at ANZ Investment Bank in India. Based in Mumbai, he will be responsible for ANZ's Indian project finance business and reports to Stephen Crew, head of global project finance and Mehli Mistri, managing director at ANZ Grindlays Bank, India.

THE SUPPLY of stock from Greece is set to pick up in the wake of the market rally sparked by the devaluation of the drachma two months ago. Although several equity sales have been in the pipeline for some time, supply has been restricted by the high level of volatility. Now it looks as if international investors will be able to get their hands on liquid volumes of government-owned and corporate equity as bankers prepare to launch the sale of stock in Stet Hellas, National Bank of Greece, Hellenic Petroleum and Ionian Bank.

LEHMAN Brothers is planning to break into the crowded European principal finance market. The bank's global asset based lending group (GABL) has carved out a niche in the US by offering highly leveraged secured loans to small and medium sized businesses. GABL has now begun to originate deals in Europe. "We will aim to provide companies with a complete range of financing alternatives, including equity, mezzanine debt, working capital, senior secured warehouse lines and securitisation," said Atul Bajpai, managing director of mortgage and asset backed finance at Lehman in London, who is heading the push.

INVESTORS eager for rare Belgian franc floaters snapped up Bacob Bank's third mortgage securitisation this week. Bacob lead managed the Bfr10bn issue through special purpose vehicle MBS-3, parcelling some 4,500 Belgian residential mortgages.

A company's decision to hedge, and its choice of the most suitable instrument represent the penultimate step in an integrated risk management process.

NSW TAB has announced a price range for its A$1bn offer, to be led by ABN Amro and Merrill Lynch. Conservative earnings projections contained in the prospectus mean the float is likely to raise less than the long expected A$1.2bn. Retail investors will pay a maximum price of A$2.05, while those who reserve shares though a broker will pay a A$0.10 premium to reflect the fact they are more likely to receive a full allocation than regular retail customers. Retail customers who completed a pre-registration process will receive 25% more stock than other retail investors.

* The $300m Yankee bond by the National Power Corporation of the Philippines (Napocor) was priced last Friday. Led by Salomon Smith Barney, with ABN Amro and Morgan Stanley Dean Witter as co-managers, the issue emerged with a single 30 year tranche against expectations of 10 and 30 year maturities. Priced with an issue/re-offer price of 98.243, the deal had a coupon of 9.625% to yield 386.5bp over Treasuries. Bankers commented that pricing came slightly wider than a pre-marketed level of around 375bp over Treasuries and about 40bp above the most comparable existing benchmark for the republic, whose 2016 Brady was being quoted just above 340bp at the time of launch.