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Arrangers Chase, HSBC (agent) and Société Générale has closed the £500m five year revolving credit for LucasVarity plc. The loan was a blow-out in general syndication with over £750m raised and the facility was increased to £600m.

BancAmerica Robertson Stephens has arranged a $500m revolver for Van Kampen American Capital Prime Rate Income Trust. Pricing for the 364 day loan is based on outstanding amounts under the loan. The Libor margin range is 37.5bp to 50bp. The Lisle, Illinois based investment company will use the loan for short term liquidity and temporary emergency purpose. Bank of America NT&SA is the agent for the loan.

Argentina BancAmerica Robertson Stephens, Société Générale and Barclays Bank (Miami) are in the market with a $150m two year loan-style FRN for Banco Hipotecario Nacional. The loan has a one year put option and will be used for general corporate purposes.

Egypt Bayerische Vereinsbank signed the $19.5m (increased from $11.5m) two year term loan for Export Development Bank of Egypt on Monday. The loan carries a margin of 37.5bp over Libor. Within its two year maturity there is six months' grace and seven quarterly repayments.

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South Africa Appetite for Investec Overseas Finance's $150m three year term loan has proved to be strong in general syndication. Retail was launched last week, after ING Barings, Creditanstalt, Landesbank Rheinland-Pfalz, Standard Chartered, Sumitomo and WGZ-Bank joined as co-arrangers.

Australia ANZ Investment Bank is arranging a dual tranche A$225m facility for Tenix Pty Ltd, the military shipbuilding arm of defence contractor Transfield Holdings Pty Ltd. Proceeds are split between an A$150m five year amortising term loan for general working capital paying a margin of 35bp and a commitment fee of 25bp, and a A$75m 364 day standby facility for potential acquisitions paying a 20bp margin and a commitment fee of 15bp.

* Moody's Investors Service has appointed Kathryn Kerle as representative director of its office in Singapore. She will be responsible for maintaining the agency's relationships with its clients in southeast Asia and will report to Edward Young, managing director Asia-Pacific. Kerle succeeds Patrick Winsbury, who is joining the agency's east Asian banking team as an assistant vice president.

SAUDI Basic Industries (Sabic) and Exxon this week set a pricing benchmark of 45bp over Libor for their $1bn Kemya petrochemicals expansion project in Saudi Arabia. The pricing is the lowest yet awarded to project related debt in the Middle East and is certain to send shockwaves around the syndicated loan market. The $700m enhanced corporate credit facility, which will finance the expansion of the ethylene cracker plant, was awarded late Wednesday night to Barclays (documentation), Citibank (bookrunner), Riyad Bank (bookrunner), Saudi American Bank (bookrunner), Sumitomo (co-ordinator), Al-Bank Al-Saudi Al-Fransi, Arab Banking Corporation, Arab National Bank, Apicorp, GIB, Industrial Bank of Japan, JP Morgan and Saudi British Bank.

Domenico Lellis, head of loan syndication for Europe, Africa and the Middle East at Paribas has moved to London to set up a syndications team. The team will focus on international syndications for leveraged finance, media and telecoms, project finance, commodities and other corporate and sovereign transactions.

BOMBARDIER, the Montreal based regional aircraft manufacturer, has completed the first stage of a $770m capital markets financing for its off-balance sheet leasing vehicle CRAFT. The deal is one of the first regional aircraft securitisations, and the first aircraft portfolio securitisation to allow the inclusion of new aircraft during the life of the transaction. NatWest Markets set up CRAFT (Canadian Regional Aircraft Finance Transaction) No 1 Ltd in May 1997. Based in Jersey, it is a special purpose company which provides lease and loan financing for customers buying Bombardier's narrow bodied Dash-8 turboprop and Canadair Regional Jet product lines.

* Fazel Ahmed, the former UBS head of securitisation for non-Japan Asia, will not be taking up the position in the merged bank, despite being offered the role. Instead, the responsibility will be taken by Anthony Cutcliffe, head of asset backed finance for non-Japan Asia at SBC Warburg Dillon Read. Cutcliffe has held the Hong Kong based job since August 1997, when he was hired from Citicorp.