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* Santander International Ltd Guarantor: Banco de Santander SA de Crédito

* Anglo Irish Capital Funding Ltd Guarantor: Anglo Irish Bank Corp plc

BARCLAYS, (joint bookrunner and agent), Dresdner Kleinwort Benson, HSBC and JP Morgan (joint bookrunner), have launched syndication of the much anticipated £1bn multicurrency revolving credit for Railtrack Plc. The loan carries a margin of 32.5bp over Libor, a commitment fee of 15bp and a utilisation fee of 5bp that is applicable if 50% or more is drawn down.

DESPITE two weeks of successful premarketing, lead managers Warburg Dillon Read and BCH may be forced to postpone the sale of General Optica until after Easter. The Spanish stock exchange authority, the CNMV, is suffering from a combination of administrative backlog and a staffing shortage. Deal launches have been held up and international investors expecting a deluge of mid-cap and large cap deals from Madrid are likely to be disappointed.

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Goldman Sachs' management committee this week unanimously endorsed the firm's plan to float in New York in the second quarter this year in an offering that could raise between $3bn to $5.5bn. This is the second time in less than 12 months that the investment bank, one of Wall Street's most prestigious, has been brought to the brink of abandoning its partnership status.

Market commentary: Compiled by Jim Webber, TD Securities, London

THE HELLENIC Republic, tapping into the Euroloan market's huge appetite for its credit story, this week awarded the mandates to lead arrange a new $500m facility at its familiar five year term. The mandates went to Bank of Tokyo-Mitsubishi (bookrunner), Barclays Capital (information memorandum), Bayerische Landesbank Girozentrale (facility agent), Bank of Montreal (documentation agent), Commerzbank (bookrunner) and Paribas (bookrunner).

Dresdner Kleinwort Benson has completed the sale of stock in Mannheim electricity group MVV Energie, the first flotation of a municipal utility to be hosted by the Frankfurt market. Investors appreciated the scarcity value of the shares and put in strong orders, resulting in a book of demand three times covered. "This deal appealed to investors that are not interested in the deluge of inflated Neuer Markt stocks that is flooding the Frankfurt market," said one salesman. "This share offers a defensive sector with some growth opportunities from the industry's deregulation."

HONG KONG conglomerate Hutchison Whampoa this week successfully launched non-Japan Asia's first euro denominated bond, a Eu500m deal which could open a new and important source of funding for Asia's top credits.

Sole arranger Barclays Capital is approaching potential co-arranging banks to join it on the $575m project financing for Flag Atlantic. The seven year facility is split between a $550m construction loan and a $25m revolving credit. The margin is set at 275bp over Libor.

* Fannie Mae Rating: Aaa/AAA