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Czech Republic Bayerische Landesbank and Crédit Lyonnais are to appoint co-arrangers early next week for their facility for Radiomobil, the Czech mobile telephone operator. The two arrangers tried to launch a DM300m deal for it in November 1997 but postponed it due to poor market conditions. This time the deal is for DM250m and the terms and conditions have been improved. The tenor is still five years, but the pricing may be higher than the November loan which carried a margin of 30bp over Libor. The loan is not non-recourse, as had been thought by some in the market.

South Africa Société Générale, ABN Amro and Dresdner Bank Luxembourg have won the mandate to arrange a facility for Telkom South Africa. The $150m facility will be split between a three and a five year tranche. Pricing will be keenly followed as this will be one of the first loans out of South Africa this year. South African borrowers have been reluctant to accept pricing rises, while nearly all lenders are convinced that South African pricing has to go up, or at least be higher than last year.

SENIOR syndication of the $10.9bn loan facilities backing Texas Utilities' acquisition of the Energy Group has closed with almost $10bn raised from 21 banks. Takes of $500m and $300m were on offer and 15 banks are believed to have committed to the $500m level while three have committed to the $300m level. Bank of New York has also taken between $600m and $650m.

Merrill Lynch and Barclays are waiting to learn of the result of Argos shareholders' vote on whether they should accept Great Universal Stores' £1.9bn (increased from £1.6bn) bid for the company. The outcome is expected today (Friday). Merrill Lynch and Barclays are leading the debt facilities backing the GUS bid and have already appointed senior underwriters or senior lead managers. They are Chase, Den Danske, ABN Amro, Bank of Tokyo-Mitsubishi, Banque Nationale de Paris, Bayerische Landesbank, Commerzbank, HSBC, National Australia Bank, Royal Bank of Scotland and Sumitomo.

France Banque Nationale de Paris is to close syndication either today (Friday) or on Monday of the $150m four year revolver for Groupe Bull, the computer company. The loan, which carries a margin of between 40bp and 50bp over Libor, has been well supported in syndication by a small club of banks.

China Yue Xiu Enterprises (Holdings) Ltd's $65m one year fundraising has closed oversubscribed. It was increased from $50m. Arrangers Bank of Communications (Hong Kong), Bank of East Asia, Development Bank of Singapore (Hong Kong), SG Asia and Standard Chartered Bank pledged $5.4m apiece.

Australia Pioneer International Ltd's $400m self-arranged facility through subsidiaries Pioneer International Investments BV, Pioneer International Finance Ltd and Pioneer International Finance US Inc has closed. The fundraising was oversubscribed and increased from $350m. Joining as lenders are Commonwealth Bank of Australia committing $75m, National Australia Bank pledging $65m, ANZ Investment Bank, Westpac Banking Corp taking $60m each, ABN Amro Australia lending $40m, Deutsche Morgan Grenfell, Citibank NA (Australia), Commerzbank and Kredietbank signing up with $25m apiece.

ARRANGERS of the troubled £500m debt package that forms part of the transaction supporting the creation of the HMV Media Group have relaunched the deal to potential co-lead arrangers and lead arrangers. Merrill Lynch and SBC Warburg Dillon Read have greatly amended not only the debt package but also the entire transaction. The debt package will be offered to sub-underwriters in smaller amounts than the original deal - takes of £60m and £40m were on offer to co-lead arrangers and co-arrangers respectively, paying 200bp and 225bp over Libor respectively. Now, takes of £50m and £30m have been offered instead.

JP Morgan Securities Inc and NationsBanc Montgomery Securities LLC have arranged a $750m revolver for Cross Timbers Oil Co. Pricing for the five year loan is based on the amount outstanding under the loan.

Deutsche Morgan Grenfell has appointed Ian Gilday and Sean Mallone to its London syndication team. Both will hold senior positions. Gilday joins from NatWest and will focus on the LBO sector. Mallone joins from UBS and will focus on the corporate acquisition sector. Both will report to Richard Munn.

Finland Deutsche Bank (bookrunner) and Postipankki Oy (documentation and facility agent) are to sign the DM750m multicurrency revolving credit for PT Finland on Monday. The facility was well supported in general syndication and with more than DM1bn raised, the deal was increased to DM1bn.

The Hong Kong dollar bond market has stood tall amid the carnage in Asian financial markets of the last few months. Despite a dramatic spike in short term interest rates as the territory's authorities battled (successfully) to defend the currency peg, new issuance has remained buoyant - with issuers attracted by the deep arbitrage opportunities and an increasingly broad range of investors drawn by the high returns on offer. To be sure, the Hong Kong debt market still has a long way to go if it is become a more consistent - and less fleeting - feature of the international capital markets. New issuers and investors are required, not least from China; a deeper commitment to market-making and liquidity is needed; and the range of market participants must broaden. But the market is starting to become more international in its reach. And, at a time when the development of Asian bond markets as an alternative to bank lending has never been more important, other Asian countries could do a lot worse than use Hong Kong's efficient and well run market as a model. Jackie Horne reports.