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* Barclays Bank plc Rating: Aa3/AA-

* Dresdner Finance BV Guarantor: Dresdner Bank AG

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Market commentary Compiled by Gerard Perrignon, Hambros Bank Ltd, London. Tel: +44 171-865 1759

Norway The loan facility arranged for Steen & Strom has been decreased from Nkr2bn to Nkr1.8bn, because one of the shopping centres that the facility was due to refinance opted to take out a fixed rate mortgage loan rather than a plain vanilla syndicated loan to avoid paying a higher margin. The shift in the yield curve of the Norwegian krone made that more advantageous.

Bankers Trust has closed syndication of the £30m debt facilities that will finance Hambros' purchase of Varden Plc's bingo business. The facilities consist of £25m of senior debt and a £5m mezzanine tranche. The senior debt is split between a £17m term loan and a £8m capex development tranche. The margin on the senior debt is 200bp over Libor with a 50bp participation fee.

HSBC has closed syndication of the £220m debt facilities backing Yule Catto's takeover of Holliday Chemicals Holdings. Syndication was oversubscribed, but the deal was not increased. The facility is split into a £120m five year revolving credit and a £100m five year term loan. Both loans are priced at 50bp over Libor but ratchet down to 40bp.

France Co-arrangers London Forfaiting Asia and Credito Italiano are preparing to close syndication of the $15m two year term loan for Banque de Bosphore. Creditanstalt and Prager Handelsbanken have already joined as participants and a good number of other banks should commit over the next week.

ARRANGER Bankers Trust is looking to close syndication of the £400m debt facilities for Nomura's £700m purchase of William Hill from Brent Walker by today (Friday). However, like BT's General Healthcare deal, the arrangers is not rushing to close retail so that banks have as much time as possible to commit to the deal. Between 15 and 20 banks have already committed as senior lead managers, lead managers, managers or participants. Banks that have committed are a mixture of relationship banks, banks active in the UK buy-out sector and others.

Bulgaria London Forfaiting has closed syndication of the $10m facility for First Investment Bank. A small oversubscription was achieved but the loan will not be increased. Arrangers are Banque Nationale de Paris/Dresdner, London Forfaiting Asia, WestMerchant and Bank Kreiss.

THE MUCH delayed $500m receivables backed financing for Yukos arranged by Crédit Lyonnais, Merrill Lynch and Goldman Sachs is finally progressing with news that the arrangers have appointed a small group of co-arrangers. Between three and five banks will form the co-arranging group -- the deadline for commitment passed on February 27 with three banks signed up and two more likely to commit over the next week.