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Morocco The $200m five year multicurrency term loan at 45bp over Libor arranged for the Kingdom of Morocco by Arab Banking Corporation, Banque Commerciale du Maroc, Banque Marocaine du Commerce Extérieur, Barclays, Commerzbank AG, Crédit Lyonnais, Deutsche Bank AG, DG Bank, Dresdner Bank Luxembourg SA and Sumitomo Bank was launched into syndication on December 2.

GENERAL uncertainty in the loans market, twinned with the inevitable slowdown as year-end approaches, claimed a casualty this week in central Europe which is unlikely to be the last of its kind this year. Joint arrangers Bayerische Landesbank and Crédit Lyonnais announced that they were delaying a planned DM300m international syndicated credit facility for the Czech mobile telecoms company, RadioMobil as.

Finland Syndication of the $200m seven year revolving credit for Finnair Oy being arranged by Dresdner Kleinwort Benson, Enskilda Debt Capital Markets and Merita Bank is progressing smoothly, with closing due on December 8.

BANKERS looking for a pointer towards likely trends in the syndicated loans market in 1998 will have been encouraged by the launch this week of a loan backing Europe's largest management buy-out. The Lit2.206tr facility being arranged by ABN AMRO, Banque Paribas, Banca Commerciale Italiana and Citibank, is a four tranche structure supporting the MBO of the yellow pages division of Italy's Societa Finanziaria Telefonica (SEAT).

Zimbabwe Arrangers Citibank International and Deutsche Morgan Grenfell have closed the $25m revolving credit facility for National Merchant Bank of Zimbabwe Ltd.

BANCA Popolare di Verona, the most profitable of Italy's co-operative banks, will shortly sign a $1bn Euro-CP programme in a move marking its arrival as an issuer in the international capital markets. The multi-currency facility, arranged by SBC Warburg Dillon Read, will be used by the bank to issue dollar, Swiss franc and sterling CP. It is expected to sign the programme next week.

NATIONAL GRID's shareholders this week seemed to be swinging in favour of the company's plan to issue £300m to £500m of convertible bonds in an attempt to optimise its capital structure. The scheme, which was designed by HSBC and announced last week, was greeted coolly by a minority of the 40 largest National Grid shareholders. But the company says it will allow it to cut its tax liability, increase gearing and minimise dilution of its equity. Several other UK companies have indicated that they may restructure their capital in similar ways.

THE LONG AWAITED shake up in Swiss banking may begin as early as today (Friday) with SBC Warburg Dillon Read and UBS poised to announce an agreement that could extend to a full blooded merger.

China Arrangers Citicorp International, BA Asia, Bank of China (Shanghai), Bank of Communications (Shanghai), Chase Manhattan Asia, Deutsche Bank AG, DKB Asia, Industrial & Commercial Bank of China (Shanghai), ING Barings, Shanghai Pudong Development Bank, Société Générale and Standard Chartered Bank have closed the $821m project financing for Shanghai General Motors Corp Ltd.

ASIA Pulp & Paper, part of Indonesia's Sinar Mas, is set to further its reputation as one of Asia's most innovative capital market borrowers with the first securitisation of export receivables yet by an industrial company in the region. According to market reports, the company plans to raise $200m through a loan facility that will involve the securitisation of future dollar revenues from the international sale of its paper products.

FRENCH AND EUROPEAN investors welcomed Compagnie Bancaire's third Domos securitisation of housing loans last Friday, as Crédit Lyonnais and JP Morgan brought Ffr2.6bn of floaters with a three year average life. The senior tranche of Domos 3, rated Aaa by Moody's, is expected to mature at a 10% clean up call in January 2005. Bankers in the syndicate agreed that 15bp over Pibor was a fair price, although some had sold their allocations at a higher spread.

THE DUTCH asset backed market made another leap forward this week with the first public amortising securitisation in guilders. Joint bookrunners Bear Stearns and De Nationale Investeringsbank launched almost Dfl 1bn of fixed rate bonds in two simultaneous deals backed by residential mortgages.