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* Unibank A/S Rating: A1

FORTIS has appointed eight banks to arrange a Bfr135m ($4bn) revolving credit to part finance the acquisition of Generale Bank. The banks are JP Morgan, Banque Nationale de Paris, ASLK-CGER (facility agent), Bank Brussels Lambert, Crédit Communal de Belgique, Deutsche Bank, Kredietbank and Rabobank. All eight have equally underwritten the deal.

SBC WARBURG Dillon Read scored another coup in the Greek equity markets this week with the successful completion of the sale of stock in Hellenic Petroleum. Having also run the books on the sale of National Bank of Greece, this Hellenic Petroleum sale continues the firm's run of success in the Greek market, which is attracting a renewed burst of interest from foreign investors as the local currency looks like a promising candidate to join Emu in 2001.

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RENEWED optimism on Wall Street pushed stocks higher this week, helping improve conditions for new issues. Several successful deals were completed, showing that investors remain hungry for the right story at the right price. Lehman Brothers concluded the secondary offer of stock for Loral Space & Communications mid-week, just as the market began to pick up. The company originally filed to offer 16m shares globally, but increased the size of the deal to 20m shares during the marketing period on the back of strong demand.

India BA Asia, Toronto-Dominion and Industrial Development Bank of India have closed a $123.5m seven year dual tranche telecoms financing for Tata Communications Ltd. Tranche 'A' is a $70m facility priced at 187.5bp over Libor with a three year availability period.

Mauritius The syndicate has emerged for the Ecu46m project financing for Compagnie Thermique de Belle Vue's 70MW sugar cane fired power plant. Sumitomo arranged the international debt with Natexis as a co-arranger and agent on the Coface tranche. Other banks joining, all as lead managers, are Barclays Capital, CIC, Banque Nationale de Paris, CDC, SG, Bank of Scotland and HSBC.

WITH uncertainty and volatility the words on everyone's lips, the mood in the Euromarkets remains subdued. And along with the spread widening of recent weeks and World Cup-inspired absenteeism, syndicate officials are now citing the coming summer break as an excuse to get away early.

Australia The $175m five year transferable loan certificate for Colonial State Bank arranged by BT Australia (HK) Financial Services closed oversubscribed and was increased from $100m. Lead managers include WestLB Asia Pacific taking $25m, Bayerische Landesbank (Hong Kong), Erste Bank and Westpac Banking Corp (Hong Kong) each holding $20m, Banca Monte dei Paschi di Siena (Singapore) absorbing $15m, Banca Commerciale Italiana (Singapore), Bank Austria (Singapore), Banque Bruxelles Lambert (Singapore), BT Australia (HK), BW Bank Ireland plc and Commerzbank AG (Singapore) contributing $10m apiece.

THE REPUBLIC of Argentina this week pounced on the first signs of stability in the emerging markets for some time to launch a Lit1tr seven year floating rate note. The offering, jointly led by Caboto, Credito Italiano and JP Morgan, is the largest ever emerging market lira deal.

Market commentary Compiled by Glen Blackley, RBC DS Global Markets, London. Tel: +44 171-865 1759

BARCLAYS has gone out to a select group of sub-underwriters for the debt facilities backing the Cinven and CVC acquisition of KNP BR Packaging. The arranger will look to bring the banks in early July. Euroweek has learnt that the senior debt facilities total Dfl 1.7bn, consisting of a Dfl 900m seven year term loan (tranche 'A') at 187.5bp over Libor, a Dfl 300m eight year term loan (tranche 'B') at 237.5bp, a Dfl 300m nine year term loan (tranche 'C') at 287.5bp and a Dfl 200m seven year revolver at 187.5bp. Banks have been asked to commit pro-rata.