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Egypt Chase Investment Bank is in the initial stages of launching the general syndication phase of the $250m borrowing base facility for first time borrower Apache Corp Egypt.

Finland The well supported $350m seven year multicurrency revolving credit being arranged for Nokia Oy by Chase Investment Bank, Citibank NA and Deutsche Morgan Grenfell is to be signed today (Friday) in Helsinki.

DEN norske Bank and HSBC Investment Bank are arranging a rare foray into the syndicated loan market by Norwegian shipping company Stolt Comex Seaway. The $250m facility, which is split between a $90m six year term loan, an $80m three year revolving credit and an $80m six year guarantee facility, is being syndicated on a confidential basis among specialist shipping lenders.

Morgan Guaranty Trust Co and Bank of America NT&SA have arranged a $500m revolver for ERP Limited Partnership. Pricing for the two year deal is based on the company's debt rating. The Prime margin is set at Prime flat, the Libor margin range is 25bp to 112.5bp and the commitment fee range is 15bp to 37.5bp. The Chicago, Illinois-based real estate investment trust company will use the loan to fund its merger with Evans Withycombe Residential LP.

* Swedish Export Credit Rating: Aa3/AA+

Corporates Expect news soon of a rare North Sea related financing. Euroweek hears early reports that Chase Investment Bank has been mandated to arrange a $200m borrowing base facility for first time borrower Intrepid Energy North Sea Ltd.

* Following the news that Mannesmann of Germany is to tie up with Olivetti, it has been announced that the Italian group is to be recapitalised using the issue of new shares, warrants and convertible bonds. The refinancing programme will amount to around Lit600bn and is being handled by Lehman Brothers.

INSTITUTIONAL pre-marketing will begin next week for the A$12bn flotation of Telstra, Australia's national telecom carrier. One third of the company's capital to be offered to investors in an eagerly awaited IPO that will be Australia's largest privatisation to date.

* General Electric Capital Corp Rating: Aaa/AAA

ANZ Investment Bank is continuing the expansion of its global structured finance team with two senior appointments. Sinbad Coleridge is to become executive director of the division while Scott McInnis becomes head of project finance. Coleridge joins the bank from BZW where he was chairman and chief executive of the structured finance division. Before that he was with Barclays Bank, where he was deputy head of the corporate division responsible for relationship management with large international corporations.

BZW has announced several new hires for its fast growing loan trading business. Steven Zander and Cecilia McAnaulty have joined as associate directors in the bank's high yield investment group reporting to David Forbes-Nixon, director, European loan trading and high yield investments.

Ashanti Goldfields Company Ltd, one of Africa most highly regarded borrowers, has completed a landmark limited recourse project financing to fund the development of its Bibiani gold project in the western region of Ghana. Over the past two years, the company has redefined its borrowing strategy and successfully moved its bank financing from being under the umbrella of the IFC to using the stand-alone financing techniques that were previously only available to its peer group in western Europe and North America.