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THE SULTANATE of Oman is returning to the international syndicated loan market with a $300m five year credit facility. Gulf International Bank has won the role of co-ordinator and will, over the next few weeks, appoint a club of arrangers.

GENERAL syndication of the extremely popular £2.4bn credit facility for PowerGen Finance has closed. Arrangers Deutsche Bank, Goldman Sachs and HSBC report that the retail was a complete blow-out, matching the success of the sub-underwriting phase. In syndication senior managers were offered 15bp for £50m commitments and managers 10bp for £30m commitments.

CAZENOVE, Dresdner Kleinwort Benson and Robert Fleming have launched the sale of stock in SanLam, the South African life assurer, and are already reporting a good response from investors attracted by a high quality name from a region that has not offered many stocks to foreign buyers. "Despite the emerging market crisis, some companies will always inspire buyers. The chance to get SanLam stock at a fair price is likely to prove irresistible to investors," said one equity salesman.

Iceland Sumitomo will launch the $100m credit facility for Landsbanki either today (Friday) or on Monday. Euroweek has learnt that the bank will offer the deal to a medium sized group of arrangers, all on equal status.

GLOBAL co-ordinators Merrill Lynch and Merita have launched the bookbuilding period for the Finnish government's sale of stock in Sonera, the national telecoms group. The deal follows the flotation of Swisscom, which is widely regarded as one of the best international equity deals of the year and is trading far above issue price, attesting to the rush by international investors to defensive sectors with visible earnings streams.

Asset backed securities: * TDA 5 Fondo de Titulización Hipotecaria

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A SEMBLANCE of normality at last returned to the international bond markets this week as issuers took advantage of the first unbroken period of stability in months to come back to the market in force.

A SEMBLANCE of normality at last returned to the international bond markets this week as issuers took advantage of the first unbroken period of stability in months to come back to the market in force.

Swiss francs

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Over the past three weeks Toyota Motor Credit Corp has successfully repositioned itself in the Eurodollar market by repurchasing some of its outstanding dollar Eurobonds, its spreads having previously ballooned on the back of a rating downgrade and negative associations with Japan. By the beginning of October, sentiment towards Toyota Motor Corp's US financing arm had fallen so much that its benchmark five and 10 year dollar issues were trading wider than comparable deals for lower rated credits such as Ford Motor Credit and GMAC.