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6278

KRAKOW has become the first Polish municipality to tap the Euromarkets, launching a DM66m two year floating rate note via Bank Austria Creditanstalt and WestLB. The debut transaction for the BBB- (S&P) rated borrower -- Poland's capital under Austro-Hungarian rule -- featured a coupon set at 100bp over six month Libor and paid a discount margin of 106bp over Libor at the issue/fixed re-offer price of 99.90.

* ABN Amro is merging its emerging markets and debt capital markets directorates to form a fixed income directorate, headed by Alberto Francioni. Jonathan Greenwood, head of emerging markets, will help effect the integration, which will be operational from December 1.

Arranger WestLB will sign the $100m five year bullet for ABC International, the UK subsidiary of Arab Banking Corporation based in Bahrain, on November 27. The facility was reduced from a planned $150m borrowing as a result of difficult market conditions. Speculation continues that the arranger and borrower disagreed on syndication strategy.

* International Finance Corp Rating: Aaa/AAA

US$ FRNs * Australia & New Zealand Banking Group Ltd

THE underwriting phase of the debt finance facility backing the LBO of Via Nova by Morgan Grenfell Private Equity has closed oversubscribed. Lead arranger BT Alex Brown was joined by seven banks at this level. They are Royal Bank of Scotland, JP Morgan, WestLB, Crédit Lyonnais, HypoVereinsbank, Paribas and Dresdner Bank. They were offered a choice of investment -- DM100m and DM75m -- but all took the higher ticket.

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Belgium Banque Nationale de Paris (facility agent) and Citibank (bookrunner and documentation agent) have launched the $750m revolving credit for Tractebel into general syndication.

CHARGEURS, the French wool trading and processing company, this week completed a highly innovative $201m securitisation of its revenues, sole managed by Merrill Lynch. The deal takes a whole slice of Chargeurs' business off balance sheet, freeing the company to make capital investments. "This is not so much a financing as a corporate finance transaction," said Dorian Klein, managing director in Merrill's European structured finance group. "Chargeurs has used securitisation to transform the structure of its business."

* BankBoston's $2bn CLO is set to price on Monday, via bookrunner Lehman Brothers and joint leads Merrill Lynch and Morgan Stanley. "It's a blowout," said a syndicate official at Lehman Brothers in New York. "The deal is emerging as the new benchmark for the CLO sector. There will be monthly collateral reports on Bloomberg, it is 100% ERISA eligible, has very good loan diversification, and the syndicate structure with three leads will allow for greater liquidity."

NOMURA executed its first European agency securitisation this week -- a £155m bond for UK brewer Marston, Thompson & Evershed, financing the divestment of almost all its tenanted pubs. At closing, the 569 pubs will be sold to a new company, The Premier Pub Co. The purchase is financed by a bond issue from The Premier Pub Finance Co, backed by rents and beer sales from the pubs.