Credit Suisse First Boston (CSFB) and Intermediate Capital Group (ICG) have arranged €135m ($158m) mezzanine financing for Codere, an amusement arcade operator, in Spain's largest mezzanine financing.

Jose María Vegas, a director at ICG, said: "Spain is far less familiar with mezzanine than the UK or France but we think it will develop strongly. We now have two people focusing on Spain and we will open an office in Madrid at the end of this year, maybe with five people."