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THE autonomous region of Andalucia has successfully launched a 20-year Yankee bond, the longest yet for a borrower from the country. Launched at a spread of just 52bp over Treasuries, the $185m bond played well to a largely domestic audience of insurance companies. "This has set a new benchmark for Spanish regional paper," said a syndicate member.

NEWSQUEST Media Group Ltd, the regional newspaper publishing company, formed last year through KKR's purchases of Reed Regional Newspapers and Westminster Press, is in the initial stages of tapping the market for a major new working capital facility. The £250m financing, which is being arranged by the company's traditional lead Credit Suisse First Boston, is being put in place in connection with the group's planned flotation. In addition to providing the company with working capital for its ongoing needs, the new facility will also be used to refinance the outstanding element of the £205m and $100m loan signed last December.

Finland Expect news imminently of a new facility for Cultor Ltd. The company, which was last in the market for a $270m revolving credit through Merita Bank and UBS in February 1996, has hired the same two banks to arrange its latest foray.