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The Republic of Italy last week followed in the footsteps of the International Finance Corporation and the Nordic Investment Bank by tapping into the continuing wealth of demand for five year dollar securities. The sovereign's May 2008 bond, lead managed by BNP Paribas and Nomura, was oversubscribed and increased from $1bn to $1.25bn, having been priced at the tight end of the Treasuries plus 30bp-32bp range.

Rating: Aa3/AA-/AA- Amount: Eu100m (fungible with Eu100m issue launched 18/09/02)

Rating: AA+ Amount: Sfr250m

With the battle between the European Commission (EC) and the Landesbanks fresh in the market's mind, Kreditanstalt für Wiederaufbau (KfW) is keenly aware of the scrutiny that it is under as a participant in the True Sale Initiative. Its role in a plan designed not only to promote small and medium sized entities, but also to help Germany's beleaguered commercial banks means that the competition authorities at the EC, as well as the big four's competitors, will be examining closely whether or not KfW's involvement constitutes anti-competitive behaviour.

Sole mandated arranger Standard Bank London has signed in banks for the extension of the $15m six month trade finance facility for Nurbank. The original deal was signed last October at $15m and has now been increased to $18m. The deal is priced at a margin of 325bp over Libor.

Hyundai Petrochemical Co has awarded a mandate for a won denominated financing to JP Morgan, Hana Bank and Kookmin Bank. The deal will be launched in the next few weeks.

Guarantor: Federal Republic of Germany Rating: Aaa/AAA/AAA

Rating: Aa3/AAA (Moody's/Fitch) Amount: Eu100m

Rating: Aa3/AAA (Moody's/Fitch) Amount: Eu100m Landesschatzanweisung series 156

Rating: Aaa/AAA/AAA Amount: Sfr100m (fungible with Sfr250m issue launched 07/01/03)

Leak finds itself struck by the age-old nature vs nurture question -does a house make a banker or does a banker make a house? The quandry arose when Leak talked to a few dealers about their holidays this year. At US house Lehman Brothers, Jon Ford had spent Easter going extreme off-piste, pulling radical big air with his boarder buddies.