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KPN has requested bids for the early refinancing of a Eu1.75bn revolver signed in May 2002. The facility falls due in 2004. "It makes sense for KPN to refinance early," said one banker. "It paid heavily for its 2002 facility and its debt profile has improved since then. It should be able to secure money on more favourable terms now."

Sallie Krawcheck has named Bill Kennedy, the former head of equity research for Nikko Salomon Smith Barney, director of global equity research in the new Citigroup research arm that she heads. Citigroup split off Smith Barney in November of last year in order to restore credibility to its research and private client brokerage businesses, which had been tarnished by allegations about analyst bias.

Rating: Aa3/AAA (Moody's/Fitch) Amount: Eu2bn Landesschatzanweisung series 150

Rating: AAA/AAA Amount: Eu1bn Öffentlicher Pfandbrief series 7505 (fungible with five issues totalling Eu2.25bn first launched 06/01/98)

Guarantor: Landesbank Rheinland-Pfalz Girozentrale Rating: Aa1/AAA (Moody's/Fitch)

Rating: Aa2/AA/AAA Amount: Sk500m (fungible with Sk1bn issue launched 07/10/02)

Rating: Aa2/AA/AAA Amount: Sk500m (fungible with Sk1bn issue launched 07/10/02)

Rating: Aa1/AAA (Moody's/Fitch) Amount: $500m

Rating: AA/AAA Amount: Eu125m Landesschatzaweisung (fungible with Eu500m issue launched 23/01/03)

Rating: Aaa/AAA/AAA Amount: Eu500m (fungible with Eu1bn issue launched 07/01/03)

Rating: AAA/AAA Amount: Eu160m (fungible with Eu440m issue launched 18/06/02)

The market is being kept frantically busy by the high level of trading in early 2003. And they now have another job on their hands courtesy of those pesky EuroWeek journalists who this week began visiting various desks so that they could pitch for its MTN and CP awards, which are to be presented in April. The market's new borrowers have an easier task, however, as Leak would like to announce that it is open to sweeteners. Previous attempts at bribing the less-than-incorruptible MTN team included Diageo's case of beer sent to the old MTNWeek office following its programme signing.