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Guarantor: Mobile Telesystems OAO (MTS) Rating: Ba3/B+

Moody's Investors Service this week forecast a year of lower revenues and higher loan loss provisions for European banks. At the same time Standard and Poor's (S&P) this week took action on the UK insurance sector in response to falls in the equity market. Moody's said it does not anticipate an increase in systemic risk across the European banking industry.

Heinrich Wegmann has taken over as chief executive of Credit Suisse Asset Management Europe after the firm announced an overhaul of its European management structure. Wegmann, formerly chief executive of CSAM Switzerland, is also head of global retail co-ordination. Wegmann, who used to head Credit Suisse Japan, is a member of CSAM's global executive committee.

The Republic of Poland has finally completed the documentation for its Eu5bn EuroMTN programme. EuroWeek exclusively revealed news of the programme back in December and correctly predicted that the dealer panel would comprise programme arranger Deutsche Bank plus BNP Paribas, Citigroup/SSSB, Credit Suisse First Boston, Deutsche Bank, Dresdner Kleinwort Wasserstein, JP Morgan, Merrill Lynch and UBS Warburg. The issuing entity on the programme is the State Treasury of the Republic of Poland, as represented by the minister of finance.

Bank of Tokyo-Mitsubishi, Natexis Banques Populaires and WestLB are wrapping up syndication of the $100m three year term loan for National Bank of Egypt. The deal has been closed oversubscribed in syndication and banks will be signed into the facility next week.

MTS, Russia's largest mobile telephone company, has priced a $400m five year bond that features the lowest coupon for a non-public sector Russian borrower since 1998. Lead manager CSFB built a book of more than $1.1bn for the 144A deal and priced the transaction at par with a coupon of 9.75%, tighter than the original price guidance of 9.875%.

National Express is looking for a £600m debt facility. The public transport company last tapped the market for a £800m dual tranche facility in 2000. Lehman Brothers arranged that loan, with HSBC acting as arranger.

Commentary

Rating: A1/A Amount: £200m lower tier two capital

Rating: Aaa/AAA Amount: Eu400m

Bulgaria The Bulgarian state owned shipping company is looking to bring a Eu75m bond in 2003, according to board chairman Slavenko Staikov. The issue, by Navibulgar, would be the first Bulgarian corporate Eurobond.

ABN Amro, BNP Paribas, Crédit Lyonnais, ING, Rabobank, Royal Bank of Scotland, SG and WestLB were signed into the Eu385m club facility backing the buy-out of Dutch cable operator Casema from France Télécom by a consortium of Carlyle Group, Providence Capital and GMT this week. The facility offers an out-of-the-box margin of 325bp and will not be syndicated further.