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Peru seized upon a small window of opportunity for issuance this week to price a $500m 12 year global bond ahead of what could be more volatile times. Although it wrapped up its two-team US roadshow last week, the sovereign waited for what its lead managers Deutsche Bank and Merrill Lynch expected would be better trading days after the US president's State of the Union address.

Poland and Hungary put their emerging market status behind them this week, pricing blowout euro benchmarks that were the first sovereign convergence deals since the historic EU enlargement summit at Copenhagen last December.

Poland and Hungary put their emerging market status behind them this week, pricing blowout euro benchmarks that were the first sovereign convergence deals since the historic EU enlargement summit at Copenhagen last December.

Guarantor: Rabobank Nederland Rating: Aaa/AAA/AA+

Rating: A3/A- Amount: C$200m (increased from C$175m on 29/01/03)

The Portuguese government outlined its plan for the privatisation of the pulp and paper company Portucel this week, which will see the state relinquish its majority holding in the group. The government, which has a 56% stake in Portucel, has structured a deal to increase the share capital of the company by 25%, and then sell this stake to a strategic partner. Once the strategic partner has been approved the state will then sell 15% of the company's current share capital to investors. At the end of the process the government's holding in Portucel will to be reduced to a minimum of 33%.

Rating: Aaa/AAA/AA+ Amount: R200m

Rating: A2 Amount: Eu600m

Rating: A1/A Amount: Eu1bn

Rating: Ba1/BB/BB Amount: $450m

Rating: Ba3/BB-/BB- Amount: $500m

Syndication of the $200m commodity backed financing for Tyumen Oil and Gas is going well. Mandated arrangers RZB and ZAO Raiffeisenbank Austria have been inundated with requests to join the deal during senior syndication. EuroWeek hears that up to 15 banks may join the deal at this initial stage. Final commitments are due by February 10.