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France Télécom, Europe’s most indebted company, returned to the Euromarkets in style this week, effortlessly raising nearly Eu3bn in euros and sterling after a market absence of over a year.

France Télécom, Europe’s most indebted company, returned to the Euromarkets in style this week, effortlessly raising nearly Eu3bn in euros and sterling after a market absence of over a year.

Amount: Eu1.02bn Rating: Moody's/Fitch

After Ball Corporation's successful US high yield issue and an exceptional response from the US institutional market to the $350m dollar 'B' tranche of its loan- which was oversubscribed to $700m - syndication of its acquisition facility has been closed. Popularity of the senior 'B' tranche meant that the margin was reverse flexed from 250bp over Libor to 225bp and a $495m five year revolver was downsized by $50m equivalent after the issue. Around Eu100m was raised from European investors. Bank of America, Deutsche Bank and Lehman Brothers lead the high yield issue, which had a 6.875 coupon and was increased from $200m. Deutsche Bank and Bank of America arranged Ball's Eu900m acquisition facility that backed its takeover of German beverage can maker Schmalback-Lubeca. Bank One, BNP Paribas and Lehman Brothers committed to the deal in senior positions. The facility is split into a $445m five year revolver offering 200bp over Libor and a $35m equivalent five year revolver denominated in Canadian dollars paying 200bp. There is a $250m equivalent five year term loan 'A' denominated in euros and sterling carrying a margin of 200bp, a $300m seven year term loan 'B1' denominated in euros offering 250bp and a $350m seven year term loan 'B2' also offering 225bp. After the acquisition the company will be levered at around 3.5 times net debt to Ebitda.

Rating: Baa1/BBB+ Amount: £125m (fungible with £200m issue launched 03/05/02)

HVB Group has arranged a Eu33.6m project loan and leasing facility for Greek wind farm Rokas Aeoliki Thraki. The facility will include: a lease of the wind turbines provided by HVB Group's leasing vehicle BIL International; a term loan; and various bridge loans.

The Greek government completed a highly successful Eu344m sale in electricity utility Public Power Corporation last Sunday. Lead managers Alpha Bank, Deutsche Bank, National Bank of Greece and UBS Warburg attracted nearly Eu2bn of demand for the sale which reduces the government's stake in PPC from 84% to 71%.

Barclays Bank is syndicating a £140m five year acquisition facility to back Holidaybreak plc's acquisition of Eurosites from MyTravel. Proceeds will also be used for general corporate purposes.

Banks have been invited to bid for a HK$2bn five year financing for the property development project at Ho Tung Lau. Bidding groups are being formed, with ICBC Asia among those involved. The borrower last tapped the market with a HK$2.1bn five year club deal through a special purpose vehicle, Grand Creator Investment, in October this year. Two banks participated in the deal - Bank of Communications and ICBC Asia.

Guarantor: BP plc Rating: Aa1/AA+

Amount: Eu500m Legal maturity: November 2, 2013

The financial repackaged sector was the third most active industry sector, closing $673.87m from 32 trades. JP Morgan issued the greatest volume through its Corsair entities. The bank's largest transaction was a Eu100m issue by Corsair Finance (Ireland) No 2 that has an eight year tenor and pays a quarterly coupon of 1.63%. Private corporates issued over $720m via 19 trades. Daimler Chrysler Co-ordination Center closed two ¥1bn notes. One of the deals was led by Morgan Stanley and pays a coupon of 58bp over three month Libor.