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ABN Amro, BayernLB, HSBC and JP Morgan have been mandated by Imperial Tobacco to arrange the refinancing of an acquisition facility signed earlier this year. The old deal funded the borrowerís takeover of German tobacco company Reemtsma. The new facility will be a Eu4bn loan featuring much tighter pricing than the event driven financing it refinances.

Securities regulators from the state of Massachusetts, frustrated with the inaction of the SEC, filed their own lawsuit against Credit Suisse First Boston this week, charging the bank with misleading investors and demanding the separation of its research and investment banking operations. The complaint charges CSFB with misleading investors about the influence that its investment banking operation exerted on research analysts. William Galvin, secretary of the Commonwealth of Massachusetts, responsible for issuing the charges, is seeking to fine CSFB $2m and split up its underwriting and advisory work from equity research and IPO allocations.

Deustsche Bank has arranged a ¥18.240bn 16 year term loan for National Hydroelectric Power Corp. The facility is guaranteed by the Government of India and also carries further support from the Nippon Export and Investment Corp (NEXI) under its Overseas United Loan Insurance programme. Co-arrangers are HSBC, ING Bank, Standard Chartered, SG and State Bank of India.

Russian health and beauty retailer 36.6 has hired ING to examine the possibility of a $30m IPO. Sentiment towards Russian equities has improved over recent months as was seen by the response to the Russian government offering of a $700m stake in LUKoil in July. It was only the extreme price sensitivity of the government that prevented Morgan Stanley from completing the offering.

Rating: Aaa/AAA/AAA Amount: $500m

"Six months ago, deflation was seen as a remote possibility, maybe even an eccentric idea," says Lee Thomas, global strategist at Pimco in Newport Beach, California. "Today, it's not so remote. It's certainly a possibility in both the US and Europe one year from now." Despite the 15% rebound in the Dow Jones Industrial Average since October 9, a growing number of investors and economists believe that deflationary risks have increased over the past few months to the extent that it is the greatest danger facing the global economy.

Tokyo Cathode Laboratory Co has completed a ¥2bn 364 day fundraising through Bank of Tokyo-Mitsubishi. The arranger held ¥1bn. Sumitomo Mitsui Banking Corp and UFJ Bank joined as participants pledging ¥700m and ¥300m respectively.

EBS Building Society has mandated BNP Paribas, Royal Bank of Scotland and WestLB to arrange a refinancing of between Eu200m and Eu250m. Pricing is thought to be around 21bp over Libor.

Sole mandated arranger Standard Bank will sign banks into the $15m six month trade finance facility for Nurbank on Monday. The credit pays a margin of 325bp over Libor. Parex Bank joined as a co-arranger for a ticket of $3m. International Moscow Bank has joined as a lead manager for a take of $2m.

Arrangers have closed the $300m fundraising for Korea Export-Import Bank. The $300m facility is divided equally between a $100m one year tranche paying a margin of 10bp over Libor, a $100m two year portion with a margin of 15bp over Libor and a $100m three year segment paying a margin of 25bp over Libor. Arrangers ABN Amro and Barclays Capital provided $44m each, Bank of America, Bank of Tokyo Mitsubishi and Development Bank of Singapore committed $42.03m each, and Sumitomo Mitsui Banking Corp lent $38.4m.

Rating: AAA (Fitch) Amount: Eu200m Landesschatzanweisung series 146