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Some 91 deals were done in yen this week, but volumes were low: just over $1bn was traded. Financial repackaged entities closed over $110m off 14 trades. Deutsche Bank was especially active through two of its Earls vehicles. The largest trade was a ¥2bn deal via by Earls Four. The note pays a coupon of 2% and matures on October 4 2004. Merrill Lynch also placed a ¥2bn deal through Apollo Spires. The trade carries a semi-annual coupon of 1.7% and reaches out to April 2 2009. A ¥700m deal was also issued by Apollo Spires.

Rating: Aaa Amount: Sfr100m (fungible with Sfr150m issue launched 17/12/01)

Barclays Capital has hired two senior salespeople from HSBC to form a new team selling credit to investors in the US Midwest. Daniel Hirsch and Dwight Canfield were managing director and senior vice president respectively in HSBC's institutional fixed income US sales team.

HBOS Treasury Services (HBOS) has completed another step in the overhaul of its brand following its creation from the merger of Halifax and Bank of Scotland last year. The borrower has changed the issuing name on Halifax's existing EuroCP and EuroCD programme to HBOS. The programme limit has also been increased and redenominated from $3bn to Eu5bn. This move follows on from the name change on the company's $40bn EuroMTN programme in June. Bob Manson, head of money markets at HBOS, told EuroWeek: "Following the merger to form HBOS, we have been standardising our debt instrument programmes to match our name in the market. The continued growth of our balance sheet means HBOS remains active in issuing off these programmes."

BNP Paribas and SG have been mandated to arrange and bookrun a Eu625m project financing for Rijnmond Energi. Proceeds will be used to finance the construction of a natural gas fired plant in Rotterdam. InterGen, which is 68% owned by Royal Dutch Shell and 32% held by UK-based Bechtel, is sponsoring the project.

James Paget has joined UBS Warburg in London to advise UK and Swiss financial companies on managing their assets, liabilities and credit exposure. Paget left Goldman Sachs in London, which he joined in 2000. There he worked mainly in fixed income products, also covering the UK and Swiss markets, although recently he was also marketing equity derivatives. Before that he spent seven years at JP Morgan.

Mandated arrangers BayernLB (bookrunner), Danske Bank, DZ Bank and Swedbank will today (Friday) launch the Eu80m dual currency revolver for Sparebanken Nord-Norge into general syndication. Proceeds will be used for refinancing. The borrower last tapped the market in May 2000 with a Eu105m five year facility via BGB.

EuroWeek hears that HBOS and Royal Bank of Scotland have joined the £495m of senior debt facilities backing the Charterhouse-led secondary buy-out of the Coral Group in a senior role before the sub-underwriting phase. The debt facilities, sole arranged by Lehman Brothers, are split between £495m of senior debt, a £135m mezzanine tranche and a £75m PIK facility. EuroWeek understands that the PIK facility does not feature cash interest and has no acceleration and so is viewed by banks as equity.

The US capital markets have finally turned a corner. The US high grade market sprang back to life this week with almost $15bn of deals priced, as issuers jumped in to take advantage of a sudden revival of confidence in credit among investors.

The US capital markets have finally turned a corner. The US high grade market sprang back to life this week with almost $15bn of deals priced, as issuers jumped in to take advantage of a sudden revival of confidence in credit among investors.

Citigroup/SSSB has joined ING and JP Morgan to jointly provide the senior debt backing the acquisition of the 51% stake in Cesky Telecom by bidding consortium Deutsche Bank Capital and TDC. More details will be available when the sale and purchase agreement is signed at the end of the year.

Rating: Aa3/A/A+ Amount: Eu100m