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El Salvador braved highly volatile market conditions this week and tapped its existing 8.5% 2011 bonds for $300m. Despite plunging US equity markets on Tuesday, the deal, lead managed by Credit Suisse First Boston and Citigroup/SSB, was increased from an initial $150m and attracted north of $1.2bn in orders.

The Skr30bn (Eu3.14bn) rights issue launched last Friday by Ericsson may founder on debt worries, according to a credit analyst at UBS Warburg. Duncan Warwick-Champion said in a research note yesterday (Thursday) that there is at least an 80% chance that Ericsson will be downgraded to junk status, which could lead to the lead banks withdrawing their underwriting agreements.

Amount: Eu755m Legal maturity: October 1, 2009

Rating: Aaa/AAA Amount: $500m

Compiled by Stephanie Weedon HSBC Bank plc, London Tel: +44 20 7336 3525

Rating: Aaa/AA+ Amount: $500m

Rating: Aa2/AA-/AA Amount: $1.5bn subordinated debt

Despite complaints about the high total debt ratio of 6.4 times for the Eu1.2bn of senior and subordinated debt backing the PAI-led buy-out of Elis, the initial response to the deal has been enthusiastic. Arrangers CIBC and Crédit Agricole Indosuez have been inundated with reverse enquiries from investors and EuroWeek understands that of the three banks invited into the deal as co-lead arrangers, one institution has already committed.

France Télécom (FT) revealed yesterday (Thursday) that it has raised Eu1.6bn through the sale of its broadcasting assets in France. The heavily indebted telco, rated Baa3/BBB-/BBB, has sold radio and TV transmission group Télédiffusion de France (TDF) to equity sponsors Charterhouse Capital Development and CDC Ixis Equity Capital, and financial institution Caisse des Dépôts et Consignations.

France Télécom (FT) revealed yesterday (Thursday) that it has raised Eu1.6bn through the sale of its broadcasting assets in France. The heavily indebted telco, rated Baa3/BBB-/BBB, has sold radio and TV transmission group Télédiffusion de France (TDF) to equity sponsors Charterhouse Capital Development and CDC Ixis Equity Capital, and financial institution Caisse des Dépôts et Consignations.

Howard Davies, chairman of the Financial Services Authority, yesterday (Thursday) called for greater disclosure of short selling in equity markets. The announcement comes after several leading investors and corporates complained that hedge funds have contributed to the volatility in the stock markets in recent months. David Prosser, the chief executive of UK life assurer Legal & General, called on the FSA in early July to look into the matter.

Gaz de France has ended months of speculation and named BNP Paribas as the arranger of its forthcoming EuroMTN programme. Sources close to the deal suggest that the signing date is still a long way off, but it is believed that the programme amount will be in the region of Eu3bn and that a public deal of between Eu500m and Eu750m will be launched shortly after the signing. Gaz de France has a long term Moody's rating of Aa1, but the agency has placed the utility on watch for a possible downgrade. It will be the third signing from a utility this year. The last signing was London Electricity Group's Eu3bn facility in May.