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TFM, the Mexican transport company, brought the LatAm new issue market a much-needed success story yesterday (Thursday) when it priced a $180m 12.5% 10 non-call five year bond - the first Latin high yield deal in almost 18 months. While market participants watched their Brazilian holdings go into a tailspin, TFM 's deal was three times over-subscribed, enabling underwriter Citigroup/SSB to increase it from $170m. It was priced at 12.75%, the tight end of 12.75%-13% price guidance to give a launch spread of 770bp over US Treasuries.

Is life a bed of roses at JP Morgan Chase after the recent top management reshuffles, when Geoff Boisi lost his head and several other senior executives required medical attention? Before we take a closer look inside JPMC's dirty laundry basket, wearing the obligatory Red Cross surgical gloves and a nosepeg, let us tell you about the opinion expressed by one very senior banker in New York who requested anonymity. He said that if Chase had not rescued JP Morgan, it is more than likely that JPM would simply have gone out of business.

BayernLB, Barclays and Duke Street Capital have joined senior syndication of the £260m financing for the Royal Bank Private Equity-led buy-out of safety and transportation group Britax. Lehman and HBOS are jointly lead underwriting the facilities, together with ING as arranger. All of the arrangers have committed between £20 and £25m, easing syndication pressure. A limited retail phase will be launched within the next 10 days.

Rating: Aaa/AAA/AAA Amount: Eu600m (increased from Eu500m)

Guarantor: Caja de Ahorros Provincial San Fernando de Sevilla y Jerez Rating: A- (Fitch)

Rating: A+/AA- Amount: Eu100m

Rating: BBB/BBB+ Amount: Eu300m (fungible with Eu400m issue launched 14/02/02)

Amount: Eu775.5m Legal maturity: July 15, 2011

Corporate issuance is set to pick up in Europe over the coming weeks, as borrowers seek to take advantage of the firmer tone in the credit markets to raise funding ahead of the summer holidays. Today (Friday), Renault and Ford Motor Credit Corp (FMCC) will price euro denominated offerings. Renault is expected to price a Eu500m seven year issue inside original guidance of 110bp over mid-swaps, via Deutsche Bank and SG. FMCC will price its Eu750m five year Ecosav transaction at 140bp over mid-swaps. Bayerische Landesbank, BBVA and Fortis Bank are joint bookrunners.

Rating: Baa1/A- Amount: Eu85m

Mandated arrangers ING and RZB will close syndication of the Eu50m five year facility for Croatian Bank for Reconstruction and Development (HBOR) shortly. The deal has received a considerable oversubscription and is due to be increased at signing on June 21 in Zagreb. Baden-Württembergische Bank, BayernLB, Dresdner Kleinwort Wasserstein, Hungarian Foreign Trade Bank, KBC, LB Kiel, OTP Bank and WGZ have joined in senior syndication.