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From: chris.p.notes@mint.com To: wendy.levelsrite@mint.com Subject: Welcome to the team! Wendy - Hope you've hit the ground running on your first day on the desk - quite a change from the snail's pace over at Munchkin International I expect. As you know it is vital we secure this mandate with AB-Com - they're one of the biggest telecom mandates at the moment and it could really hoist us up those league tables. We should get it, as we're the only bank left who is seriously working on origination these days. Keep an eye on Ivor and Heidi for me - we hired you as the rising star of MTNs at Mint, so they might be a bit peeved! From: ivor.bond@mint.com To: chris.p.notes@mint.com Subject: Re: Hello! Chris - don't worry I have everything under control here. Wendy got off to a slow start phoning clients - still, don't suppose they're used to clients at Munchkin! I'll keep an eye on her as you say - but still not convinced she's right for the job. That World Cup-linked trade I started for the French corporate Fromage Francais is going down a treat - it's just a matter of which investors we do business with. If Germany win we get a big piece of the pie! From: chris.p.notes@mint.com To: mtndesk@mint.com Subject: Action immediately! Been told that Swankbank has a date set to launch their MTN trading website - make sure the IT guys take a look at our messaging system. I want a clean dress rehearsal within the week! From: wendy.levelsrite@mint.com To: n.clutterbuck@munchkin.com Subject: So far so good So far it's a breeze! Ivor is every bit as prattish as everyone says he is - Heidi seems nice - give her a chocolate eclair and she's your best friend. Haven't worked with Chris yet - he's out in Tokyo, but he doesn't seem to be particularly on the ball, especially since he left Ivor to look after his precious French corporate deal. Anyway, coming over here was worth it for the fat transfer fee they paid, but if HR at Munchkin can offer more then I could be tempted back. If you think there's a deal to be done give me the heads up... I might be able to poach Heidi for Munchkin too. From: chris.p.notes@mint.com To: ivor.bond@mint.com Subject: Urgent! Ivor, I spoke to Anna List at Shaft & Royal Rating Agency yesterday, and she let slip there are more corporate downgrades on the way. She better keep her knife away from Fromage Francais; that could put the spanner in the World Cup trade! See if you can get any more out of her. From: anna.list@shaft&royal.com To: ivor.bond@mint.com Subject: Re: small favour Giving out information on imminent rating actions is not something that we do before it is officially announced. And I must ask you not to phone Shaft & Royal's analysts pretending to be the issuer in question again. This is not a tactic that will ever work. Further phone calls of this nature may jeopardize the working relationship between Shaft & Royal and Mint Bank. From: chris.p.notes@mint.com To: ivor.bond@mint.com Subject: Land Ahoy! Jolly good work on that World Cup-linked note - sounds like everything's done and dusted. We could well do with $200 million to get us up into the top 10. And with Fromage Francais still at Baa2 I think you've got a pretty decent price on it - remember our mantra: keep the price high! And make sure the investors get their sheets finished soon as. All bodes well for the end of year bonuses! I'm just off to catch my plane back - I'll be coming straight into the office, so see you tomorrow morning. From: pierre.lefou@fromage.fr To: mtndesk@mint.com Subject: Interesting website Thanks for placing our paper - we really appreciate it and it is so lucky you sold it all just before we had news of the downgrade. While the rating cut was not entirely unexpected, we were really glad to find an investment bank that would take on the risk of the downgrade. PS. I saw on your website all the levels being posted by all the other issuers - this is very interesting but surely we are not meant to see other issuers' levels?! From: ivor.bond@mint.com To: it@mint.com Subject: MintChat Chris P. Notes gets back tomorrow and if he realizes you buffoons have released issuer levels onto the website he'll eat you for breakfast! Could you please remedy this ASAP! From: ivor.bond@mint.com To: heidi.price@mint.com Cc: wendy.levelsrite@mint.com Subject:Re: client access I have records of both of you spending four hours on the MintChat forum yesterday, which you obviously do not realize is a public forum and accessible to clients! Please do not discuss my choice of aftershave on the site in future as I have already had to answer four embarrassing emails from issuers. Re: World-Cup trade, Anna at Shaft & Royal says she sent Wendy an email about the downgrade of Fromage Francais to junk status (which I was not informed of!) Lucky we got the trade off our balance sheet just before the downgrade - I pity anyone who has to sell it on. From: ivor.bond@mint.com To: wendy.levelsrite@mint.com Subject: Unbelievable! Sorry I shouted earlier, but really you should have told me this morning that Angus Assets hadn't confirmed on the Fromage World Cup note. The problem is we're never going to sell that paper now and to boot we'll have a $200 million junk bond sitting on our balance sheet. I think we had better stop crying and just get this sorted out before Chris gets back tomorrow morning. From: chris.p.notes@mint.com To: mtndesk@mint.com Subject: Well done! You all did a splendid job while I was away - how on earth did you manage to drum up so much interest in the web site? I heard the news about the Fromage Francais downgrade - great timing! There aren't many banks who could pull off a deal like that. By the way, Cornelius from the New York office is arriving tomorrow - he'll be having a chat with us about writing cheques for trades - we're trying to cut down on that sort of practice.

Lead arranger Nordea has signed banks into the Eu750m 364 day refinancing for Danish telco TeleDanmark (TDC). Citigroup/ SSSB and Danske Bank join Nordea in senior syndication. Also joining the deal are WestLB, Mizuho, ABN Amro, Barclays, SEB Merchant Banking, Bank of Tokyo-Mitsubishi, UBS Warburg, JP Morgan, Dresdner Kleinwort Wasserstein, Sumitomo, NyKredit and Commerzbank.

Guarantor: Deutsche Bank AG Rating: Aa3/AA-

GMAC Residential Funding Corporation (RFC) is expanding its structured finance activity into Europe for its latest securitisation, with a residential mortgage transaction from its Dutch subsidiary. Citigroup/SSSB is pre-marketing a Eu350m transaction for GMAC RFC Nederland BV. The group has been looking to enter the European market and this transaction is the first public evidence of that effort. The Dutch subsidiary began offering its mortgage products in May last year. Other recent investments include the acquisition of the German and French activities of mortgage broker Creditweb in February, through which the group hopes to learn about other European markets.

Rating: Aa2/AA- (Moody's/Fitch)

Barclays, Rabobank and Royal Bank of Scotland are arranging a $125m loan for ED&F Man. The three year deal carries a margin of 125bp over Libor and offers a 50bp commitment fee.

The EIB is due to launch a Huf10bn 10 year bond today (Friday) via Dresdner Kleinwort Wasserstein which will be fungible into euros from mid-2006 in the event that Hungary joins the Euro zone. "This euro-tributary issue has a step-down coupon and is very similar to the deals in the late 1990s in Italian lira and Greek drachma," said Sean Park, global head of debt syndicate at DrKW in London. He expects the deal to have a 9.75% coupon for the first four years and a 5.375% coupon for the remaining six years of its life.

The Eu150m five year club deal for BBB+ rated Enterprise-Rent-a-Car has been closed oversubscribed in syndication and banks will be signed into the deal early next week. Despite an increase to Eu200m, banks will still be scaled back.

Ernst & Young is strengthening its structured finance advisory services in Europe and the US, as it looks to expand its expertise in the field. The firm is bringing together a consolidated structured finance group in London to offer a one-stop shop to its clients. The group will consist of a project finance group, a transaction tax team and a capital markets tax team headed by partner Stephen Barrett.

Rating: Aaa/AAA Amount: C$100m

London & Continental Railways has successfully issued the last tranche of its government guaranteed funding for the Channel Tunnel Rail Link (CTRL) - a £1.1bn March 2051 transaction that has provided the sterling market with the largest deal at the ultra-long end of the curve. Proceeds of the issue, led jointly by Barclays and UBS Warburg, will be used to provide financing for the second section of the CTRL project and, subject to EU approval, to purchase Railtrack's interest in section one of the CTRL for a net figure of £350m.