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Brazil's finance team quelled the panic in the local and international bond markets yesterday (Thursday) by announcing a comprehensive cache of fiscal, monetary and debt management weapons to battle the freefall in the currency and bond prices. Both Brazilian bonds and the real soared on news that the government would raise its 2002 primary surplus projections to 3.75% from 3.5%, would lower the 2002 target on net foreign exchange reserves to $15bn from $20bn (foreign reserves are currently around $28bn), buy back up to $3bn of external debt due in 2003 and 2004, and draw down $10bn of an existing IMF line of credit to buy back debt and support the real.

The $210m four year facility for Société Nationale des Pétroles du Congo (SNPC) has been launched into general syndication. KBC, Rand Merchant Bank and Standard Chartered are mandated arrangers.

Lehman Brothers and HBOS, as joint lead underwriters, together with ING as arranger, have launched the general syndication of the £175m financing for the Royal Bank Private Equity-led buy-out of safety and transportation group Britax. At this stage banks have been offered tickets of £10m for 80bp, with the leads looking to raise around £40m from the market. A bank meeting will be held on Monday.

Croatian shipbuilder Brodosplit Plovidha has returned to the loan market to secure a $10m two year facility. Four banks have joined the club-style facility: Standard Bank for a ticket of $3m, Erste Bank for $2m, LB Kiel for $3m and LBS New York -which is a wholly owned subsidiary of Nova Ljubljanska banka - for $2m.

Rating: Aaa Amount: Sfr600m

Guarantor: Cadbury Schweppes plc Rating: A2/A

Rating: A- (Fitch) Amount: Eu165m

Guarantor: Canada Mortgage & Housing Corp Rating: Aaa/AAA

Rating: Aa3/AA- Amount: $500m (fungible with $1bn issue launched 06/03/02)

Mandated lead arrangers HSBC and Deutsche Bank will bring a £150m loan facility for Carphone Warehouse to the market next week. The deal will refinance an existing facility.

Rating: A3/BBB+ (Moody's/Fitch) Amount: Eu200m upper tier two capital