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Bids for the £9bn bridge facility for Network Rail are due in today (Friday). UBS Warburg is advising the company with Barclays thought to be helping co-ordinate the debt facility.

Czech Republic Morgan Stanley will next week run the books on a $300-$500m bond for Czech Export Bank, the borrower's first international debt transaction since 1997. The issue for the government guaranteed credit will have an intermediate maturity. Price talk is 20bp-50bp over swaps - midway between the risk premium for Hungary and Poland.

Standard & Poor's (S&P), the US ratings agency, is looking to fill a void in the hedge fund market through the creation of a hedge fund index that will provide investors with a benchmark for the asset class. The S&P Hedge Fund Index intends to give investors a benchmark that is representative of most of the strategies employed by hedge funds. The index, which is expected to be launched in the third quarter, will give equal weighting to all investment strategies, avoiding overrepresentation of strategies that are currently popular.

BayernLB and DnB Markets are arranging a Eu500m five year term loan for power company Hafslund. Arrangers have launched the deal into senior syndication.

Pfandbrief Bank International (PBI) launched a Eu1bn letters de gages publiques transaction this week, reopening the market after 18 months of inaction in the Luxembourg covered bond market just as the German market was reeling from the downgrade to A1 of Allgemeine HypothekenBank Rheinboden's (AHBR) Hypothekenpfandbriefe by Moody's. PBI's issue, led by Deutsche Bank and HypoVereinsbank, was priced at 4bp over mid-swaps, equivalent to 29bp over the 4.125% August 2004 Bobl 132, which was considered "spot on" by all involved.

Pfandbrief Bank International (PBI) launched a Eu1bn letters de gages publiques transaction this week, reopening the market after 18 months of inaction in the Luxembourg covered bond market just as the German market was reeling from the downgrade to A1 of Allgemeine HypothekenBank Rheinboden's (AHBR) Hypothekenpfandbriefe by Moody's. PBI's issue, led by Deutsche Bank and HypoVereinsbank, was priced at 4bp over mid-swaps, equivalent to 29bp over the 4.125% August 2004 Bobl 132, which was considered "spot on" by all involved.

Rating: AAA Amount: Eu1bn lettres de gages publiques

Bangko Sentral ng Pilipinas is understood to be considering a tap to satisfy its $500m funding requirement. No details have been released and the borrower is yet to decide whether it should pursue a loan or a bond. Bankers believe that the funds will be used to refinance outstanding debt facilities that will mature this year.

Guarantor: Bonaparte SA Amount: Eu75m