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Government issuers have belatedly woken up to the threat posed by the grandfathering of bond issues under the European Union's proposed savings tax directive, with EU national treasuries this week appearing to win special treatment for their debt management programmes in the crucial area of fungibility. Under the agreement reached by EU member states last year, which replaced the proposed introduction of a common EU withholding tax with the principle of exchange of information on a reciprocal basis, bonds issued before March 1, 2001 are exempt from the directive's information collection or withholding tax provisions.

Brazil * Companhia Energetica de São Paulo - CESP

* Artesia Overseas Ltd Guarantor: Artesia Banking Corp

Azerbaijan The International Bank of Azerbaijan (IBA) has mandated RZB to arrange an $8m short term loan.

* ABB International Finance Ltd Guarantor: ABB Asea Brown Boveri

Dresdner Kleinwort Wasserstein and Merrill Lynch this week brought their repackaging of Eurotunnel's junior debt to a successful conclusion, four months after launching the tender to buy up the debt. The deal was an ambitious and highly innovative enterprise, aiming to bring Eurotunnel's credit to the bond market for the first time, give holders of the illiquid junior debt a chance to sell out, and ultimately reduce Eurotunnel's debt burden.

Financing for Klesch-Liberty Media's acquisition of the remaining German cable assets that have been up for sale by Deutsche Telekom is unlikely to involve the high yield bond market, it emerged today, and loan facilities supporting the transaction are set to be less than the Eu3bn initially rumoured.

Financing for Klesch-Liberty Media's acquisition of the remaining German cable assets that have been up for sale by Deutsche Telekom is unlikely to involve the high yield bond market, it emerged today, and loan facilities supporting the transaction are set to be less than the Eu3bn initially rumoured.

As news comes of the resignation of Turkey’s central bank governor, Gazi Ercel, market attention focuses on the banking sector’s struggle to survive the latest crisis.

Fannie Mae yesterday (Thursday) priced $11.5bn of benchmark securities, equalling its own record of issuance on a single day by offering $6bn of 5% two year notes, and $5.5bn of 5.5% five year notes. Credit Suisse First Boston, Goldman Sachs and HSBC led the deals, which were effortlessly absorbed by a market hungry for quality and yield.

Fannie Mae yesterday (Thursday) priced $11.5bn of benchmark securities, equalling its own record of issuance on a single day by offering $6bn of 5% two year notes, and $5.5bn of 5.5% five year notes. Credit Suisse First Boston, Goldman Sachs and HSBC led the deals, which were effortlessly absorbed by a market hungry for quality and yield.

Fiat Finance & Trade has issued its first sterling note since October 2000, and its fifth note of 2001. The 11-month £