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UBS Warburg is preparing to launch £470m of debt that backs Schroder Ventures' buy-out of Homebase, the UK DIY chain being offloaded by JS Sainsbury. EuroWeek understands that the debt package comprises two term loans - term 'A' totalling £180m fully drawn at closing and term 'B' totalling £65m fully drawn at closing. The maturities are six and seven years respectively.

Severn Trent signed a euro2.5 billion ($2.37 billion) Euro-MTN programme on 18 December 2000. Deutsche Bank won the arrangership. The signing follows recent requirements placed upon UK Water companies by Ofwat, the government regulator. These force the utilitites to cut their customers' bills while increasing their capital spending on infrastructure. The five-year plan, which began in 2000, has pushed water companies to access the Euro-MTN market. Thames Water issued $166.33 of debt in 1999, which grew to $1.27 billion in 2000. Anglian Water also set up its euro1.5 billion Euro-MTN programme in March 2000 and has $236.97 million outstanding off one trade. Severn Trent's last accessed the public Eurobond markets in 1999 when it issued two long-dated sterling trades: a 24-year £

Investors in Hong Kong dollar have wasted no time in putting their money on the table this year. Eighteen Hong Kong dollar trades have been processed since yesterday. Only two of them stretch to longer than six months however. Credit Lyonnais, HSBC, KBC Ifima, Morgan Stanley Dean Witter and SG all placed short-dated paper ranging between HK$5 million ($641,000) and HK$80 million. European Investment Bank did a six-year HK$2 billion FRN that pays a final coupon of 6.38%, while Westpac Banking Corp (Westpac) placed a ten-year HK$150 million trade that pays a fixed coupon of 6.65%. The issuer will swap the deal into an FRN. Chris Bannister, senior funding manager at Westpac, says: "We've seen quite a lot of enquiry for our Hong Kong dollar paper, mostly asking for fixed-rate coupons."

* Bayerische Hypo- und Vereinsbank AG

Stichting Cova signed a euro250 million ($232.13 million) MTN facility on December 21 2000. Each tranche is guaranteed by the Dutch state treasury and must be denominated in euros. The programme was arranged by ING Barings/BBL and the dealers are ABN Amro, Prebon Yamane, Rabobank and the arranger.

Transactions increased:

* Akademiska Hus

Stora Enso, the Finnish forest products company, has signed a $1 billion Euro-CP programme via Credit Suisse First Boston. It also has a Euro-MTN programme with over $1 billion outstanding in the market. The dealers are the arranger, Barclays Capital, Goldman Sachs, ING Barings/BBL, MeritaNordbanken and SEB Debt Capital Markets.

Telenor Communication has increased the limit off its $4 billion debt issuance programme to $6 billion. The double-A rated facility was signed in February 1996 and is arranged by Deutsche Bank.

Toyota Motor Credit Corp announced a ¥1 billion note to be issued on January 18. The note goes out to 2011 and is one of six yen trades issued this week that have a tenor of 11 years. The note pays a final coupon of 2.100% and interest is paid semi-annually. Yen trades maturing in 2021 were also popular this week. Seven were issued all together and Kommunalbanken, Bayerishce Landesbank and IBRD were among the issuers.

* Bank of Scotland Treasury Services plc