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  • JP MORGAN and Salomon Smith Barney will next month manage a Eurodollar bond for the Republic of Turkey in a deal which is set to be the first benchmark issue in the US currency by an emerging market sovereign this year. Expectations are for a $500m plus Euro/144A issue with a tenor of between five and 10 years.
  • Bank of Scotland has arranged a £34m term loan and a £5m working capital facility that will part finance the MBO of Fairey Hydraulics Limited, the defence and aerospace engineering business from Fairey Group plc. The loan closed on January 23 with Bank of Scotland looking to bring two banks in to the deal.
  • * Bank Nederlandse Gemeenten Rating: Aaa/AAA
  • * CIBC Capital Funding Guarantor: Canadian Imperial Bank of Commerce
  • India SBI International Merchant Bank is close to a mandate for Gas Authority of India. The ¥3.5bn refinancing is expected to be a club deal.
  • * Abbey National Rating: Aa2/AA
  • GERMAN DEVELOPMENT agency Kreditanstalt für Wiederaufbau this week launched the latest in its series of Bund surrogates, a DM3bn two year money market instrument designed to offer an alternative to Bund Schätze. Since being awarded its 0% risk weighting from BaK, the German federal bank supervisory authority, KfW has joined issuers such as Fannie Mae, Cades and DePfa by embarking on a programme aimed at attracting German and international investors to its issues by providing highly liquid benchmarks.
  • Brazil Barclays (Miami) is in the market with a renewal of its $100m commercial paper back-up L/C facility for Banco BCN Barclays SA.
  • L-BANK SOUGHT to demonstrate the growing institutional demand for euro-denominated product this week when it launched the first global bond in the sector. Investors' conviction that monetary union will take place in 1999, and issuers' desire to position their credits before Emu, triggered a number of benchmark issues in the Ecu/euro sector last year.
  • THE SYNDICATED loan market got off to a uncertain start in January. While bankers half expected a slow kick-off to the year -- the market is a notoriously slow starter -- few could have expected such a sticky month. It was only until the last week in the month that the volume of transactions began to pick up and the market began to resemble its form of 1997.
  • * ASLK-CGER Ifico Guarantor: ASLK-CGER Bank