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  • Rating: Baa1
  • Cinven, the UK private equity group, has angered several institutional investors in the loan market by proposing to refinance at more aggressive terms the Eu2.8bn loan it took out to finance the combination of Numericable, Altice and UPC France, three French cable television groups.
  • Are you, too, becoming more than slightly irritated by the confusing signals coming out of Citigroup? Why doesn't Citigroup try to become more like Bank of America, which doesn't make any fuss and gives the impression of knowing where and how it wishes to proceed?
  • A strong fourth quarter driven by trading profits from both equity and debt helped Deutsche Bank beat expectations, lifting full year pre-tax profits 33% to Eu8.1bn.
  • Dresdner Bank has issued the first range accrual note in the Italian retail market since the abolition at the end of last week of Banca d'Italia's Article 129, which banned sales of the product. Italy has been one of the biggest markets for structured notes in recent years, but only a limited menu of products has been available.
  • The Samurai bond market's progress was seriously hampered in 2006, as US issuers withdrew in the face of US withholding tax concerns. For months it looked like the stalemate would not end, but in late October a resolution seemed to be reached, allowing US issuers to return to the market, which had only partially been supported by issuers from Latin America, Europe and Asia.
  • The Republic of Ecuador's CDS narrowed then widened this week as emerging markets traders in New York remained confused about what the new government of President Rafael Correa will do with regard to debt restructuring as the coupon payment of February 15 looms.
  • The European Investment Bank's $3bn three year global bond encountered massive turbulence when it was marketed on Monday, as Treasuries continued to sell off and swap spreads widened dramatically.
  • Dresdner Bank has issued the first range accrual note in the Italian retail market since the abolition at the end of last week of Banca d'Italia's Article 129, which banned sales of the product. Italy has been one of the biggest markets for structured notes in recent years, but only a limited menu of products has been available.
  • Emerging market borrowers from the former Soviet Union and Middle East rode the crest of a wave of demand in the bond market for the second week running this week, as deals piled up and order books swelled even faster.