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  • So Larry Fink's BlackRock has spurned the advances of Morgan Stanley and celebrated Valentine's Day by announcing eternal love for Merrill Lynch.
  • Merrill Lynch agreed last Friday to pay $164m to settle 23 class-action lawsuits related to its research coverage of internet companies during the high-tech boom of the 1990s. The suits alleged that Merrill's top analyst, Henry Blodget, among others, had provided investors with misleading research about companies in a bid to secure investment banking contracts from them.
  • Rating: Aa3/A+/AA-
  • Colm Kelleher has been promoted to head of global capital markets at Morgan Stanley. He previously co-headed the fixed income division on the sales and trading side with Sean Notley, who is now sole head of fixed income Europe. As well as being sole head of fixed income, Notley will continue to co-head the global interest rate and currency group.
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  • A $200m export finance loan for GarantiBank International has been launched into syndication by a group of 14 lenders. Mandated lead arrangers are Alpha Bank, Bank Austria, Banco BPI, Bank of New York, Bank of Nova Scotia, BayernLB, Erste Bank, HSH Nordbank, Mashreqbank, Natexis Banques Populaires (bookrunner), RZB, Standard Chartered (bookrunner), Wachovia Bank and WGZ-Bank.
  • Bookrunner UBS has reverse flexed the margins on the 'B', 'C' and second lien tranches of the $615m recapitalisation of Almatis by 25bp. Rhône Capital is the sponsor.
  • Network Rail, which operates the British rail infrastructure, has issued its first Canadian dollar bond. The C$500m 10 year Maple bond pays a coupon of 4.408% and was led by Merrill Lynch and the Royal Bank of Canada.
  • Rating: Aaa/AAA/AAA
  • Guarantor: Nomura Holdings Inc, Nomura Securities Co Ltd
  • Rating: A1/A+/A+