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  • Barclays and Royal Bank of Scotland are leading a refinancing of debt for Nats, the air traffic control services. The facility is £216.2m with a maturity of five years and two extension options. It refinances a facility from September 2003.
  • Rating: A3/A-/A
  • UBS has launched investor education for the IPO of New Star Asset Management against a backdrop of strong demand for the Eu97m flotation of Anima, the Italian asset manager. New Star was founded by John Duffield, formerly of Jupiter Asset Management, just five years ago in the UK, but has grown rapidly and is expected to be valued at around £600m.
  • Land Nordrhein-Westfalen took advantage of Canada's decision to abandon the Foreign Property Rule and issued a C$200m ($170m) bond this week. The rule, which had limited the foreign holdings of Canadian investors to 30% of their portfolios (raised from 20% in 2001), was abolished in February.
  • Rating: A1/A/A+
  • Guarantor: Land Nordrhein-Westfalen
  • Danske Bank, DnB NOR Bank, Nordea and WestLB have signed a seven year loan for postal operator Posten Norge. After an oversubscription the borrower chose to increase the facility from Eu450m to Eu500m.
  • Guarantor: Kingdom of Denmark; Kingdom of Sweden
  • BNP Paribas and SG CIB have arranged a $320m limited recourse project financing for a shipping project sponsored by Oman Shipping Company and Mitsui OSK Lines.
  • The $500m three and five year financing for Bangko Sentral ng Pilipinas has received eight commitments. Standard Chartered Bank, Sumitomo Mitsui Banking Corp, Calyon, HSH Nordbank and ING Bank are the lead arrangers.
  • ABN Amro, the bank that once inspired more yawns than a heavy dose of Mogadon, is on the march and changing the palace guard. Ever since Rijkman Groenink took over and summoned up the courage to float most of the bank's layers of dead wood out into the North Sea, there has been a sense of urgency about ABN Amro.
  • UK pipe systems supplier Polypipe was the only high yield issuer this week, but a volatile market forced the leads to price the bond wider than initial guidance.