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  • Credit Suisse First Boston has lost the corporate broking mandate for shipping company P&O, which yesterday (Thursday) named Citigroup as its corporate broker alongside Panmure Gordon. The FTSE 250 company's mandate is the third broking relationship that CSFB has lost this month. Last week the bank was dropped by UK satellite broadcaster BskyB, as the firm cut its corporate broking relationships from three to two.
  • Credit Suisse First Boston yesterday (Thursday) issued a Eu370m bond exchangeable into the shares of Cimentos de Portugal, immediately after buying a 7.7% stake in the Portuguese cement maker from Swiss cement company Holcim.
  • There were several sizeable deals in the US dollar primary debt market before the Thanksgiving holiday. Some of them were swap-driven, which depressed swap spreads even further. By the end of trading on Tuesday, two year, five year and 10 year spreads were all around 38.5bp ? 2bp or 3bp narrower than at the end of last week.
  • Sole mandated lead arranger SMBC is planning to close and sign the refinancing for power utility Ceske Energeticke Zavody (CEZ) before Christmas.
  • Guarantor: Dah Sing Bank Ltd
  • Housebuilder David Maclean is in the market with a debut £130m five year deal through Barclays that will be signed today (Friday)
  • The Eu750m five year revolver for Danisco has been closed oversubscribed. The loan will not be increased and bank allocations will be scaled back.
  • Rating: A3/BBB+/A-
  • Dexia's largest shareholders are to meet the bank's senior management on Sunday after they forced the Franco-Belgian banking group to suspend merger talks with Italian bank Sanpaolo IMI this week. Sanpaolo IMI and Dexia confirmed last Friday that they were holding preliminary talks over a possible merger for, according to London bankers, around Eu18bn.
  • Thank heavens some investment banks have the common sense and the vision to stay in the City of London and resist the tax savings temptations of the fetid badlands of Canary Wharf. Our attitude towards the Dead Canary has mellowed slightly, but please don't consider this to be an endorsement. Previously, we would only venture there to see Bob Diamond or Hans-Jörg Rudloff at Barclays Capital, but never in our own car, as the locals have a habit of stealing the wheels while you are having lunch.