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Uruguay will enter uncharted waters next week when it unveils a novel $5.5bn distressed debt exchange that asks creditors to voluntarily make sacrifices on net present value (NPV). In a bid to push out $1bn per annum amortisations over the next five years, the exchange is expected to ask investors to swap old bonds with maturities greater than a year for longer dated securities that yield less than the 18%-24% trading levels of its dollar debt.

Vivendi Universal broke the record books this week launching an impressive Eu1.2bn equivalent issue, priced at the tight end of guidance and six times oversubscribed.

Vivendi Universal broke the record books this week launching an impressive Eu1.2bn equivalent issue, priced at the tight end of guidance and six times oversubscribed.

David Verey, one of Europe's best known and influential corporate financiers, has joined US boutique The Blackstone Group. Verey, who was chairman of Lazard's London office and had a brief stint at Cazenove until he fell out with chairman David Mayhew, will be a senior adviser to the firm in Europe. He will also join the European advisory board.

Rating: B1/B+ Amount: $935m 144a/RegS

News from the war in Iraq improved this week as US forces closed in on Baghdad. The Treasury market duly sold off, equities regained lost ground and dollar swap spreads followed rates north. Five year swap spreads widened by at least 2bp from the lows and by the close yesterday (Thursday) the five year dollar swap spread was at 45.25bp and the 10 year was at 44.25bp Inter-bank volume was steady, and trading was very directional. Every shift to higher yields brought slightly wider spreads. In part, this was due to anticipation of fixed rate paying by convexity hedgers.

Rating: A2/A Amount: Eu750m

In the same week that Vivendi Universal priced its Eu1.2bn equivalent high yield offering - the biggest ever for a European corporation - it has launched its Eu2.5bn loan into the syndicated market. Knowing that it is still not out of difficulties, the company has agreed to pay up for its refinancings. Next to the bond, the loan looks underpriced, however, Vivendi is expecting its relationship banks to support the senior debt. The loan is secured on assets, a benefit that the high yield investors do not enjoy.

Rating: AAA (S&P) Amount: Eu250m Öffentlicher Pfandbrief series 46

Who remembers Steven Berger from his time in Europe as head of investment banking for Lehman Brothers International? To do so, you might have to possess a grey hair or two, but our ever-faithful back copies of the Euromoney directories between 1992 and 1995 show him as both head of mergers and acquisitions and investment banking.

Woolworths has requested proposals from its banks for a new facility. The company secured a £250m revolver in 2001. Barclays, HSBC, Mizuho and Royal Bank of Scotland arranged that deal.