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Mandated arrangers Citigroup /SSSB (co-ordinating bookrunner), ING (joint bookrunner) and SG (joint bookrunner) have signed banks into the $250m three year dual-tranche pre-export financing for Norilsk Nickel. The deal was oversubscribed to $300m but the increase was not accepted. BNP Paribas, HSBC/CCF, Crédit Lyonnais, Fortis Bank, KBC, Moscow Narodny Bank, Natexis Banque Populaires and WestLB have joined the deal. The transaction is divided into a $100m revolver which pays a margin of 300bp and a $150m term loan which pays a margin of 325bp over Libor.

Sovereign/supranational borrowers dominated the market this week as investors focused on safe haven product. Italy is reportedly keen to take advantage of investor enthusiasm for sovereign risk and is roadshowing in the US via Merrill Lynch. Bankers are expecting a new global bond for the republic which will have something out of the ordinary either in terms of maturity or structure.

Amount: Eu100m (fungible with Eu200m issue launched 05/02/03) Maturity: February 11, 2005

Development Bank of Singapore has been awarded the mandate for the inaugural fundraising for Singapore Post, a S$150m loan. The borrower operates a network of post offices, postal agents and stamp vendors throughout Singapore offering postal, telecommunication and agency services.

John Moore, Bear Stearns' global head of frequent borrower's coverage, has taken on additional responsibility for global syndicate. He is also global co-head of the financial institutions group (FIC).

JP Morgan and Lehman have had a disappointing start to the year. Neither of the two banks, which each had leading roles in two of the jumbo LBOs in 2002, have clinched a large LBO financing mandate so far this year.

The growing strength of the bid for euros this week helped Kreditanstalt für Wiederaufbau price its first euro benchmark of the year. The Eu5bn deal, the seventh of its kind, was priced at 20bp over the January 2008 Bund, around 13bp over the interpolated Bund curve, by bookrunners Citigroup/SSSB, Deutsche Bank and HSBC.

Guarantor: Federal Republic of Germany Rating: Aaa/AAA

Rating: Aaa/AAA/AAA Amount: Eu250m Landesschatzanweisung series 61 (fungible with Eu1bn issue launched 21/01/03)

Rating: Aa2/AA/AAA Amount: Eu1bn Landesschatzanweisung series 143

Guarantor: Landesbank Rheinland-Pfalz Girozentrale Rating: Aa1/AA/AAA