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Guarantor: TotalFinaElf SA Rating: Aa2/AA

Amount: Skr970m Tranche 1: Skr500m

Rating: A1/AAA/AA+ Amount: Eu500m (fungible with two issue totaling Eu1.5bn issue launched 17/10/02) Öffentlicher Pfandbrief series 338

Guaranteed: Alpha Credit Bank AE Rating: Baa1/BBB

The mandate to arrange the Eu1bn five year facility for Sociedade Nacional de Combustiveis (Sonangol) will be finally awarded next week. The mandated arrangers should be BNP Paribas, SG, Natexis Banques Populaires and Banque Belgolaise. The borrower is finalising terms and conditions and the mandate letter should be signed off on Monday. Banks are eagerly awaiting this deal but more than one banker has told EuroWeek that the borrower will need the help of every Sonangol supporter to get such a big facility away.

Private corporate issuance continues to gather strength, with 24 notes issued this week. Volkswagen Financial Services continued its busy start to the year. The largest of its three trades was a Eu30m note via Morgan Stanley. The issue has a one year tenor and pays a coupon of 4bp over three month Euribor.