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Emirates Bank has completed the first international bond from the United Arab Emirates (UAE) with a five year floating rate note that was launched at $200m but then increased to $230m. Joint lead managers Deutsche Bank and JP Morgan priced the FRN at 35bp over three month Libor, with an issue price of 99.761, giving a launch spread of 40bp over Libor. This compares favourably to the recent Gulf International Bank (GIB) offering, which was priced at 45bp over Libor.

Rating: A2/A Amount: Eu300m (increased 04/07/02 from Eu250m)

Rating: AAA Amount: Eu100m Öffentlicher Pfandbrief

Estonia Citigroup/SSB has won the mandate for Eesti Energia's planned Eu150m-Eu200m Eurobond, which will have a maturity of between five and 10 years.

Italy Josef Ackerman, Deutsche Bank's chairman, said this week that his bank would consider taking part of the 12.5% stake in Ferarri, the sports car manufacturer, that is being offered by Mediobanca if the price was right.

Rating: AA+ Amount: Sfr280m

Mandated arrangers BNP Paribas, Crédit Lyonnais, Citigroup/SSSB, Mediocredito and WestLB have launched the sub-underwriting phase of the Nigeria LNG project. A series of one-on-one meetings with banks will be held next week in London with the mandated banks and the project company.

Rating: Aa1/AAA (Moody's/Fitch) Amount: Nkr250m

Rating: A1/A- Amount: £300m upper tier two capital

Nordea this week provided a Eu1.1bn bridging facility for Finnish steel maker Outokumpu. The company is the majority shareholder of stainless steel producer AvestaPolarit, in which it controls 52.4% of the shares and votes. The bridging loan will enable Outokumpu to purchase the 23.2% stake in AvestaPolarit owned by the other main shareholder, Corus Group.

Rating: Aaa/AAA Tranche 1: $50m

We have fled far from the loutish hordes who frequent Royal Ascot and who, if it weren't for their hats, might easily be mistaken for Millwall Football Club supporters. Those photo of two reasonably well-dressed, but very drunk ladies having a fist fight said it all. Whatever happened to a dawn duel with Prada handbags? Because we effectively become prisoners in our own home and have to hire security to protect our property, we didn't miss Royal Ascot at all. We would, however, have loved to attend the Barclays Capital fashion show and dinner which we are told was another outstanding success. With so many stunning, statuesque models cruising the catwalk, we could have shared a refreshing cold towel with our old friend and former colleague, Hans-Jörg Rudloff, as we members of the Heart By-pass Surgery Club are not encouraged to become over-excited.