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The tier one table has been modified to include the FRESH tier one equity-linked bond. It is included on the merits of its bond features (origination, sales, bond-style coupon). Any future tier one equity-linked transactions will be considered on an individual basis.

Brazil's elections are not until October 20, but the political noise levels are already high and affecting the markets. Pimco, however, takes a typically detached, forthright view. "The market has been excessively pessimistic in pricing in a victory by the opposition candidate Lula, who still has to clarify his policy and debt servicing intentions," Mohamed El-Erian, managing director and head of Pimco's emerging market portfolio management team, told EuroWeek.

Relationship banks of British Telecom have responded favourably to the reduced refinancing of BT's £5.5bn debt facility signed in 2001. In line with its debt reduction policy, BT has requested a much smaller facility of £550m from its banks. The terms and conditions of the loan are identical to the £5.5n deal signed last year.

Mandated arrangers KBC, Rand Merchant Bank and Standard Chartered will close syndication of the $210m four year facility for Société Nationale des Pétroles du Congo (SNPC) next week once all commitments have been received. Five levels of participation are on offer: arranger for a take of $25m; co-arranger for $20m; lead manager for $15m; manager for $10m; and participant for $5m.

Eurotunnel this week completed the latest step in its debt restructuring programme with a £740m bond issue to refinance and repurchase junior and subordinated bank debt. Lead managed by Dresdner Kleinwort Wassserstein and Merrill Lynch, the offering marks the end of a complex structuring and marketing process that saw the tender offer price on subordinated debt widen and the bond structure tweaked to meet investor demand.

UBS Warburg will next week price a Eu750m securitisation of real estate equipment and industral leases for Banca Agrileasing, the bank that services Italy's co-operative network. Price talk for the Eu660m triple-A tranche is 39bp-40bp over Euribor, while the Eu78m single-A tranche is expected to come at around 100bp over.

French carmaker Peugeot returned to market this week with a Eu1.5bn securitisation of French and Spanish car loans. Lead managed by Crédit Agricole Indosuez and Credit Suisse First Boston, the deal is Peugeot's second public securitisation, following a Eu1bn debut offering in June 2001 via CAI and Deutsche Bank.

Credit Suisse First Boston and Caja Madrid brought a new asset class to the Spanish market last week with a Eu1.3bn synthetic securitisation of loans to consumers and small and medium sized enterprises (SMEs). Synthetic securitisations are rare in Spain, partly because Spanish money market funds are unable to buy credit-linked notes. The transaction is thought to be the first deal in the consumer class.

ABN AMRO has hired Terri Duhon, credit trader and structurer at JPMorgan in London, as global head of credit structuring and origination, according to officials. Duhon reports to Arne Groes, head of credit derivatives in London, who confirmed her arrival, but declined to reveal her specific role. Duhon, who started Monday, declined comment.

Robert Heathcote, managing director and European head of credit derivatives at Goldman Sachs, is returning to structuring cash and synthetic collateralized-debt obligations. Heathcote has returned to structuring transactions because the firm wanted a senior banker in that position, according to Rebecca Nelson, spokeswoman. Heathcote will be working with Alastair Borthwick, managing director. Borthwick said his role has not changed and he has been working on structured transactions for the past year. Heathcote declined comment.