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Guarantor: Caja de Ahorros Provincial San Fernando de Sevilla y Jerez Rating: A- (Fitch)

Rating: A+/AA- Amount: Eu100m

Rating: BBB/BBB+ Amount: Eu300m (fungible with Eu400m issue launched 14/02/02)

Amount: Eu775.5m Legal maturity: July 15, 2011

Corporate issuance is set to pick up in Europe over the coming weeks, as borrowers seek to take advantage of the firmer tone in the credit markets to raise funding ahead of the summer holidays. Today (Friday), Renault and Ford Motor Credit Corp (FMCC) will price euro denominated offerings. Renault is expected to price a Eu500m seven year issue inside original guidance of 110bp over mid-swaps, via Deutsche Bank and SG. FMCC will price its Eu750m five year Ecosav transaction at 140bp over mid-swaps. Bayerische Landesbank, BBVA and Fortis Bank are joint bookrunners.

Rating: Baa1/A- Amount: Eu85m

Mandated arrangers ING and RZB will close syndication of the Eu50m five year facility for Croatian Bank for Reconstruction and Development (HBOR) shortly. The deal has received a considerable oversubscription and is due to be increased at signing on June 21 in Zagreb. Baden-Württembergische Bank, BayernLB, Dresdner Kleinwort Wasserstein, Hungarian Foreign Trade Bank, KBC, LB Kiel, OTP Bank and WGZ have joined in senior syndication.

Dollar swap spreads inched wider this week as the pace of new issuance slowed. However, most dealers in New York expect this to be only a temporary bounce and believe the prevailing pressures are still to be felt on the offer side of the market. The euro swap market was starved even more acutely of new issue flow, but next week looks as if it will be busier.

Noel Dunn is to run global syndicate at Bear Stearns as Jacques de Saint Phalle moves to Keefe, Bruyette & Woods (KBW). De Saint Phalle was Bear's head of US corporate syndicate.

Noel Dunn is to run global syndicate at Bear Stearns as Jacques de Saint Phalle moves to Keefe, Bruyette & Woods (KBW). De Saint Phalle was Bear's head of US corporate syndicate.

EFG Hellas has added Goldman Sachs as a dealer to its euro1.5 billion ($1.41 billion) debt instrument programme. And EFG Hellas (Cayman) has been added as an issuer. The programme has three trades outstanding, which amount to $379.96 million-worth.

Guarantor: EFG Eurobank SA Rating: BBB+/BBB