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Rating: Aa3/AA- Amount: R200m

Citigroup/SSSB, Deutsche Bank and JP Morgan will today (Friday) fight to launch and price Deutsche Telekom's jumbo bond offering, their second attempt in two weeks.

Citigroup/SSSB, Deutsche Bank and JP Morgan will today (Friday) fight to launch and price Deutsche Telekom’s jumbo bond offering, their second attempt in two weeks.

Amount: $250m Legal maturity: July 15, 2007

Dollar swap spreads went into freefall in the early part of this week. The 10 year spread collapsed to a low of 48bp/49bp - the narrowest prices seen at this maturity for exactly four years. Meanwhile, the five year tightened to a low of 41bp/42bp. The 10 year price was another 4bp tighter than at the end of the previous week, while the five year price was about 2bp narrower. By the beginning of the week, spreads had contracted around 8bp in less than two weeks.

The market struggled to focus on anything this week but the yo-yo activities of Deutsche Telekom as it fought to price its jumbo transaction. Having revised the price talk three times, Deutsche, JP Morgan and Citigroup/SSSB hope to price the Eu5bn three tranche deal today (Friday) at levels consistent with initial price talk.

Edinburgh Fund Managers (EFM), the embattled Scottish investment management house, suffered another blow to its struggle to remain independent as the Edinburgh Investment Trust threatened to desert the company this week. The Edinburgh Investment Trust, one of the fund manager's largest clients, has put the contract to manage its £1.4bn of assets out to tender. And while EFM has the opportunity to bid for the business, the uncertainty over the tender has re-opened the door for a possible takeover of the Scottish fund management group.

The $250m three year facility for the National Bank of Egypt has been closed and is due to be signed in London on Friday May 31. The deal was well received in syndication and is due to be increased to $300m.

The European Investment Bank this week successfully enhanced and deepened its access to the US market, with 40% of its $3bn August 2005 transaction being sold to US investors. When the bank redefined its strategy at the beginning of 2001, one of the key objectives was to attract demand for its global dollar bonds from the US investor base.

The European Investment Bank this week successfully enhanced and deepened its access to the US market, with 40% of its $3bn August 2005 transaction being sold to US investors. When the bank redefined its strategy at the beginning of 2001, one of the key objectives was to attract demand for its global dollar bonds from the US investor base.

Rating: Baa2/BBB Amount: $800m (increased from $500m)

EuroWeek understands that ABN Amro, HSBC and Lloyds TSB are arranging a £170m three year facility for HFC Bank.