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TDC, formerly known as TeleDanmark, this week became the first of a series of telcos to tap the euro market, launching a Eu750m 2012 transaction that was priced 109bp over mid-swaps. Unfortunately for the Danish telco, it was issued just as volatility, caused by weakening stock markets and heavy selling in European mobile phone operators, gripped the market. Lead managers Citigroup/SSSB, Goldman Sachs and UBS Warburg managed to price within guidance, but the bonds widened on the break, and were trading at 134bp-135bp over Bunds at yesterday's close (Thursday). Olivetti has been even unluckier with the timing of its issue due today (Friday). The leads confirmed price guidance had already been increased by 25bp for each tranche. (See separate story on page 3.)

A dismal showing by AT&T, which had to widen price talk by 25bp-30bp to execute a $3bn three tranche issue, sent spreads on telecoms issues some 15bp wider, making life difficult for Olivetti, which is expected to launch a Eu2bn issue today (Friday) via Barclays, Citigroup/SSSB, Lehman and UBM. The two tranche Olivetti deal has had to be repriced, with the five year portion upped from mid-swaps plus 135bp to 160bp and the 10 year element from plus 165bp to 190bp.

Rating: Aaa/AAA/AAA Amount: $1bn (fungible with the $1bn issue launched 11/03/02)

Rating: Aa1/AAA/AAA Amount: Eu1bn (fungible with Eu1bn issue launched 04/12/01) Öffentlicher Pfandbrief series 587

Rating: Aa1/AA-/AA Amount: $500m subordinated debt (fungible with $350m issue launched 11/03/02)

Amount: Eu250m (fungible with five issues totalling Eu500m first launched 22/03/01) Maturity: April 11, 2021

Rating: Aaa/AA+/AAA Amount: Sfr100m (fungible with two issues totalling Sfr300m launched 04/12/01 and 19/02/02)

Rating: Aaa/AAA Amount: Z50m (fungible with Z100m issue launched 03/01/02)

Rating: Aaa/AAA/AAA Amount: NZ$50m (fungible with NZ$200m issue launched 03/01/02)

Rating: Aaa/AAA/AAA Amount: $3bn (fungible with $7bn issue launched 10/01/02)

Joint arrangers ING and Standard Bank are due to launch the Eu40m one year bullet loan for Parex Bank into general syndication at the end of this week. The facility has a one year term out option.

MTNWeek's awards were presented at the Grosvenor House Hotel on London's Park Lane on Tuesday night, and those who didn't win an award were given the chance to buy their way to happiness. An auction netted over £