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Brazil redeemed itself in the US global bond markets this week by launching a blowout $1.25bn six year transaction targeted at the wave of cross-over funds pouring into the emerging markets and structured to win back the hearts of investors soured by its 2012 deal in January. Plagued by the poorly performing $1.25bn 2012, and knowing that with the euro and yen markets essentially shut to large Latin deals, Brazil was determined to issue the perfect bond in terms of maturity, size, pricing and allocation.

The board of Charter European Trust, the pan-European investment trust, scored an impressive and unexpected victory at the end of last week when it managed to foil Henderson Global Investor's attempted takeover bid. Henderson and Charter European had been locked in battle for the last two months over control of the £420m trust. Henderson had made an aggressive bid to take over management of Charter European from Dresdner RCM.

REpower, the German wind turbine manufacturer, is preparing to launch its IPO on the Neuer Markt this month in what is set to be the first real test of investor confidence in a growth stock this year. With investors still reeling from the big losses on the Neuer Markt over the last two years, Citigroup/SSSB, which is leading the deal, will open the books for the issue on March 12 with trepidation. The new shares will start trading on March 26.

Fund managers are being advised to safeguard their income streams and to tackle costs harder, as a survey from PricewaterhouseCoopers revealed this week that the revenue earned by the top UK firms fell last year by 5.5%, the first drop in five years. The interim survey covered 18 firms with a total of £940bn of assets under management, reviewing their responses for 2001. It found that fund managers are struggling to get to grips with the cost growth of recent years. The survey predicted that amid increased uncertainty and volatility, fund managers must find new ways to improve profitability. "Fund managers may wish to develop strategies around outsourcing, defined contribution pensions and changing distribution channels," said Ian Hards, a partner at PwC Consulting.

Croatia Joint mandated arrangers Mizuho (Dai-Ichi Kangyo Bank) and Zagrebacka banka are preparing to launch a $100m syndicated medium term loan for Industrija Nafte (INA).

* Aareal Bank AG Rating: A+ (Fitch)