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Fifteen euro trades were closed for a combined total of $1.42 billion. Deutsche Telekom International Finance was responsible for a large percentage of the volume done, issuing three notes. Its largest deal was a five-year euro500 million ($446.61 million) note. The trade pays an annual coupon of 5.250%. It did a euro350 million note that pays a coupon of 4.625%. The note settles on August 28 2003. And it closed a euro69 million trade that matures on March 15 2003. Fellow German issuer, Westfalische Hypothekenbank, closed a three-year euro100 million trade via Goldman Sachs. The note is public Pfandbrief and has a coupon of 3m Euribor flat. French issuers were also active, if in smaller volume. Caisse Centrale du Credit Immobilier de France did a one-year euro50 million plain vanilla floater. UBS Warburg was the bookrunner. And BNP Paribas closed two trades for euro5 million combined. Both notes mature in January 2004. ABN Amro closed the shortest-dated trade - a euro5 million note that matures on March 8 this year. And Commerzbank International issued an 18-month euro2.02 million note. The trade carries a coupon of 11.091%.

Merrill Lynch has sounded a cautious note about the extent of the predicted economic recovery and its own revenue performance in 2002 ahead of its earnings report later this month. The bank announced on Wednesday a restructuring charge of $2.2bn pre-tax for the fourth quarter. Benefits of the restructuring, led by chairman David Komansky and president and COO Stan O'Neal, are predicted to include annual expense savings of around $1.4bn.

Collateralized Assets Securities Holdings (CASH) has signed a $2 billion secured note programme, and HSBC is the arranger and sole dealer. The programme is entering the increasingly popular financial repackaged sector. It is the first financial repackaged signing of 2002, but the 15th signing since January 1 2001. Although issuance from financial repackaged issuers is touted as being one of the next big growth areas, last year issuance from the sector fell with each quarter. This year so far has seen 61 notes issued, raising $947.83 million.

Goldman Sachs Asset Management, the sixth largest pension fund manager in the UK, has launched five new funds for its pooled fund range. The funds are primarily aimed at medium and small sized companies, and will provide a balance of equity and fixed income. The new funds are: UK equity; continental Europe; sterling fixed income; sterling broad fixed income; and global broad fixed income portfolios.

Principal Financial Global Funding has dropped Goldman Sachs as a dealer from its $4 billion programme for the issuance of debt instruments. Goldman Sachs has not led a trade for the issuer since the beginning of 2000, according to MTNWare.

The Hellenic Republic this week joined the ranks of benchmark sovereign bond issuers by establishing a Eu5bn 10 year line, nearly double the size of its previous record syndicated transaction, a Eu2.6bn issue launched in 2001 Joint led by Credit Suisse First Boston, EFG Eurobank, JP Morgan, National Bank of Greece and Sanpaolo IMI, Greece achieved an oversubscription on Wednesday of Eu7.5bn in a market set to receive over Eu28bn of competing 10 year supply this month.

* DaimlerChrysler AG Rating: A3/BBB+

Goldman Sachs sold a Eu1bn convertible bond and a Eu1bn block of shares in German semiconductor Infineon this week to take advantage of improving sentiment in the tech sector. Infineon's share price has been rising steadily since hitting a low at the end of September of Eu12, just above its book value. Infineon and its majority owner Siemens wasted no time this month in launching a deal, after much speculation in the last few months that Infineon needed further financing.

The State of Israel may finally convert one of two outstanding mandates into its first public bond issue since a $500m 10 year issue in March 2000. "It is likely that one of our deals will come in the first quarter," said foreign currency transactions department head, Arnon Ikan. "We are reviewing the situation in all markets at present."

Kommunalkredit has upped the size of its euro3 billion ($2.67 billion) debt programme to euro5 billion. DG Bank and Osterreichische Postsparkasse were dropped as dealers. Bank fur Arbeit und Wirtschaft and DZ Bank were added. The programme has $3.31 billion outstanding off 38 trades.

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ANZ Investment Bank, BA Asia and Crédit Lyonnais have signed an agreement for a $110m, 5.5 year term loan facility for Reliance Industries. Pricing is currently being decided but it is expected to be close to 100bp. The deal is expected to be launched into syndication by the end of January.