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The books for the long awaited Eu2.3bn IPO of Snam Rete Gas, the Italian gas distribution network, opened yesterday (Thursday). All eyes will be on the Italian utility. This is the first jumbo IPO to hit the European markets since Merrill Lynch raised £2.5bn for Friends Provident in July. "It will be very interesting to see how they fare," said one equity capital markets banker not involved in the deal. "It could prove to be the boost we need to start 2002 off on the right foot."

* European Investment Bank Rating: Aaa/AAA

Clifford Chance has been hit by a team defection in its Italian securitisation practice. Alberto Del Din, one of the leading lawyers in the field, is leaving Clifford Chance to establish a structured finance practice at Italian firm Bonelli Erede Pappalardo.

* General Electric Capital Corp Rating: Aaa/AAA

* Landesbank Baden-Württemberg Rating: Aaa/AAA/AAA

Swiss Re completed its jumbo $3.45bn combined equity and equity-linked offering in style this week to prove that investors’ confidence in the equity markets is at last returning.

Swiss Re completed its jumbo $3.45bn combined equity and equity-linked offering in style this week to prove that investors’ confidence in the equity markets is at last returning.

Telstra has redenominated and upped the ceiling off its debt issuance shelf from $6 billion to euro8 billion. JPMorgan replaces Morgan Stanley as arranger.

The US financial markets experienced a reversal this week that resulted in sharply wider swap spreads by yesterday (Thursday) afternoon. The five year was at 64bp over the 3.5% Treasury due in November 2006, compared with 58bp a week ago, while the 10 year was at 65bp over the 5% August 2011 Treasury, compared with 59bp a week ago. The two year is at 44bp and the 30 year is at 64bp. The move in underlying rates has been staggering. The two year Treasury gained 50bp in yield in less than 36 hours from 2.5% on Wednesday morning to 3% yesterday afternoon. Ten year Treasury yields climbed 40bp from 4.4% to 4.8%, while 10 year swap rates settled at 5.42% bid compared with 4.78% only a week ago.