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Converium, the reinsurance unit being spun off by Zurich Financial Services, started pre-marketing to investors this week for its Eu2bn-Eu2.5bn IPO. Zurich revealed its intentions to offload Converium the week before the September 11 attacks. Immediately after the attacks, investors were sceptical of the deal, as the entire insurance sector fell on the back of fears of massive claims. However, two months on investors have become more positive towards the sector, eyeing the probability of increased premiums over the next year.

* Commerzbank AG Rating: A1/A+

US dollar swap spreads continued to crunch lower this week, leaving 10 year spreads lower than at any time since mid-summer 1998. At the close of trading yesterday (Thursday) the five year mid-market was 58bp over the new 3.5% Treasury due November 2006, while 10 year spreads were about 60bp. The 10 year is about 3bp softer than a week ago. The Federal Reserve's decision to take the Fed Funds rate to 2% on Tuesday seems to have had little effect on swap spreads.

Croatia Deutsche Bank has been mandated to arrange a $150m credit for the Croatian Roads Company (HAC).

The European Investment Bank will next week launch a Eu5bn five year global Euro Area Reference Note (EARN), which should be the supranational's most faithful expression of the principles outlined when it launched the benchmark programme in March 1999. And bankers, who have regularly criticised the supranational's apparent lack of commitment to its stated goal of being "a non-opportunistic issuer of euros in terms of benchmark funding", believe that the EIB will successfully grasp the opportunity to revitalise its reputation in the international markets.

The European Investment Bank will next week launch a Eu5bn five year global Euro Area Reference Note (EARN), which should be the supranational's most faithful expression of the principles outlined when it launched the benchmark programme in March 1999. And bankers, who have regularly criticised the supranational's apparent lack of commitment to its stated goal of being "a non-opportunistic issuer of euros in terms of benchmark funding", believe that the EIB will successfully grasp the opportunity to revitalise its reputation in the international markets.

Premier carrier Emirates Airlines this week gave a much welcome fillip to the aerospace industry when it announced plans to invest $15bn in 68 new aircraft. Typically, 20% of aircraft financing is raised from equities, and loans bankers were gleeful at the thought of funding 80% of the jumbo order.

Guatemala * Republic of Guatemala

France Télécom this week proved that the depth of the euro market is back to its pre-September 11 level by executing a Eu5bn transaction in just two days, completing what is expected to be Europe’s last jumbo telecoms issue this year.

France Télécom this week proved that the depth of the euro market is back to its pre-September 11 level by executing a Eu5bn transaction in just two days, completing what is expected to be Europe’s last jumbo telecoms issue this year.

* BOS International (Australia) Ltd Guarantor: Royal Bank of

* Caisse Nationale des Caisses d'Epargne et de Prévoyance Rating: AA/Aa2/AA