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Buhrmann, the Dutch office supplies company, has been cleared of misinforming investors at the time of its Eu690m secondary offering in March. Buhrmann had faced criticism when it stunned investors in April by announcing that earnings per share for the first three months of 2001 would be 20% lower than the year before.

The European LBO market is bracing itself for an unprecedented number of sponsor driven transactions that are due to hit syndicate desks over the next four weeks.

The European LBO market is bracing itself for an unprecedented number of sponsor driven transactions that are due to hit syndicate desks over the next four weeks.

* Caisse d'Amortissement de la Dette Sociale Rating: Aaa/AAA/AAA

Euro volume took a boost yesterday - mainly down to one large trade. Westdeutsche Landesbank Girozentrale concluded a euro1 billion ($913.13 million) note. The seven-year note pays interest annually. Westdeutsche Landesbank Girozentrale also acts to lead-manage the note. Bank of Scotland Treasury Services is set to issue a euro80 million note that matures on September 30 2002. The note pays interest singularly. Credit Lyonnais Finance (Guernsey) was a frequent issuer, but went for considerably smaller volumes. It issued three notes - one for euro0.12 million and two for euro1 million. The smaller size note pays interest annually and has a final coupon of 9.200%. It has a two-year tenor. The two euro1 million notes both mature in July 2003. Barclays Bank traded its second note in two days. The euro25 million note has a zero interest payment frequency and matures on November 2 2006. Islandsbanki closed its first euro trade of the month - a euro10 million MTN that pays interest annually. The note has a tenor of three years. Westland/Utrecht Hypotheekbank concluded the shortest-dated trade - a euro25 million note that matures on February 28 2002. The note has a single interest payment frequency and a final coupon of 4.178%.

Euro volume was at its lowest level for a long time yesterday, with no trades exceeding euro25 million ($22.61 million). BNP Paribas concluded the smallest trade - a euro2 million note that is issued on September 10. Both Bayerische Hypo-und Vereinsbank and Royal Bank of Scotland traded euro5 million notes. Bayerische Hypo-und Vereinsbank's note matures in nine years, pays interest annually and has a final coupon of 3.000%. Royal Bank of Scotland's issue matures on November 16 2009. SNS Bank Nederland concluded a six-year euro25 million note that is issued on November 30. The note pays interest singularly. Earls almost matched that figure, with a euro24.37 million note that pays interest singularly and has a final coupon of 5.260%. HSBC Investment Bank (Netherlands) is set to issue a euro20 million note that matures on 26 August next year. There was also two euro10 million notes traded. Barclays Bank's trade matures on September 13 2006. Links Finance's note matures on September 20 next year.

Short-dated trades dominated euro yesterday, with just two trades with a tenor longer than five years. Eurofima issued both the largest and longest trade: a euro300 million ($272.30 million) note that goes out to September 17 2014. The note pays interest annually and has a final coupon of 5.41%. Lehman Brothers Holdings closed a euro45 million MTN that matures on October 12 2007. The note pays interest annually. Lehman Brothers International is the bookrunner. Two other issuers kept euro volume relatively high. BAWAG closed a euro30 million note that matures on December 17 2002, and SGA Societe Generale Acceptance did a euro20 million note that matures on February 28 2003. ABN Amro is set to issue a euro15 million note on September 6. The note, which matures on December 27 2004, pays interest singularly and has a final coupon of 4.850%. Credit Lyonnais Finance (Guernsey) closed two euro1 million trades. Both notes pay interest singularly and mature in August of next year. Also trading in small amounts were Banque Generale du Luxembourg (euro3 million) and BCL International Finance (euro6.01 million).

Despite volumes remaining low, euro had a busy day yesterday, with 11 trades in all. Germany dominated the day's proceedings with five of the eleven issuers. Two German banks issued the largest trades, for euro150 million. Landesbank Sachsen's note matures on March 10 2003 and pays interest quarterly. Norddeutsche Landesbank's note matures just one day later, March 11 2003, and has a single interest payment. Other German issuers were Deutsche Apotheker-und Aerztebank (euro50 million), Commerzbank International (euro5 million) and Deutsche Bank (euro2.5 million) Zenith Systems was the only issuer looking towards the long-end with a euro10 million ($9.17 million) note that goes out to September 2021. The note pays interest annually and has a final coupon of 7.350%. HSBC Investment Bank (Netherlands) and European Investment Bank (EIB) both closed notes for euro20 million. HSBC's trade matures on October 18 of this year. EIB's five-year note pays interest annually and has a final coupon of 1.750%.

French automotive manufacturer Renault is looking to make its entrance into the Samurai market though a ¥50bn five year Samurai deal next week. Merrill Lynch and Daiwa Securities SMBC have been appointed as joint lead managers. "Renault has never accessed the market before, but it is a highly regarded name in Japan because of its partnership with Nissan," said a banker at Merrill Lynch.

Gazinvest Finance is rumoured to be signing a euro300 million ($274.46 million) MTN programme in the near future. Deutsche Bank is thought to be the IPA.

Finland The co-arranger phase of the Eu800m tranche of the Eu1.2bn facility for Finland's leading media group Sanoma has been closed. Arrangers Goldman Sachs and Nordea are finalising the term sheet before general syndication is launched in early September.

Following continued pressure from banks and politicians, it seems that the grey markets in Germany are finally starting to reveal their hands. The problem of the lack of transparency in the grey markets has long been recognised. But this year, following the extreme volatility on the stock markets that have damaged so many issues, discussions have intensified.