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The EBRD this week launched its inaugural global dollar bond, a $1bn June 2006 transaction priced flat to the Fannie Mae February 2006s, making the supranational the first this year to price a bond without paying a premium to the US agencies. Other supranational issuers in the five year sector this year have included the World Bank, which priced its deal at 1bp over Fannie Mae, the EIB at 4bp over, the IADB at 6bp over, and the IFC at 4bp over.

Colombia * Republic of Colombia

The EBRD this week launched its inaugural global dollar bond, a $1bn June 2006 transaction priced flat to the Fannie Mae February 2006s, making the supranational the first this year to price a bond without paying a premium to the US agencies. Other supranational issuers in the five year sector this year have included the World Bank, which priced its deal at 1bp over Fannie Mae, the EIB at 4bp over, the IADB at 6bp over, and the IFC at 4bp over.

The Hungarian forint joined the Polish zloty and Czech and Slovak korunas as the latest Eurobond issuance currency in central Europe this week with full convertibility expected next week. WestLB pipped other investment banks to the post on Wednesday, issuing and distributing the first ever Euroforint bond, albeit only a Huf2bn (Eu8m) two year private placement.

The launch of the Eu200m Zentaris IPO this week highlighted the beginning of a potential new wave in European biotech offerings, despite the fact that investors are still reluctant to invest into the sector. The German cancer research corporation, which is being sold by chemicals maker Degussa, is the largest of a range of firms hoping to win investor approval across Scandinavia, France and Germany.

* Banca Italease SpA Amount: Eu250m

* AIG SunAmerica Institutional Funding II Rating: Aaa/AAA

A staggering Eu20bn-Eu25bn calendar is building for launch in euros over the next few weeks, with Siemens expected to take centre stage next week with a Eu4bn two tranche bond via Merrill Lynch and Morgan Stanley. A Eu2bn five year tranche is expected at around mid-swaps plus the 20bp area and a Eu2bn 10 year at the 35bp area. Official price talk will be announced this (Friday) morning. Scandinavian Airlines System will price its debut euro bond this morning. The Eu500m seven year deal is said to be oversubscribed at the mid-swaps plus 83bp-88bp range and is expected to come at the tight end. Bookrunners are Schroder Salomon Smith Barney and Morgan Stanley. Vivendi Environnement's Eu1bn plus seven year issue will be priced next week by leads ABN Amro, BNP Paribas, Deutsche and SG. Price guidance is in the 85bp-90bp area over mid-swaps. And Coca-Cola HBC is also due next week with its Eu500m plus five year bond. Price talk is 45bp-50bp over mid-swaps. News of Deutsche Telekom's Eu5bn-Eu8bn bond was comfortably absorbed by the market. The mandate has been awarded to BNP Paribas, Deutsche and JP Morgan. Freddie Mac is expected to award a mandate for its June EuReference Note imminently, to a mix of its seasoned leads, such as SSSB, and new houses, such as CSFB and Dresdner Kleinwort Wasserstein. New mandates this week included a Eu1bn five or seven year deal for Bosch, which has gone to Deutsche and JP Morgan, and US home appliance manufacturer Whirlpool Corp, which has chosen ABN Amro and JP Morgan to lead its five year euro offering. Quebec has awarded a mandate to Deutsche, Merrill Lynch, SG and WestLB for its inaugural 10 year euro transaction. The Eu1.5bn issue is expected to be launched today (Friday) or early next week at mid-swaps plus the mid to high 20bp. BNP Paribas and Deutsche have the mandate for Household Finance Corp's planned euro benchmark, which will be launched in July following investor presentations. Klepierre, continental Europe's leading shopping centre manager, has awarded BNP Paribas the mandate for its inaugural euro offering. A roadshow starts today (Friday) and the Eu500m-Eu600m deal will be launched next week. Klepierre is rated BBB+. UK retailer J Sainsbury has unveiled plans for a two tranche euro/sterling transaction. HSBC and Deutsche will lead a Eu750m seven to 10 year bond and £200m of 10-15 year bonds. Roadshows in the UK and continental Europe will start on June 18, with launch expected the week after. TMCC is reportedly eyeing the euro market and is conducting a non-deal related roadshow with BNP Paribas and DrKW to update investors on its most recent results. Accor, rated BBB/BBB+, will launch a euro benchmark issue following a European roadshow via CDC IXIS, JP Morgan and Natexis Banques Populaires. Vodafone, A2/A/A, has awarded BBVA the mandate to lead a Eu400m-Eu500m five year issue. Price talk is in the 50bp area over mid-swaps. Investor presentations start next week. Mediobanca has the mandate for a Eu150m debut three year Eurobond for Giochi Preziosi Lussemburgo, a member of Italian toy retailer Giochi Preziosi Group. Cerruti Finance SA, guaranteed by Finpart SpA, will launch a Eu150m three year euro transaction following a European roadshow. Abaxbank has been appointed bookrunner with Unicredit Banca Mobiliare as joint lead. FCE Bank, rated A2/A/A+, has announced plans for a benchmark five year euro floater. The offering will be issued off the bank's Euro-MTN programme, via ABN Amro, DrKW and Goldman Sachs. Banca Popolare di Milano, rated A2/A-/A, is readying three subordinated transactions, to be led by Banca IMI and Goldman Sachs. Internet bank Egg is roadshowing a sterling lower tier two issue with Barclays Capital and Morgan Stanley. CSFB will lead manage a sterling GIC for Nationwide Life Global Funding I.

McDonald's Corporation has upped the ceiling off its $2.5 billion Euro-MTN programme to $4 billion. Royal Bank of Canada has been replaced by Fortis Bank on the dealer panel. Vodafone Group has dropped Goldman Sachs from its euro8 billion ($6.79 billion) Euro-MTN programme. The programme has just over $2 billion outstanding off two notes. Hapoalim International has raised the limit off its $1.5 billion global MTN programme to $2.5 billion. Spintab has added ABN Amro and Deutsche Bank as dealers off its euro15 billion ($12.73 billion) programme for the issuance of debt instruments. ABN Amro has increased the limit off its $15 billion debt issuance programme to $20 billion. Combined Global Funding has dropped AON Capital Markets as a dealer from its $1 billion debt instrument programme and added BNP Paribas and Schroder Salomon Smith Barney. The facility was signed over a year ago but only has two small notes outstanding. Federal State of Saxony-Anhalt has upped and redenominated its Dm6 billion ($2.6 billion) debt issuance programme to euro6 billion ($5.09 billion). It has dropped HSBC Trinkaus & Burghardt, JP Morgan and Salomon Smith Barney from the dealer panel, and added ABN Amro, Anton v. Below, DG Bank, Merrill Lynch and Mizuho.

Estonia The Estonian parliament has passed budgetary amendment clearing the way for the Republic of Estonia to issue a Eu100m Eurobond. The legislation means formal bidding can begin by investment banks hoping to lead manage the debut issue. Bankers expect a mandate to be awarded by next month, with launch from September.

France The Eu473m IPO for Nexans, the French cable company owned by Alcatel, is moving into its final stages and, according to a banker close to the deal, has met with good demand. Alcatel intends to sell no less than 17.5m shares, representing 70% of Nexans, but there is also a provision to increase the size of the offer up to 100%, which would raise Eu675m if the offer was priced at the top of the range. The price range has been set between Eu23.5-Eu27.

NordSee, the German fish restaurant chain, will announce a price range for its Eu200m IPO this weekend, after premarketing the company for the past two weeks. Germany's third largest fast food chain, behind McDonald's and Burger King, plans to set final pricing on June 25. The deal is being lead managed by UBS Warburg. The IPO is a combination of 40% primary shares and 60% secondary shares. The secondary shares are mainly being sold by private equity house Apax Partners, which owns 88% of the company and will retain more than 10% after the IPO.