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Dollar swaps traded in a reasonably tight range during a week of only desultory business. This Monday's Memorial Day holiday looms in the US, while London will celebrate the Whitsun holiday on the same day. These approaching events curtailed inter-bank business this week - as did the Ascension Day holiday enjoyed by most continental European bankers yesterday (Thursday). The 10 year mid-market swap was around 78bp over Treasuries at the end of the week while the five year mid-market was 74bp over Treasuries.

The loan market is awaiting the launch of a Eu2bn facility for Spanish mobile telephone operator Amena. An arranger group, thought to consist of Barclays, BSCH IntesaBci, Deutsche and SG, has been working on meeting the company's funding need for some months. The company is looking to refinance a Eu750m bridge put in place last year by BCI, BSCH, Barclays, Deutsche and SG. The facility, which financed a GSM build-out, was structured as working capital. That loan paid 75bp in the first six months, 100bp in months seven to nine and 125bp in the last three.

Alliance & Leicester Group Treasury has issued a £

Emerging debt rallied yesterday (Thursday) on the launch of Argentina’s long awaited debt swap, which is expected to be around $20bn and the most comprehensive exchange offering ever undertaken in the international capital markets.

Emerging debt rallied yesterday (Thursday) on the launch of Argentina’s long awaited debt swap, which is expected to be around $20bn and the most comprehensive exchange offering ever undertaken in the international capital markets.

Arrangers and sponsors of the Eu1.535bn leveraged buy-out of industrial gases company Messer Griesheim — Goldman Sachs (co-ordinator), JP Morgan, HypoVereinsbank and RBS and Goldman Sachs Private Equity and Allianz Capital Partners — are considering lowering the pricing on one of the transaction’s tranches after an overwhelming response in syndication.

Arrangers and sponsors of the Eu1.535bn leveraged buy-out of industrial gases company Messer Griesheim — Goldman Sachs (co-ordinator), JP Morgan, HypoVereinsbank and RBS and Goldman Sachs Private Equity and Allianz Capital Partners — are considering lowering the pricing on one of the transaction’s tranches after an overwhelming response in syndication.

China Shanghai General Motors' $600m five year facility, arranged by Citibank/Salomon Smith Barney (Hong Kong), has been closed. The $160m offshore tranche has been closed for two weeks. Documents are still being finalised for the $440m onshore portion, led by Industrial & Commercial Bank of China. Proceeds will refinance an $821m loan arranged by Citicorp International and completed in September 1998.

Asia Pacific * Kingfisher Trust 2001-1G

Australia The A$150m three year acquisition financing for Downer Group, arranged by BA Asia, has been closed. The arranger held A$40m.

Has the dust settled on Barclays Capital where the bank's chief executive, Robert Diamond, carried out a daring smash'n'grab raid on Deutsche last week? Will this go down as one of the greatest victories in history - or as a replay of Napoleon's decision to march on Moscow? Rarely have we heard such rancour and so many divided opinions. Bob Diamond remains one of the most admired leaders in the industry. Here is the man who took over Barclays Capital when it looked like orphan Annie, and turned it into Cinderella all dressed and ready to go to the ball. With Edson Mitchell sadly no longer in contention, Diamond was set to be the new king of the Euromarkets. We were looking forward to the coronation which was due to be held in the Velvet Club in Geneva. If you haven't been to the Velvet Club, you don't know what you are missing, but do remember to take lots of mille Swiss franc notes.