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Volkswagen Financial Services has closed a two-year Norwegian krone trade. The Nkr400 million ($44.14 million) will be issued on June 27 and pays a final coupon of 7.750%. The trade was issued off the euro5 million ($4.39 million) debt issuance programme set up in 1996 via Commerzbank and JP Morgan. This is the first trade in Norwegian krone issued off the programme.

This week was dominated by holidays - Ascension Day in Europe and long weekends ahead in the UK and US - bringing activity to a near standstill yesterday (Thursday). Profit-taking throughout the week drove spreads wider, with telecoms and auto yields worst hit. Ford Motor Credit's debt widened following the decision to replace 13m Firestone tyres at a cost of $3bn. Moody's changed the outlook on its A2 rating from stable to negative and a similar action was taken by Fitch. Ford's dollar and euro issues widened by as much as 10bp on the news.

Austria Arrangers on the Eu1bn facility for Connect Austria have approached around 20 banks to take a mandated lead arranger title. The arranging group consists of Dresdner Kleinwort Wasserstein, JP Morgan and WestLB.

Westland/Utrecht Hypotheekbank has issued a floating-rate Sfr100 million ($57.4 million) note. The two-year note has a final coupon of 6mLibor+0.05000% and pays interest semi-annually. The lead dealer is UBS Warburg. This is the issuer's second trade in Swiss franc in the space of a week, following a Sfr170 million note issued on May 18. Peter van der Hulst, at Westland/Utrecht Hypotheekbank's treasury says: "The choice of Swiss franc was that of the investor, but it is a currency we feel very happy issuing in and have done so many times before."

Stephen West has left Dresdner Kleinwort Wasserstein, the bank he joined to much fanfare last year as global head of credit trading. He resigned just over two weeks ago, of his own accord. It is not yet known where he will move to, and his former colleagues at DrKW are still in the dark.

* Deutsche Telekom AG Rating: A2/A-

Elior, the French contract catering company, has raised Eu357m from its combined equity and convertible offering, in a deal that saw the share price rise steadily throughout the process. Morgan Stanley and Deutsche Bank led the deal which was a combination of a Eu227m share issue and a Eu130m convertible bond. "The equity offering was received well by the market, and the pricing of the bonds was fair," said a London-based dedicated convertibles investor.

Brazil * Banco Bradesco SA

Kazakhstan: The launch of an inaugural $100m three year Eurobond for Bank TuranAlem is expected in the middle of next week, according to an official at Dresdner Kleinwort Wasserstein, sole lead manager for the deal. The roadshow for the issue will take in European and US locations, including Frankfurt on Wednesday and London on Friday, before the US next week.

Ente Nazionale per l'Energia Elettrica (Enel) launched a Eu2bn three year offering on Wednesday through Enel Investment Holding BV, setting a further benchmark for the European utility sector after RWE's Eu2.5bn multi-tranche issue last month. BNP Paribas, Mediobanca and Merrill Lynch priced the issue, Enel's third in euros, at 25bp over mid-swaps.

Enel Investment Holding has been added as an issuer to Enel - Societa per azioni's euro750 million ($643 million) global MTN programme. Banca IMI and Caboto-Gruppo IntesaBci were added as dealers.

A new facility has emerged this week from the busy UK pub sector, a £735m refinancing and new money facility for Enterprise Inns arranged by Deutsche Bank. The launch of the deal is expected after a shareholder meeting on June 8. The loan is split into six tranches with £425m of the facility carrying a five year tenor and £310m carrying a maturity of 15 months. The deal also includes a £60m 90 day bridge to an equity issue, which is expected after a second acquisition is made from the proceeds.