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Globals * Federal Home Loan Banks

* Rio Tinto Canada Guarantors: Rio Tinto plc, Rio Tinto Ltd

HSBC this week launched a rating sensitive variable coupon bond for UK water and sewerage company Wessex Water Services Ltd. The deal raised no new money for the company, but was designed to fulfil a regulatory requirement imposed by water regulator Ofwat in 1998 when Wessex was taken private through its acquisition by Enron Corp.

Volkswagen Financial Services is to issue a euro10 million ($8.94 million) note on March 29. The note has a short maturity of just six months and pays interest singularly. This is the issuer's 12 issue of the year - its seventh in euro. The note is issued off Volkswagen Financial Services' euro5 billion debt issuance programme.

France The first commitments have been received in the general syndication of the Eu1.25m five year revolver for French supermarket retailing and distribution company Auchan arranged by Crédit Agricole Indosuez, HSBC CCF and SG.

Westpac Banking Corp is to issue a five-year HK$200 million ($25.64 million) note on March 30. The non-syndicated note pays interest annually and has a final coupon of 5.88%. HSBC acts as the bookrunner. This is the issuer's ninth note this year in Hong Kong dollar.

Following Singapore Telecommunication's (SingTel) successful bid for Cable & Wireless Optus this week, the company stirred market contention when it revealed its plans on payment options to Optus shareholders, including an international bond issue. SingTel's bid, which still depends on minority shareholder approval from Optus, valued the Australian mobile phone operator at about A$17.2bn ($8.4bn). Analysts estimate that the Singapore-based telecoms company has cash of about $3bn on hand, leaving a financing gap for the acquisition. Optus is the second largest mobile telephone operator in Australia.

Lebanon Speculation is rife that a mandate is about to be awarded to roll over the Republic of Lebanon's $500m redemption, due on April 23.

Denmark GN Great Nordic announced this week that it will sell between 15% and 25% of its unit GN NetTest when it spins the division off before June. The unit will list in Copenhagen and New York.

* Rabobank Nederland NV Rating: Aaa/AAA/AAA

Asset managers speaking today (Tuesday) on a panel at Euromoney’s Euro Capital Markets Forum in Amsterdam expressed concern over the lack of liquidity and diversity available in the European markets, which is hampering investors’ efforts to broaden their portfolios.

JP Morgan, the largest emerging market bond house, has introduced a euro version of its Emerging Market Bond Index, raising hopes that emerging market issuers will eventually be able to increase the amount of funds they raise in the European currency. The euro EMBI will begin trading today (Friday) and will be the first euro denominated emerging market index against which European and UK portfolio managers can benchmark their returns.