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BRE Bank has signed a Eu1.5bn EuroMTN programme, becoming the first Polish financial institution to do so, and only the second sub-sovereign after telecoms company TPSA. The programme, arranged by Morgan Stanley, is registered under BRE International Finance BV, listed in Luxembourg, and allows full flexibility of issuance structure currency. "This programme is our own initiative," said Anton Burghardt, deputy president of the board and head of investment banking at BRE. "We have been relying on the syndicated loan market lately for our funding, but convergence play will make us increasingly expensive for bank lenders, so we would like greater flexibility to tap the bond market."

France BNP Paribas, Deutsche Bank and JP Morgan are close to winning the mandate for the Eu1.2bn refinancing for defence electronics group Thales.

Leveraged loan market investors are awaiting the largest ever leveraged buy-out in the European market after Apax Partners and Hicks, Muse, Tate&Furst announced their £2.14bn acquisition of telephone directory company Yell from British Telecom (BT) this week.

Leveraged loan market investors are awaiting the largest ever leveraged buy-out in the European market after Apax Partners and Hicks, Muse, Tate&Furst announced their £2.14bn acquisition of telephone directory company Yell from British Telecom (BT) this week.

* Deutsche Pfandbriefbank AG - DePfa Rating: Aa3/AA-

Accor, the French hotel group, has had its commercial paper rating upgraded to P-3 from NP by Moody's, despite Jean-Marc Espalioux, Accor's chairman, commenting on a marked slowdown in Accor's US business at a shareholder's meeting last Tuesday. Moody's says the rating action reflects Accor's business diversity and the general strengthening of its financial profile, and expects Accor to maintain its good debt-protection measures in the future. Accor signed its $500 million Euro-CP programme in September 1988, and added Credit Lyonnais and Barclays de Zoete Wedd Investment Management as dealers in June last year. Accor is the only issuer involved in the hotel industry to have a Euro-CP facility.

South Africa Dresdner Kleinwort Wasserstein (facility agent) and UBS Warburg (bookrunner) will launch the debt facility supporting DB Investments' bid for De Beers to general syndication between June 8 and June 11, with a bank presentation scheduled in London on June 18.

Hong Kong Five banks including ABN Amro (Hong Kong), Development Bank of Singapore and Rabobank (Hong Kong) have joined forces to launch a HK$4.2bn revolver for Wheelock Co.

Asia * Mirvac Capital Pty Ltd Series 2001-1

Philippines * Republic of the Philippines

Atlanteo Capital is set to issue a euro8.13 million (6.95 million) note tomorrow. The note pays interest on a monthly basis and a final coupon of 1.060%. The note is the issuer's 36th of the year, all of which have been denominated in euro.