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MassMutual Global Funding LLC Rating: AAA

Lehman Brothers has replaced BNP Paribas as sole arranger and dealer off Premiere Funding International's $1.5 billion note issuance programme.

Global communications and IT company Marconi has launched a Eu3bn multi-currency facility to the loan market. The loan will be launched to general syndication today (Friday). Demonstrating that the credit has lost none of its attractiveness to lenders since the GEC restructuring, the company has assembled an impressive group of banks to lead the deal. The lead arrangers on the facility are ABN Amro, Barclays Capital (joint bookrunner), BNP Paribas, Citibank/SSSB, Commerzbank, CSFB, Deutsche Bank, HSBC (joint bookrunner), IBJ, IntesaBci, JP Morgan, Royal Bank of Scotland, UBS Warburg and WestLB.

MassMutual Global Funding (MassMutual) closed a £

Former UK prime minister, John Major, is the latest in a long line of senior public figures to sign up with The Carlyle Group. Major, who was prime minister between late 1990 and May 1997, becomes chairman of Carlyle Europe.

Bahrain EuroWeek hears that banks are bidding for the mandate of a $100m loan for Bahrain International Bank. Proceeds will refinance a $75m revolving credit due for maturity next year.

British Telecom’s hopes of remaining a single-A credit were crushed yesterday evening (Thursday) when Moody’s slashed its rating by two notches from A2 to Baa1.

British Telecom’s hopes of remaining a single-A credit were crushed yesterday evening (Thursday) when Moody’s slashed its rating by two notches from A2 to Baa1.

Deutsche Banc Alex Brown has taken Jim Glascott from Morgan Stanley as a managing director in debt capital markets. He covers corporates, particularly utilities and industrial issuers. Glascott works alongside Ruben Daniels, who handles telecoms coverage, and Chris Whitman, who worked on this week's CIT Group deal.

* David Fry, head of origination and syndication in TD Securities' debt capital markets team in London, is moving to the New York office as managing director, investment grade fixed income origination. Fry will work with John Benzier, director of high yield origination, to build an integrated origination effort targeting US and Canadian issuers in the global and Eurobond markets. He reports to Rick Kostoff, head of debt origination, and to Peter Bethlenfalvy, president and COO of TD Securities (USA).

Yorkshire Building Society has increased the ceiling off its £

Credit Suisse First Boston saw $6bn of demand as it completed a $700m turbo zero equity-linked issue for Nestlé, the Swiss confectioner. The seven year zero coupon convertible bond was a new structure to the European markets. The investors were buying a zero coupon note issued by Nestlé Holdings, and a warrant issued by Nestlé. According to a banker close to the deal, "it was structured to give tax efficiency for Nestlé".