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The announcement by British Telecom that it intends to float four of its businesses by the end of next year has added further to the packed pipeline of issues due from the telecoms related market during the first quarter of 2001. ABN Amro Rothschild and Morgan Stanley Dean Witter have been mandated for the first of the IPOs, directories business Yell, which could raise up to £2.5bn when it lists through a sale of 25% of the company toward the end of the first quarter.

Banco Santander Central Hispano's plan to issue £250m of 10 year lower tier two debt was disturbed this week as, despite solid earnings and an impressive management record, the Spanish bank's spreads widened relative to its sector on the back of negative sentiment towards Argentina. BSCH (Aa3/A+) was formed by last year's merger between Santander and Banco Central Hispanoamericano. The bank's asset quality is said by analysts to be solid, and it has a well developed network of European cross-holdings, but its Latin American operations constitute greater risk exposure than its European holdings.

The long awaited restructuring plans announced by BT this week were welcomed by bondholders, even if the company faces several obstacles to fully achieving its ambitions. The company detailed plans to create a new BT Group holding company, which it claims, will provide a more flexible operating structure and substantial revenue synergies from greater decentralisation. BT also believes that the new company can provide scope for further listings which would be advantageous to shareholders and customers.

* Province of Ontario Rating: Aa3/AA-

The long awaited restructuring plans announced by BT this week were welcomed by bondholders, even if the company faces several obstacles to fully achieving its ambitions. The company detailed plans to create a new BT Group holding company, which it claims, will provide a more flexible operating structure and substantial revenue synergies from greater decentralisation. BT also believes that the new company can provide scope for further listings which would be advantageous to shareholders and customers.

DaimlerChrysler smashed records earlier today (Friday) when it launched the largest ever Samurai issue — a ¥220bn bond that was increased from its original size of ¥200bn.

DaimlerChrysler smashed records earlier today (Friday) when it launched the largest ever Samurai issue — a ¥220bn bond that was increased from its original size of ¥200bn.

Anglo-Dutch publisher Reed Elsevier plc is preparing to tap the loan markets for a $8.5bn jumbo acquisition facility. Deutsche Bank has joined Morgan Stanley Dean Witter on the deal and the two are jointly arranging and underwriting the facility on an equal basis. Few details have been released so far on the structure of the facility ahead of its launch into senior selldown, which is expected late next week.

Anglo-Dutch publisher Reed Elsevier plc is preparing to tap the loan markets for a $8.5bn jumbo acquisition facility. Deutsche Bank has joined Morgan Stanley Dean Witter on the deal and the two are jointly arranging and underwriting the facility on an equal basis. Few details have been released so far on the structure of the facility ahead of its launch into senior selldown, which is expected late next week.

Croatia The $400m facility for The Republic of Croatia has signed. After a very strong response from the market the deal was heavily oversubscribed and increased from $250m. The bank list follows below.

The extraordinary, belief-defying and as yet still undetermined US election captured the entire attention of the markets this week. Business was paralysed and the interbank flow in the dollar swap market dried to a mere trickle, reported most shops. Customers are said to be sidelined until the dust settles - which could be a long time as a range of legal challenges to the chaotic voting in Palm Beach County, Florida, are considered. Moreover, the yield curve offers few attractive opportunities at the moment, say swap traders.

Electrolux will sign a euro500 million ($428.08 million) Euro-CP programme, the second Swedish facility of the year, within the next two weeks. Citibank is the arranger off the A-2/P-2 rated facility. Johan Bygge, chief financial officer at Electrolux, says: "Issuance depends on what else the group does and where the market liquidity is, but there is an increasing interest in A-2/P-2 paper from new investors." The dealers are the arranger, Fortis Bank, Goldman Sachs, Lehman Brothers and SEB Debt Capital Markets.