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Australia Co-ordinator JP Morgan has been joined by Deutsche Bank, HSBC, National Australia Bank and WestLB Australia to launch the A$1.13bn refinancing for Yallourn Energy Pty to underwriters.

The flags are flying at half mast over 1, Canada Square, the forbidding home from home of Morgan Stanley in Europe down in the wastelands of the Dead Canary Wharf. Nervous looking Morgan Stanley types are seen furtively scuttling around dark corners with mobiles pressed to their ears. Some secretaries are seen to be weeping. We ring one of our moles in British Telecom Information and she asks us: "Why do all of these people in Canary Wharf want the number of Heidrich & Struggles?" What is going on? No, there has not been an outbreak of the plague in the Dead Canary. The mourning is for the departure of John Mack, the company's once ferocious president. Mack the Knife has been rolled up in a carpet by the country bumpkins and hillbillies of Dean Witter and posted to Siberia.

Banca Commerciale Italiana has done its first trade of 2001. And the bank chose its domestic currency, Italian lira. The L50 billion ($23.82 million) index-linked trade is the first tranche of what Banca Commerciale Italiance intends to be a series. The deal was self-lead and will pay a single coupon of a minimum of 10% and a maximum of 90% of a revaluation of the index-linked funds. The trade matures in 2006.

The Republic of Turkey is set to kickstart its $7bn 2001 funding programme next week, having mandated ABN Amro and Credit Suisse First Boston yesterday (Thursday) for a Eu500m three year bond issue targeted for launch on Tuesday. It marked the latest in a flurry of mandates handed out by converging EU sovereign issuers this week, as they benefited from an upturn in market sentiment and frenzied bidding from banks.

Arrangers Credit Suisse First Boston and Deutsche Bank will launch syndication within the next couple of weeks of the debt facilities supporting the leveraged buy-out of Burton Biscuits. The total value of the buy-out is set at £197.5m, which involves some £152.5m of senior debt as well as a £45m mezzanine tranche. Hicks, Muse, Tate & Furst is the sponsor.

The flags are flying at half mast over 1, Canada Square, the forbidding home from home of Morgan Stanley in Europe down in the wastelands of the Dead Canary Wharf. Nervous looking Morgan Stanley types are seen furtively scuttling around dark corners with mobiles pressed to their ears. Some secretaries are seen to be weeping. We ring one of our moles in British Telecom Information and she asks us: "Why do all of these people in Canary Wharf want the number of Heidrich & Struggles?" What is going on? No, there has not been an outbreak of the plague in the Dead Canary. The mourning is for the departure of John Mack, the company's once ferocious president. Mack the Knife has been rolled up in a carpet by the country bumpkins and hillbillies of Dean Witter and posted to Siberia.

Globals * AIG SunAmerica Global Financing IV

* Bank of Scotland Treasury Services plc Guarantor: Bank of Scotland

A stunning $8.2bn equivalent Ford deal this week combined with the recent successful transactions by DaimlerChrysler and British Telecom to help bring about a sea change in investor appetite. From a strong focus on triple-A sovereign and supranational debt, investors are moving rapidly into credit. The fact that the once beleaguered auto and telecoms sectors are performing well has given the market confidence in corporate credits once more.

Belgium Building materials manufacturer Etex Group has mandated Deutsche Bank and Fortis Bank to arrange a Eu2bn facility to back its acquisition of UK company Glynwed's pipe division.

* AIG SunAmerica Institutional Funding II Rating: Aaa/AAA

WestlandUtrecht has done its 20th yen trade of the year: a 21-year ¥500 million ($4.2 million) note which pays a final coupon of 4%. The note is a power reverse dual that is a popular structure for Japanese investors at the moment. Rene Genet, senior dealer at WestlandUtrecht says: "As an estimate I would say that about 25% of our structured enquiry comes in the form of power reveres duals. I think we are seeing a lot of this type of structure because of our flexibility and credit name."