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AFRICA The Common Market for Eastern and Southern Africa (COMESA) has inaugurated its new free trade area - but only among nine of its 20 members. As of last Tuesday, all remaining tariffs on trade between Egypt, Kenya, Sudan, Zambia, Zimbabwe, and four more of COMESA's 20 members, have been removed.

Nippon Oil has dropped Lehman Brothers as a dealer from its $2 billion Euro-MTN programme. The facility is arranged by Salomon Smith Barney. It signed in 1993 and has $575.50 million outstanding off 51 trades.

Joint lead managers Daiwa Securities SCBM and Nomura Securities have launched Turkey’s third Samurai of the year, a ¥50bn issue with a 3% coupon — the lowest ever on a Turkish sovereign bond.

Joint lead managers Daiwa Securities SCBM and Nomura Securities have launched Turkey’s third Samurai of the year, a ¥50bn issue with a 3% coupon — the lowest ever on a Turkish sovereign bond.

Procter & Gamble (P&G), the biggest US producer and supplier of household products, signed a $3 billion Euro-CP programme on Wednesday, November 1. The new facility complements the issuer's two US CP programmes. Goldman Sachs is the arranger. The issuer is relying on name recognition and its P-1/A-1+ ratings, rather than a roadshow, to entice investors. John O'Leary, capital markets analyst at P&G, says: "We didn't feel the need to roadshow now because we put the word out a month ago - when we did a £

* DePfa Deutsche Pfandbriefbank AG Rating: Aaa/AAA/AAA

* GZ Bank AG Rating: A1/A+/AA-

Romania's Eu200m five year Eurobond looks set for launch today (Friday), despite a week of bearish news about the country. One banker following the deal, being lead managed by ING Barings and Schroder Salomon Smith Barney, said: "It will either be Friday or early next week. They are talking about 11.5%-11.75%, and the Romanians are focusing on 11.5%. During the roadshow over the last week, it has gone from looking expensive to even." Romania's three year issue of September was trading at 10.85% late on Thursday night.

Denmark LB Kiel is expected to launch a term loan for a Danish financial institution in the next week. The margin is thought to be close to 24bp with just over 25bp all-in.

* European Investment Bank Rating: Aaa/AAA

* Co-operative Bank plc Senior rating: A3/A (Moody's/Fitch)