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  • The entire US financial market watched with bated breath as Fed chairman Alan Greenspan briefed Congress yesterday (Thursday). At first the markets sold off sharply as Greenspan appeared to embrace the idea of tax cuts, a policy for which he has demonstrated only lukewarm enthusiasm in the past.
  • ndia The $100m five year term loan for Industrial Development Bank of India was signed on January 19.
  • Kerr McGee has set up a Euro-CP programme to replace its now cancelled $150 million facility. The replacement programme has a debt ceiling of $400 million and Citibank is the arranger. Citibank, Lehman Brothers and Deutsche Bank are the dealers. The issuer, rated A-2/P-2, makes industrial chemicals and produces oil and gas.
  • Kreditanstalt für Wiederaufbau (KfW) looks set to break with its long held flexible approach to the market by announcing a benchmark funding programme of at least Eu10bn next Wednesday when it outlines its funding plans for the year. The German development bank is expected to establish a programme similar to the European Investment Bank's EARNs and Freddie Mac's EuReference Notes, committing itself to two global issues of Eu5bn during 2001. A debut 10 year issue is likely in March after roadshows and a five year transaction later in the year.
  • Kommunalbanken has increased the debt ceiling off its debt instrument programme from euro2 billion ($1.88 billion) to euro4 billion. IBJ International has been dropped as a dealer. HypoVereinsbank, Mizuho and Merrill Lynch have been added to the dealer panel.
  • Landesbank Baden-Wurttemberg has added ING Barings as a dealer to its euro20 billion ($18.79 billion) Euro-CP and Euro-CD programme. The update was completed on January 2.
  • After intense speculation, the full details of the Eu765m buy-out of Lafarge Speciality Building Products from Lafarge SA are in the market. The buy-out is backed by Eu640m of financing divided into Eu540m senior debt facilities and Eu100m senior subordinated debt.
  • Chile Dresdner Kleinwort Wasserstein is arranging a $100m five year term loan for paper, pulp and packaging company Empresas CMPC.
  • Commerzbank has appointed Domenico Lellis and Anthony Brennan as directors of its structured aquisition team. The move boosts the German bank's presence in the European leveraged market, an area that is fast becoming one of the most active and lucrative in the financial markets. Lellis joins from BNP Paribas where he was head of loan sales and trading for Europe, Middle East and Africa, and reported to Julian van Kan. Before that, he headed the leveraged finance team for Paribas in Italy. At Commerzbank, he will work on the origination and structuring of leveraged buy-outs, but will be working closely with the syndication team.
  • The market's most elusive Irishman has been spotted back in his home town of Dublin. Cuddly David Hartigan, who used to run K2's treasury until he ran off in September, was seen in the Dublin Salsa Club chatting to a lovely lass by the name of Sarah. We're not sure what David's wife-to-be thinks of his footloose and fancy-free ways. He is to get married in July to a girl from Tipperary. This means he is the only MTNer to be able to legitimately sing the old song: "It's a long way to Tipperary/ It's a long way to go / it's a long, long way to Tipperary, to the sweetest girl I know . . ." Anyway, as he has been unemployed for the last four months it's about time Dave got himself a job to support his wild bachelor lifestyle and upcoming domestic bliss. But we hear that may have been sorted out and that his fiancee may not be the only reason he has to stay in Ireland . . . Another treasurer on the move is African Development Bank's Thierry De Longuemar, who has decided that the novelty of working in Abidjan, dodging bullets fired from rebels trying to overthrow the government, has worn off. He is to move to London to as yet undisclosed bank, leaving Danielle Coolen-Prentice in charge of the treasury. And Islandsbanki-FBA, the issuers who never seem to keep still, are to hit London in February with a Thorrablot party. For those whose knowledge of medieval Icelandic is a little rusty the Thorrablot party is a mid-winter Viking eating and drinking binge where Neanderthal men (MTN dealers) welcome the spring (bonuses). Ingvar Ragnarsson and Bill Symington are the usual suspects in charge of the event and have chosen to host it in a central London bookshop, which seems a little strange. No less strange is the invitation, which as Islandsbanki-FBA fans know, are gimmicks to be treasured. After the fishhook, the compass and schnapps, the market has this time been treated to packets of vacuum-packed shark meat. We understand that a London-based French MTN house (who could that possibly be?) has had to call in the health and safety experts after a foolish dealer failed to read the small print on the pack of fish and opened it. The smell was so bad that all trading was suspended for the morning. You have been warned. But any dealer who can't stand the smell in Marylebone could always make their way down to HSBC. Fergus Kiely is hiring two more MTN dealers to join his desk, which is situated across the road from . . . Fishmongers' Hall. How appropriate.
  • * General Electric Capital Corp Rating: Aaa/AAA/AAA