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Brascan Brazil has signed a $250 million Euro-MTN. The arranger and sole dealer off the programme is Credit Lyonnais Securities (USA). The issuer has already issued its first note off the programme: a two-year $40 million trade that pays a coupon of 10.25%. It is the fifth Brazilian utility to join the MTN market. Two set up programmes last year: LIR Energy and Caiua Servicos de Electricidade. The Brazilian utilities have $615 million of debt outstanding. Brascan Corporation has been active in Brazil since 1899. During the 1950s, when the company was known as Light, it provided over 65% of all electric power and 80% of all telephone services in Brazil.

Improved investor sentiment towards Argentina's economic prospects this week helped the Province of Buenos Aires to add Eu100m to its Eu200m issue launched earlier this month. The offering, led by Caboto-Gruppo Intesa and Dresdner Kleinwort Wasserstein, attracted solid demand from European retail investors looking for short dated high yielding Latin paper.

* Province of Ontario Rating: Aa3/AA-