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Iceland The $200m five year revolving credit for the Republic of Iceland has been launched into syndication by arrangers Bankgesellschaft Berlin, Citibank/SSSB and SEB.

Despite criticism of the borrower's balance sheet and growth strategy, and after a sceptical reception at launch, the Eu4bn facility for UPC (United Pan-European Communications) has raised solid support among the banks invited to join at the top level. Mandated arrangers Chase Manhattan and Toronto-Dominion went out to a targeted group of nine banks in this round, of which eight joined. Banks were asked to underwrite Eu350m for 170bp all-in.

ROADSHOWS began this week for the $2bn equity fundraising of Ares-Serono, which will list the world's third largest biotech company in New York. Merrill Lynch is global co-ordinator of the deal, which will be priced on July 26. A total of 973,336 new shares and 973,336 old shares will be sold by the Bertarelli family. The family will reduce its stake from 70% to just over 50%.. There is a greenshoe of 194,668 existing shares. Current shareholders will get the right to buy one new share for every 14 shares held under a rights offering.

* AIG SunAmerica Institutional Funding II Rating: Aaa/AAA

Austria Bank Austria Creditanstalt has completed syndication of a $140m five year term loan for OMV Ltd, guaranteed by parent company OMV AG. The borrower is one of the leading oil and gas groups in central and eastern Europe, and is the largest industrial company by market capitalisation in Austria.

Market report: Compiled by Vusi Mhlanzi, RBC DS Global Markets, London

Schroder Salomon Smith Barney expects to price Abbey National's record breaking £2.246bn securitisation of UK residential mortgages, Holmes Financing (No 1) plc, on Monday. "There is a lot of work to be done on the credit side and several important clients have asked for extra time," said Peter Apostolicas, director of syndicate for ABS at Salomon in London.

The long awaited debut global bond from the Kingdom of Spain finally emerged on Thursday afternoon, late European time, as a $1.5bn five year transaction. Pricing will take place on Friday, during the New York afternoon, at 5bp over the five year agency curve. Agencies to be used for the pricing are the Fannie Mae February 2005s - trading late Thursday at 79bp over Treasuries - and the Freddie Mac July 2005s - trading at 77bp.

* Abbey National Treasury Services plc Guarantor: Abbey National plc

* Bank Nederlandse Gemeenten NV Rating: Aaa/AAA/AAA

IN A surprise move on Wednesday, Telstra sold most of its shareholding in share registry firm Computershare, raising A$387m initially and up to A$600m if investors exercise all the warrants attached to the shares within 12 months. The unusual, although not unique, deal structure gives investors one warrant per two shares purchased.