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VODAFONE AirTouch plc will receive underwriting commitments totalling Eu30bn today (Friday) and will move a step closer to realising its ambition of acquiring German rival Mannesmann AG. Some 11 banks are expected to have submitted credit approval for Eu2.72bn each by close of play on Friday, thereby earning themselves the title of joint lead arranger on the largest credit facility ever arranged.

* First Active Treasury plc Guarantor: First Active plc

VODAFONE AirTouch plc will receive underwriting commitments totalling Eu30bn today (Friday) and will move a step closer to realising its ambition of acquiring German rival Mannesmann AG. Some 11 banks are expected to have submitted credit approval for Eu2.72bn each by close of play on Friday, thereby earning themselves the title of joint lead arranger on the largest credit facility ever arranged.

The bond markets continued their resilience to fears of an early Y2K shutdown this week as many borrowers sought to take advantage of a light issuance calendar. After last week's euro wobble, the major currencies caused few problems for the underlying government bond markets.

Austria Lead arranger Merrill Lynch, and facility agent Bank of America, plan to bring an Austrian bank into the Eu120m senior leveraged package debt backing the LBO of Steiner Industries before the Christmas break.

The Eurobond market won a temporary reprieve from the EU's planned 20% withholding tax last night (Thursday) as finance ministers meeting in Helsinki admitted that reaching an agreement at the EU heads of state summit beginning today would prove impossible. Hopes that a breakthrough was close were briefly raised on Wednesday when EU tax commissioner Frits Bolkestein and Finland's finance minister Sauli Niinisto produced a new proposal outlining exemptions for the UK.

* Primus Financial Services Inc Guarantor: Ford Motor Credit Co

* Mark Roxburgh has joined Nomura as head of marketing for UK and Europe. He will have overall responsibility for developing asset management business, which will include support and service to clients and consultant relationships. Before joining Nomura, Roxburgh spent eight years with Morley Fund Management where most recently, he was director of UK clients.

Market report: Compiled by Glenn Blackley,

Procter & Gamble and Freddie Mac joined the year-end rush of US borrowers in the global and domestic dollar markets, with issuers taking advantage of strong cash positions among US investors. P&G surprised the market on Tuesday by announcing a $1bn five year global bond. The opportunistic issue was oversubscribed, attracting such strong international and US demand that lead managers Goldman Sachs and JP Morgan were able to launch it on Wednesday at 60bp over Treasuries, the tightest end of its 60bp to 62bp price talk. On Thursday the deal had tightened to 59bp.

The Italian government has completed its final privatisation of 1999 with the Eu6.71bn sale of shares in Autostrade, the national motorway management company. The transaction was run by Warburg Dillon Read and BCI. Although the deal was widely viewed as a difficult sell, the shares have performed well this week.

Schneider Electric will sign a Eu1.25bn Euro-MTN programme later this month. The borrower launched its debut bond in March, a Eu750m five year transaction via Paribas, which will arrange the programme. In May the French corporate added Eu250m to its debut, but the electrical components manufacturer is keen to access the private placement markets and broaden its investor base. Like many European corporates, Schneider has been tempted into the bond markets by the opportunities offered by the arrival of the euro.