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* Vattenfall Treasury AB Guarantor: Vattenfall AB

Deutsche Telekom will this month launch the largest ever financing package for a telecoms company, when it taps the dollar, euro, sterling and yen markets for $8bn equivalent. The jumbo bond issue will be the second largest corporate bond issue ever and provide the toughest test to date of how much telecoms paper the market can absorb.

* Bayerische Landesbank Girozentrale Rating: Aaa/AAA

CSFB has won the mandate to arrange a Eu2bn syndicated loan for Telenor, to back its acquisition of a 53.5% stake in Sonofon, the second largest mobile operator in Denmark. The 364 day revolver will go to co-arrangers shortly. The investment will cost Telenor about $1.7bn. The borrower's previous deal, a $1bn CP standby facility arranged by Chase Manhattan, was signed just two weeks ago. That five year facility paid a slender margin of 15bp over Libor, with a commitment fee of 7.5bp, and a top participation fee of 7.5bp for a take of £100m.