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The US Treasury's $37bn quarterly refunding weighed heavily on a dollar market already depressed by interest rate concerns. Any optimism created by the successful 10 year auction was quickly dissipated after the disappointing outcome of the 30 year auction sent prices reeling yesterday (Thursday). The yield on the 30 year bond rose to 6.28%, its highest level since October 1997. Swap spreads, however, staged a recovery on Thursday (London time), the five year narrowing 15bp to 89bp to the new five year (86bp to the old), and the 10 year by 10bp to 107bp to the new 10 year.

France Euroweek hears that Banque Nationale de Paris has won the mandate to arrange a deal for building materials company LaFarge.

South Africa Dresdner Bank Luxembourg and Sumitomo Bank have won the mandate to arrange a $100m term loan for Telkom. The two arrangers have fully underwritten the deal.

China Arrangers Industrial & Commercial Bank of China and Industrial & Commercial Bank of China (Hong Kong) have launched a $190m two tranche aircraft financing for Air China. Aside from underwriting the entire amount, the arrangers are also providing a guarantee.

UK n Endeavour Sch plc

Australia The A$313m term loan for Southern Cross Pipelines Australia will be syndicated by the end of the month. Arranger ANZ Investment Bank has sent information memoranda to eight banks.

n Rabo Australia Ltd Guarantor: Rabobank Nederland NV

Sotogrande, España. We have arrived in Sotogrande which some people describe, perhaps unfairly, as Wentworth-on-Sea. In fact it's more of a combination of Palm Beach and the Hamptons. Billionaire polo patrons rub shoulders with each other and play schoolboy games such as "Bet my yacht's bigger than yours". That particular argument was brought to an abrupt end with the arrival of Australian business tycoon, Rick Stow, in a converted naval frigate!