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As the long running contest between Vodafone AirTouch and Mannesmann transforms from one of Europe's bitterest takeover sagas into an agreed merger, officials in the loan market await news of the launch into the next round of syndication of Vodafone's Eu30bn superjumbo. Some 11 banks hold Vodafone's deal on their books, but the group could be widened by the imminent launch of a co-arranger phase. At the beginning of the takeover battle bankers were predicting sub-underwriting co-arranger commitments of Eu1bn to Eu1.5bn, for a fee of 50bp.

Bahrain Aluminium Bahrain, known as Alba, has appointed Sumitomo Bank to lead a $68m two year term loan.

Belgium ING Barings was this week forced to scale down the Eu200m placement for Belgian firm Ion Beam Applications.

* The BNP Paribas fixed income division has launched IssueMaster, an internet bond syndication system.