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VODAFONE has signed in the 11 arrangers of its $10.5bn credit backing the UK mobile phone company's acquisition of AirTouch of the US, and is awaiting approval from its own shareholders as well as AirTouch's for the takeover. Once both sets have approved the deal, the 11 arrangers -- Bank of America, Barclays, Citibank and Goldman Sachs as bookrunning arrangers, and Banque Nationale de Paris, Deutsche, HSBC, ING, Greenwich NatWest (facility agent), National Australia Bank and WestLB -- will launch the debt to sub-underwriters.

Belgium Sabena, Belgium's national flag carrier, has asked banks to bid for a $300m mandate that will finance its proposed purchase of 11 Airbuses. Likely bidders include KBC, BBL, ABN Amro, ING Bank, Banque Nationale de Paris, Crédit Lyonnais and Dresdner Bank Luxembourg.

Issue/fixed re-offer price: 99.974

EUROPÄISCHE Hypothekenbank der Deutsche Bank this week launched the largest ever mortgage Pfandbrief transaction, a stunning Eu2bn 10 year global that greatly enhanced the product's international profile. In one step Eurohypo, by launching the first global mortgage (Hypotheken) Pfandbrief, has successfully positioned the instrument alongside public (Öffentliche) Pfandbriefe in the international markets.

* Allgemeine Hypothekenbank Rating: Prime 1/A1

SWAP SPREADS continued to hold up well in the dollar sector this week despite another busy period of new issuance. Five year swap spreads began the week at around 62.5bp mid-market and firmed a touch to 63.5bp by Thursday. Meanwhile the 10 year mid-market was no lower than 74.5bp at the beginning of the week, and was around the same level yesterday (Thursday).

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THE INTERNATIONAL market for callable bonds sprang into life this week when Fannie Mae launched the first in a programme of jumbo issues which it hopes will establish the product as a liquid global asset class.

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THE POLISH loans market is gathering strength of the back of deals for foreign owned banks, which are gradually making more lenders comfortable with eastern European names after the Russian crisis last year. The latest Polish bank with a large foreign owned stake to look at the loan market is Slanski Bank, and its foreign shareholder is ING Bank.

LEAD MANAGER Morgan Stanley Dean Witter has set the price range for shares in Spanish construction group Ferrovial at Eu20.75 to Eu22.95, giving the company a conservative valuation against comparable groups in its sector. The books on the $1bn flotation are due to close today (Friday), with strong demand indicating a top-of-the-range issue price. The success of Ferrovial's float is an important stepping stone in rebuilding confidence among Spanish corporates in the new issue market after last year's events.

THE INTERNATIONAL market for callable bonds sprang into life this week when Fannie Mae launched the first in a programme of jumbo issues which it hopes will establish the product as a liquid global asset class. The US agency aims to repeat the success of its similar bullet note programme with its latest innovation in the international bond markets -- the Callable Benchmark Note programme.