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THE Eu180m one year term loan for Türkiye Garanti Bankasi was signed in London on Friday, April 9. The facility was increased from Eu140m after a heavy oversubscription. The deal has a margin of 55bp over Euribor, with co-arrangers taking 70bp flat for commitments of Eu9m. The top fee in general syndication is 65bp flat for managers taking Eu7.5m

THE RESURGENCE in the sterling sector of the high yield market continued this week, with further supply provided by the launch of a £100m issue for engineering components manufacturer Doncasters. Officials at lead manager Credit Suisse First Boston said that the issue, one of the highest rated junk bonds ever launched in the European market at Ba2/BB, was more than two times oversubscribed.

THE ARRANGING group of a jumbo credit facility for LVMH will emerge over the next week as the French brandy-to-luggage company closes in on its target Gucci. Most observers expect the group to consist of ABN Amro, Chase Manhattan, Citibank, Credit Suisse First Boston. The absence of the French banks is due to the conflicting nature of the takeover -- Gucci, LVMH and Pinault-Printemps Redoute (PPR) all have French banks as traditional lenders.

ARRANGERS Chase Manhattan, Credit Suisse First Boston, Deutsche Bank and SG have launched the $2bn 364 day revolving credit for Glencore International to arrangers and co-arrangers. Once these levels have been completed, general syndication will be launched. Senior lead managers will be offered 10bp for $75m, lead managers 8bp for $50m and managers 6bp for $25m.

THE BOOK of demand for Software AG, the German systems software company, is coming together well after one week of marketing. The deal will be completed at the end of next week, with early indications pointing to a successful offering -- particularly among international institutional investors. The IPO is being run by HypoVereinsbank and Commerzbank in the local market, and Lehman Brothers in the international tranche. This week bankers reported that demand from the local market, while building steadily, has not been as frenetic as in some recent hi-tech deals from the Neuer Markt. The lead managers indicated a price range of between Eu31 to Eu37 and grey market trading has been observed at between Eu33 and Eu36. Investors in Switzerland and the US appear to be particularly keen, with large and firm orders coming from both areas.

* EBRD Rating: Aaa/AAA

ACTIVITY in the Portuguese primary equity market will soon resume with the long awaited $1bn convertible bond from Portugal Telecom. Although the lead managers of the deal have not been revealed, the global co-ordinators of Portugal Telecom's privatisation sales -- Banco Essi, Merrill Lynch and Warburg Dillon Read -- are strong contenders.

ARRANGERS of the $300m Sadaf project financing -- Apicorp (regional bookrunner), IBJ (international bookrunner), National Commercial Bank, Saudi American Bank and Saudi Hollandi -- have received a stronger than expected response from the market during the co-arranging phase which is now almost wrapped up. Two international banks, Dresdner Bank Luxembourg and Creditanstalt, and five regional firms -- Arab National Bank, Al Saudi Al Fransi, Emirates Bank International (Dubai), The Arab Investment Company and The Saudi British Investment Bank -- have joined at this level.

THE PRICING of a Eu500m dual tranche transaction for the Region of Sicily will be the focus of attention in the Italian market today (Friday) and in the broader European municipal finance market. Lead managed by Merrill Lynch, the transaction marks a significant achievement for a regional borrower whose funding efforts have been plagued by difficulties.

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* Bayerische Landesbank Girozentrale Rating: Aaa/AAA/AAA

* Alliance & Leicester Group Treasury plc Guarantor: Alliance & Leicester plc