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4082

* European Investment Bank

GERMAN finance minister Oskar Lafontaine's surprise resignation late Thursday heralded a new dawn for the euro as financial markets were quick to reassess the outlook for the currency and for interest rates. The euro jumped over two cents against the dollar and the Bund future rose a full point in the heady atmosphere, before falling back. The yield on the 3.75% January 2009 Bund briefly dipped below the 4% threshold, signalling renewed optimism in the European project.

South Africa Absa Bank, Barclays, Nedbank and Standard Bank London Limited (facility agent) have closed the club-style syndication of the $55m three year term loan for LTA International.

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LEAD arrangers of the Hellenic Republic's $500m five year facility have received an excellent response from potential co-arrangers. They have been offered $25m on a take-and-hold basis, although one bank has already offered $50m. The arrangers are Bank of Tokyo-Mitsubishi (bookrunner), Barclays Capital (information memorandum), Bayerische Landesbank Girozentrale (facility agent), Bank of Montreal (documentation agent), Commerzbank (bookrunner) and Paribas (bookrunner).

Eighteen months ago, high yield debt was one of the up and coming stars of the European capital markets. Issuance was doubling every year. Investors, bored of low interest rates, were flocking to bonds offering 10% or 11%. Virtually all of the deals were used to finance leveraged buy outs (LBOs) or build telephone networks, and there were very few double-B or single-B rated corporate issuers.

Dresdner Kleinwort Benson has won the role of adviser to the Croatian government for the privatisation of telecoms concern Hrvatske Telekomunikacije (HT). The Anglo-German bank beat off fierce competition from ABN Amro Rothschild, Credit Suisse First Boston, Deutsche Bank and Salomon Smith Barney, all of which were shortlisted from an original group of 14 bidders.

ARGENTARIA, one of Spain's largest banks, is set to offer a novel Eu1bn to Eu1.5bn security, marketed as the first jumbo Pfandbrief from Spain.

KBC BANK Global Trade Finance Bank is waiting for one more reply before wrapping up a Eu65m floating rate note facility for the Agricultural Credit Bank of Jamaica (ACBJ). The tenor, at five years, is unusually long for a soft commodity deal. But the deal draws strength from the Jamaican commodity industry's 23 year track record of delivering its European Union sugar quota.

Bookrunners IBJ International and Banca IMI and joint lead Monte dei Paschi di Siena are on the verge of launching the first Italian collateralised debt obligation. The Eu263m transaction, Securitised Portfolio of Quality Receivables Funding (SPQR) is already oversubscribed, but the leads are waiting for the Bank of Italy's approval to launch the deal - it is very likely to come today (Friday).

n Credit Suisse First Boston will price La Défense II plc today (Friday). The Eu174.151m deal is the second securitisation to finance sales of buildings by Vivendi to SITQ, the international investment arm of Caisse de Dépôt et Placement du Québec. Backed by two office buildings in central Paris occupied by Vivendi and a new tower in La Défense tenanted by Kværner, the deal will comprise three bond tranches, rated Aaa, Aa2 and A2 by Moody's, and a subordinated issue of billets de trésorerie (French domestic CP), placed by CPR. A CSFB liquidity line will cover credit risk on that tranche.