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THE ESTONIAN capital Tallinn has become the first central and eastern European municipality to tap the euro denominated bond markets, with the launch of a Eu17.5m (DM35m equivalent) five year floating rate note last Friday (April 16). Lead managed by Dresdner Kleinwort Benson, the Baa1 rated transaction featured an issue/fixed re-offer price of par and a coupon set at six month Euribor plus 180bp -- equivalent to a yield of 4.4% at launch.

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The co-arranging and sub-underwriting phase of the $600m project financing for CMS Energy's Tawellah A2 independent water and power project will be closed and signed next week by arranger Barclays Capital. Around 10 banks will come into the deal including Abu Dhabi Commercial Bank, Abu Dhabi Investment Corporation, ANZ Investment Bank, Gulf International Bank, National Bank of Abu Dhabi, NordLB, Paribas, SG and WestLB.

Joint lead arrangers De Nationale Investeringsbank (DNIB), Bankgesellschaft Berlin and Dexia Project & Public Finance have closed the financing backing the construction of a new district general hospital at the county site in Hereford, UK, for Mercia Healthcare Limited. The 25 year financing totals £79.6m of bank debt facilities including a £66.4m senior term loan, a £7.4m equity bridge loan and a £6m standby facility.

* Asian Development Bank Rating: Aaa/AAA

* Bremer Landesbank Rating: Aa1

MERRILL Lynch completed the secondary sale for market favourite Global Telesystems Group this week, raising $311m. Existing shareholders sold all of the 5.4m shares. The offering was priced at $57.50, its close on Monday. Although the stock initially traded up during the marketing period, from $56 when the offering was announced to around $65 three days later, it fell back ahead of pricing.

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