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6066

JOINT LEAD arrangers ABN Amro, Barclays Capital and Deutsche Bank have closed general syndication of the $920m senior secured credit facilities for the Southern Cross Submarine Fibre Optic Cable Project ahead of schedule and oversubscribed attracting a geographically diverse syndicate. Given its size, the debt was syndicated on a global basis with roadshows in Sydney on October 30 and in London on November 9. Syndication was led by Deutsche and supported by ABN Amro and Barclays Capital.

THE NERVOUS tone in the emerging market debt sector yesterday (Thursday) failed to dent investors' enthusiasm for the $1bn offering by Polish telecom group Telekomunikacja Polska Spolka Akcyna (TPSA) -- the largest corporate issue from central and eastern Europe. Market participants greeted the jumbo transaction as proof that investors no longer regard issuers from central Europe -- and from Poland in particular -- as tainted by association with the economic meltdown in Russia over the summer.

BANQUE Nationale de Paris, facility agent, and Citibank, bookrunner and documentation agent, have received an excellent response for the syndication of the $750m revolving credit for Tractebel. Retail is due to close over the next few days and the two arrangers are confident of a massive oversubscription. A successful syndication is mostly due to the fact that Tractebel is a rare but strong borrower that offers excellent ancillary business through its projects and exports businesses.

Andrew Large, deputy chairman of Barclays plc and Barclays Bank plc, will cease to have executive responsibilities from January 1, 1999. He was appointed to the board earlier this year and will continue to serve as a non-executive deputy chairman.

THE REPUBLIC of Turkey this week launched a DM200m tap of its 9.5% November 2001 Euro-Deutschmark bond. The original DM600m issue was jointly lead managed by Commerzbank and Deutsche Bank on November 10 and priced at 607bp over the 4.75% November 2001 Bobl on a fixed re-offer price of 99.50.

DUTCH issuers are lining up to tap the new issue markets in the early part of next year, despite this week's abrupt halt in the global stockmarket recovery. In addition to a large number of small to mid-sized corporates, United Pan-European Communications (UPC) has announced its intention to launch its flotation in January.

LBO specialist banks are jostling for prime positions with equity houses for the soon-expected £300m LBO of Coral, the betting shop chain. Banks active in the European LBO market this year -- such as Goldman Sachs, Barlcays, Citibank, HSBC, Deutsche and Warburg Dillon Read -- will be interested in the deal.

* Deutsche Bank Finance NV Guarantor: Deutsche Bank AG

6153

THE MANAGEMENT of Argentina's partially privatised oil company YPF served notice yesterday that it would oppose any major oil group attempting to take over the company by buying the government's 14.9% stake which is due to be auctioned in mid-January. YPF said it wanted to "clarify" that it would not support any government attempt to change its by-laws that would ultimately enable the winning bidder of the 14.9% stake to increase its holding through a share, cash or cash-share tender offer.

ILLINOIS electricity utility Commonwealth Edison has reopened the stranded cost securitisation market with a $3.4bn deal lead managed by Goldman Sachs (books), Merrill Lynch and Salomon Smith Barney. The bonds are all placed and the deal will likely price today (Friday) at the tight end of price talk. Illinois passed legislation earlier this year introducing competition to the state's electricity market. To compensate ComEd for infrastructure investments it made believing it would continue to operate in a regulated market -- so-called stranded assets -- the state has permitted the company to raise a statutory levy on electricity users.