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  • Union Bank of Estonia (UBE) has become the first central and eastern European bank to raise funds in euros. Last Friday the Baa3/BBB- rated bank issued a Eu50m three year floating rate note via Lehman Brothers.
  • n Tim Skeet has joined Dresdner Kleinwort Benson, where he will head a new global financial institutions group in the firm's debt capital markets origination division. Skeet is highly experienced in covering financial institutions, having left the origination division at Lehman Brothers at the end of last year. He previously worked for PaineWebber.
  • Market commentary: Compiled by Glenn Blackley, RBC DS Global Markets, London. Tel: +44 171-865 1759
  • * Canada Rating: Aa2/AA+
  • Details are emerging of the record breaking Eu22.5bn syndicated loan backing Olivetti's $58bn bid for Telecom Italia. The facility has monopolised the attention of loan departments throughout Europe, Asia and the US this week, eclipsing the $14bn facility for Vodafone's purchase of Airtouch.
  • * Crédit Local de France
  • * Islandsbanki HF Rating: A3
  • VODAFONE has officially mandated 11 banks to arrange its jumbo $14bn credit that will back its $62bn merger with AirTouch of the US. Underwriting $1.27bn each, they are Bank of America (bookrunner), Barclays (bookrunner), Citibank (bookrunner), Goldman Sachs (bookrunner), Banque Nationale de Paris, Deutsche Bank AG, ING Barings, National Australia Bank, Warburg Dillon Read and WestLB.
  • Belgium Arrangers Dresdner Kleinwort Benson and JP Morgan have closed oversubscribed by some 50% the Eu595m non-recourse project financing supporting the development of KPN Orange, Belgium's third cellular network.
  • Hong Kong conglomerate Hutchison Whampoa this week successfully launched non-Japan Asia’s first euro denominated bond, a Eu500m deal which could open a new and important source of funding for Asia’s top credits.