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RUSSIA's woes and the disarray of stockmarkets globally made for a turbulent week in the bond markets. Bond and swap spreads widened dramatically. However, the unsettled background, and the seasonal slowdown, did not prevent a relatively active week. Lehman Brothers single-handedly accounted for $2.5bn of new one year debt -- described by some critics as league table plays -- as well as acting as joint bookrunner, with HSBC, on GMAC's $1bn global FRN. And if Lehman had league table aspirations in mind when launching the deals, the ploy worked -- it jumped two places in the international bookrunners table to eighth position.

Iceland Den Danske Bank and Landesbank Kiel have launched general syndication of the $75m multicurrency revolving credit for Islandsbanki.

* KfW International Finance Guarantor: Kreditanstalt für Wiederaufbau

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* Scottish Power plc Rating: Aa2/A+

* Abbey National Treasury Services plc Guarantor: Abbey National plc

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Berliner Bank, Bank of Nova Scotia and MeesPierson have won the mandate to arrange a $100m term loan for easyJet. The borrower will use the loan to finance the purchase of three Boeing 737-300s and the refinancing of three Boeing 737-300s. HSBC will sign the £55m five year facility for New Look next week. The loan has been well supported in general syndication and has been fully subscribed.

* European Investment Bank Rating: Aaa/AAA

* Abbey National Treasury Services plc Guarantor: Abbey National plc

MFK Renaissance is to target a $750m credit facility for Vnesheconombank at US investors, say eastern European specialists. The loan will have a short dated maturity -- possibly as short as 2-1/2 months. That MFK Renaissance is tapping the US investor market is a result of the worsening economic climate in Russia. The loan market for Russian borrowers is all but dead, with only a handful of deals closed this year. Those deals which have closed have been small and generously priced to attract lenders.

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