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* Commerzbank Overseas Finance NV Guarantor: Commerzbank AG

THE LARGEST ever securitisation of a single property succeeded triumphantly this week, as UK investors rushed to buy £555m of long dated bonds backed by rents on London's Canary Wharf office development.The transaction takes the rapidly expanding European securitisation market into new territory and underlines the enthusiasm of investors to buy asset backed product at a time of volatility in international debt markets.

THE LARGEST ever securitisation of a single property succeeded triumphantly this week, as UK investors rushed to buy £555m of long dated bonds backed by rents on London's Canary Wharf office development.The transaction takes the rapidly expanding European securitisation market into new territory and underlines the enthusiasm of investors to buy asset backed product at a time of volatility in international debt markets. While the supply of plain vanilla bonds has virtually dried up in the last few weeks, the securitisation sector has provided a range of new issues across a variety of currencies and there are rumours of several large deals waiting in the wings.

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EUROPE'S HIGH yield corporate debt market will receive its first test since the correction in the bond markets when a two tranche financing for Colt Telecom is priced today (Friday). The £50m and DM145m deals will both have 10 year maturities and bankers said that lead manager Morgan Stanley would price the bonds within a 362.5bp to 387.5bp range over the relevant government benchmarks.

* European Investment Bank Rating: Aaa/AAA

GLOBAL co-ordinator Dresdner Kleinwort Benson this week announced the price range for its offering of shares in UK telecoms operator Energis, which it is marketing to institutional investors. The 250p to 325p range, capitalising the firm at £737m to £941m, was welcomed as realistic by analysts, who had feared the pricing would be much more aggressive. They said that DKB had been wise to price the offering cautiously given the volatile market conditions and investors' aversion to this part of the telecoms sector after a profits warning this week from Ionica, one of the latest entrants to the UK market.

* Nederlandse Investerings Bank vor Ontwikkelingslanden NV (NIO) Guarantor: Netherlands

Croatia Dai-Ichi Kangyo Bank has completed the DM35m five year revolving credit for Raiffeisenbank Austria dd (Zagreb) on a club deal basis.

THE COST of European borrowing continues to fall in part because a number of banks are approaching year end and finding themselves starved of assets. This week two deals in the market for Polygram and Packard Bell highlighted the trend in the Dutch market.

Emerging Markets commentary Compiled by ANZ Investment Bank, London. Contact: Jerome Booth, tel: +44 171-378 2959