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VOLKSWAGEN and Allianz will shortly begin rights increases, signalling the largest and most concentrated increase in the supply of German stock yet. "The continuing performance of the local stock exchange has pushed these groups to take advantage of the maximum valuations which investors are attaching to their stock," commented one banker. "The current conditions should also allow these companies to attempt to shave off something on the discount offered to existing investors, although with many of these established groups, this principle would be very difficult to put into practice."

LEAD manager Beeson Gregory has completed the premarketing for the sale of stock in Granger Telecom. The flotation of the UK group, on which Aros Securities and Puilaetco are co-managers, will continue until the book closes today (Friday) when the shares will be priced before trading begins on the Easdaq stockmarket next week. The deal marks the first of many sales of stock in groups which operate ancillary services for the telecom industry -- with privately owned European companies keen to take advantage of the strong demand among international investors in the telecom sector.

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France Chase Manhattan, HSBC and Société Générale have launched syndication of the £500m credit facility for Lucas Varity. Syndication should be well supported. The deadline for commitments is in two weeks. Germany Commerzbank will launch syndication next week of its DM2bn facility for Metro AG. The loan refinances the DM2bn one year credit arranged by Deutsche Morgan Grenfell in December 1997. That loan supported Metro's acquisition of the cash-and-carry business of Makro.

THE Federative Republic of Brazil got caught in the Deutschmark deal crossfire this week when it launched its DM750m 10 year deal at the same time as Russia and Turkey issued more attractively priced offerings. Expecting Russia not to come to market after president Yeltsin's decision to fire his cabinet, Brazil on Tuesday launched its offering at a tight spread of 305bp over Bunds with a 10% coupon stepping down to 7% after 2000. The issue was led by ABN Amro and Dresdner Kleinwort Benson.

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ARRANGER Bankers Trust has signed the £400m debt facilities for Nomura's £700m purchase of William Hill from Brent Walker. However, the deal has failed to whip up great enthusiasm during syndication, resulting in a shortfall in retail.