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Pfandbriefe/domestic issuance: * Dexia Hypothekenbank Berlin

* Nederlandse Waterschapsbank NV Rating: Aaa/AAA

DEUTSCHE Morgan Grenfell this week offered international bond investors the first opportunity to gain exposure to Russia's Republic of Sakha, launching a $50.5m one year issue via Cayman Islands-registered debt repackaging vehicle Earls Three. The novel transaction represented a repackaging of a $50m participation in a $75m equivalent rouble denominated term loan extended to Sakha's finance ministry earlier this month by Credit Suisse First Boston's Cypriot banking unit.

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Hungary Expect news imminently of a Ecu125m guarantee facility for MOL. The facility, which will support a new EIB loan, has been hotly contested by a number of potential arrangers.

Russia * Earls Three Ltd

* Holland Chemical International has completed its combined primary and secondary stock offering, pricing the new shares yesterday (Thursday) at Dfl 37. The final price was towards the low end of the indicated range of Dfl 36-Dfl 40, reflecting the need to compensate investors for the volatility and downward trend of stockmarkets this week.

Belgium Sumitomo Bank is in the final stages of completing general syndication of its $200m term loan for Sidmar.

* Banque Sofinco Rating: A-

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THE US corporate bond market was not spared this week from global financial disarray, with high grade and high yield issues widening out in the secondary market. Spooked by the freefall in Asian Yankee bond prices, investment grade buyers withdrew from the market, strangling new issuance to a trickle and causing spreads to widen out as much as 5bp to 10bp on top US industrial names such as IBM.

THE Industrial Bank of Japan is in the initial stages of launching syndication of the £230m completion guarantee facility backing the Autolink consortium's innovative financing package for the new M6 motorway. The major elements of the long term financing package being put in place for the project by sponsors Amey plc, Sir Robert McAlpine (Holdings) Ltd, Taylor Woodrow Construction Ltd, Barr Holdings Ltd and Innisfree PFI Fund have already been completed. These comprise a successful £124.8m 8.39% secured FSA-backed bond issue led by Morgan Stanley in April and a £68.9m five part EIB facility.