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Asset backed securities: * Aire Valley Finance plc

Finland Cultor Ltd is returning to the market for a new $150m incremental loan that is being arranged by its traditional leads Merita Bank Ltd and Union Bank of Switzerland.

* Commerzbank AG Rating: Aa2/AA-

Domestic issuance: * Credit Suisse Group

TELEFONICA del Perú will shortly launch the first ever sol denominated Eurobond transaction in a major step forward in the development of international markets in local Latin American currencies. The move, announced this week, will likely come on top of Mexican commercial bank Banamex's Mexican peso denominated debut.

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TELEFONICA del Perú will shortly launch the first ever sol denominated Eurobond transaction in a major step forward in the development of international markets in local Latin American currencies.

JP Morgan Securities Inc is to arrange a $4.1bn loan financing for Hilton Hotels Corp to fund the hotel chain's $70 per share tender offer of ITT Corp. The Beverly Hills, California-based hotel company has indicated that it will pay half cash, half stock for ITT. Chase Securities Inc has arranged a secured $600m revolving credit for Hechinger Investment Co. Pricing for the five year loan is based on the company's interest coverage ratio. The Prime margin range is Prime flat to 50bp and the Libor margin range is 150bp to 200bp.

Angola

Market commentary Compiled by Gerard Perrignon, Hambros Bank Ltd, London. Tel: +44 171-865 1759

China Sanwa Bank (Hong Kong), LTCB (Hong Kong), Skandinaviska Enskilda Banken (Hong Kong) and United Overseas Bank (Guangzhou) have launched a $98.4m loan for New Century International Leasing Co Ltd.

GLOBAL co-ordinators Goldman Sachs and Creditanstalt have launched the largest Austrian privatisation to date -- the government's sale of 50% of its holding in the national tobacco company, Austria Tabakwerke. Austrian shares do not usually attract high levels of interest from international investors and tobacco companies are not the easiest stocks to sell. But investment bankers say they are encouraged by the demand which has been elicited after two weeks of pre-marketing the transaction.