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Chile The $235m three year term loan for Empresa Nacional de Telecomunicaciones (Entel) has been oversubscribed and increased to $300m.

Issuelink's launch party on Wednesday in swanky Somerset House saw an assortment of market movers and shakers tucking into the nibbles. Dresdner's Jon Saunders was doing more shaking than moving, and declaring that as he had no wife to go home to he better make the most of the free food. Barclays' Apostolos "A-pose-a-lot" Saflekos was there with jolly CPer Sally Vernon Evans. Their friend Nabil A-booze-a-lot wasn't there to help with the drinking games. He was off playing with boys' toys in Turkey instead where he's been learning to fly jet planes. At last he's become a high-flier. But Merrill's quest for a CP desk continues. It has looked high and low, but in vain. It has even pulled out of sponsoring the first ever Euromoney CP conference. But the world goes around in funny ways, and Teresa de Juan-Roncero, the Euromoney conference darling, is to become a banker. After years of bossing them about she has decided to join them. And we hear Merrill might just be looking . . .

Brazil launched a ¥60bn five year Samurai bond this week to diversify away from a dollar market still nervous about the outlook for Argentina and Turkey. But, in light of the troubles afflicting emerging markets, the sovereign had to offer the deal at the wider end of its 4.5%-4.75% coupon range, and at the lower end of its expected size range which originally had an upper ceiling of ¥70bn.

Brazil launched a ¥60bn five year Samurai bond this week to diversify away from a dollar market still nervous about the outlook for Argentina and Turkey. But, in light of the troubles afflicting emerging markets, the sovereign had to offer the deal at the wider end of its 4.5%-4.75% coupon range, and at the lower end of its expected size range which originally had an upper ceiling of ¥70bn.

British Telecom has been forced to increase the yields on its multi-tranche $6bn-$8bn bond issue amid growing credit concerns among investors, and wider corporate bond market difficulties prompted largely by a sharp fall on Nasdaq this week. Yesterday (Thursday) bankers were speculating that BT would be offering 220bp-230bp over Treasuries on its five year deal, 260bp-270bp over on its 10 year, and 295bp-305bp over on its 30 year. There was also talk of a three year tranche being added to offset any difficulties facing the longer dated tranches.

"Cazenove to allow public through front door - coaches welcome!" Of course it had to happen. Personally we blame it all first on the suffragettes and then the arrival of 'dress-down' Fridays. Cazenove held out magnificently against the decline in social standards but is said to have decided to throw in the towel when some of their best clients started arriving for lunch wearing Gucci loafers rather than proper hand-made lace-up shoes. "We surrendered before the trainers arrived," said an insider.

CGNU, formed by the merger of CGU and Norwich Union in May, has signed a new £

The growth in single name credit default swaps is fast establishing them as the building blocks of the 21st century credit market, eclipsing a bewildering array of more esoteric credit derivative products.

If the default swap is the credit derivative market's basic unit, its grandest product is the portfolio swap, which allows pools of risk to be traded at one fell swoop.

* Heller Financial Inc Rating: A3/A-

DePfa Group on Wednesday announced plans to split itself into distinct property and public finance units, signalling the mounting pressures mortgage banks are facing in an increasingly competitive market. The plans involve creating a public sector finance bank, DePfa-Bank Europe, and a property bank, DePfa Bank AG, by 2002, with a view to separate listings.

DePfa has axed Daiwa (Europe) as a dealer off its euro25 billion ($21.1 billion) debt issuance programme. Royal Bank of Canada has been added as a dealer.