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Erste Bank der Osterreichischen Sparkassen (Erste Bank) has signed a euro1 billion ($848.78 million) Euro-CP programme. Morgan Stanley Dean Witter won the arrangership. Heimo Rottensteiner, head of funding at Erste Bank, says: "We set the Euro-CP up as one more funding instrument to complete our funding facilities." The issuer already has a euro7 billion debt issuance facility, signed in 1998. And one of its holding companies, GiroCredit Bank der Sparkassen, has a $1 billion Euro-MTN shelf. Rottensteiner adds: "Our main activities will be in dollar and yen and our aim is to get a focus on our clients. We will be marketing ourselves mainly to money market funds." Fitch has assigned the programme a rating of F1. Barclays Capital and Citibank join the arranger as dealers.

* Bayerische Hypo- und Vereinsbank AG Rating: Aa3/A+/AA-

* Banca Intesa Rating: A1/A/A+

* BfG Hypothekenbank AG Rating: AAA

Export Finance and Insurance Corporation has added Nomura as a dealer to its $2.5 billion debt issuance programme.

Arc Cores made a spectacular debut on the London Stock Exchange (LSE) yesterday (Thursday) following a 32.8 times subscription for its £157.5m IPO via bookrunner Goldman Sachs and joint lead manager UBS Warburg. The share price more than doubled on the company's first day of trading, closing at around 450p from an issue price of 210p - itself at the top of 170p-210p indicated range.

Hong Kong Hutchison Global Crossing will announce the mandate winner of its HK$5bn fundraiser shortly.

Negative rating news for Peru and Argentina this week served as a sobering reminder to attendees at the IMF meeting in Prague this weekend that Latin America, while looking better than it has in decades, still has its trouble spots. Although Brazil and Mexico are poised to receive credit upgrades, Argentina was placed on negative watch by Fitch and market participants speculated that Standard & Poor's (S&P) may be poised to do the same.

Malaysia * Federation of Malaysia

Europe * Arran Two Ltd

* Bayerische Landesbank Girozentrale Rating: Aaa/AAA/AAA

Australia ANZ Investment Bank and Barclays Capital have secured a mandate from Pacific Carriage/ Southern Cross Cables. Terms are still being discussed but the amount sought is believed to be just under $1bn.