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ABN Amro, BBVA, BSCH, Chase Manhattan, Citibank/SSSB and Dresdner will launch the Eu8bn facility for Telefónica on Tuesday. The Spanish blue chip will draw heavily on the facility to pay for the UMTS licence it won last week in Germany. Officials expect much of the appetite to come from Spanish banks and banks with branches in Spain, and there is no sign of concern that this transaction might be overshadowed by the Deutsche Telekom jumbo.

UK supermarket chain Sainsbury has put its DIY brand Homebase up for sale, and hopes to raise as much as £1bn. Bidders are circling the company after Sainsbury sent outline details of the target to potential buyers.

* Helaba International Finance plc

* Australia & New Zealand Banking Group Ltd

THE VODAFONE Pacific board of directors met on Monday and the possible reinvigoration of the company's IPO was again on the agenda. The company and parent Vodafone Airtouch have a tough job to decide whether to brave the markets again. If they proceed, the issue will be the next significant transaction from Australia in a year that has been notable by the absence of large issues, aside from NRMA.

The telecoms sector continued to dominate discussions in the bond market this week, which bankers described as the quietest so far this year. British Telecom featured heavily, confirming the roadshow and launch schedule for its $10bn global bond, before swiftly announcing that the roadshow was to be delayed, pending talks with the rating agencies on the outlook for the company's credit rating.

France

* Caisse Centrale du Crédit Immobilier de France

Market report:

FOLLOWING the appointments of UBS Warburg's Jürgen Odenius and Flemings's Harold Warren, Commerzbank Securities is looking to establish an authoritative emerging markets team by recruiting another 25 analysts by the end of 2001. Odenius will head the emerging markets strategy team when he starts at Commerzbank on Tuesday. Warren will run the emerging markets trading books. Dominic Hughes will manage the team, which will cover London time-zone emerging markets, and will focus on the banking, telecoms, oil and gas, and technology sectors.

TWO NEUER Markt IPOs that had been priced near the bottom of their range rose on their first day of trading yesterday (Thursday). Shares in Blue C rose as much as 51% from issue price and Electronics Line as much as 27%. Commerzbank had to work hard to complete the Eu34m IPO of consulting and integration firm Blue C, after doubts about the timing of the deal and investor enthusiasm for the internet sector.

FOLLOWING the appointments of UBS Warburg's Jürgen Odenius and Flemings's Harold Warren, Commerzbank Securities is looking to establish an authoritative emerging markets team by recruiting another 25 analysts by the end of 2001. Odenius will head the emerging markets strategy team when he starts at Commerzbank on Tuesday. Warren will run the emerging markets trading books. Dominic Hughes will manage the team, which will cover London time-zone emerging markets, and will focus on the banking, telecoms, oil and gas, and technology sectors.