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United States Barclays Capital and WestLB are arranging $1.1bn of senior debt facilities for the FLAG Pacific-1 cable system.

DRESDNER Kleinwort Benson this week hired Andrew Pisker from BNP Paribas as head of global markets, the first successful move in the bank's effort to rebuild its debt markets operations since the collapse of the proposed merger with Deutsche Bank. Coming a month after former co-head of global markets TJ Lim's departure to Merrill Lynch, and the subsequent exodus of bankers from Dresdner's bond business, the hiring of Pisker is an essential step in rebuilding morale, as well as the German bank's debt markets team.

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

While Unilever is attempting to lure its US target Bestfoods into talks, following its $18.41bn cask offer, the banks poised to support the Anglo-Dutch company with a $20bn syndicated loan are hoping for a quick decision so they can proceed with syndication. There was talk this week that the arranging group reported in Euroweek last week, which consists of ABN Amro, Deutsche Bank, Goldman Sachs and UBS Warburg, might be extended to include another one or two more banks.

POHANG Iron & Steel (Posco), the Korean steel giant, returned to the international debt markets this week for the first time since mid-1997, with a ¥15bn three year Samurai issue lead managed by Nikko Salomon Smith Barney. Bankers agreed the deal's size and pricing ensured that most of the investor appetite was limited to the retail sector.

Finland Co-ordinating arranger Citibank, along with arrangers and fellow underwriters Chase Manhattan, Deutsche, MeritaNordbanken and SEB, have signed in the banks on the Eu1.5bn facility for Fortum.

SLOVAK state railways company ZSR provided this week's only emerging market action with a Eu125m seven year issue on Monday, which left bankers wondering whether any deal is worth doing in such dire market conditions. ZSR had to reduce the issue from a planned Eu200m and had to increase the spread by 15bp-25bp from the early pricing talk to execute the deal.

* European Investment bank Rating: Aaa/AAA

* European Investment Bank Rating: Aaa/AAA

* Abbey National Treasury Services plc Guarantor: Abbey National plc

Despite some hectic trading on Wednesday, trading flows were thin this week and customers remained largely absent from the market. Prices moved little, especially by recent standards. At the beginning of the week, 10 year dollar swap spreads were at about 129bp to 130bp over the 2010 Treasury, while five year swap spreads were at 96.5bp to 97.5bp over the old 5.875% November 2004 Treasury.