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DUE TO LAUNCH next week is the Eu18bn dual facility for Deutsche Telekom. Despite the heavy flow of telecoms paper this year, arrangers and potential lenders alike were yesterday evening (Thursday) confident that DT would raise the full amount despite the absence of underwriting. The six arrangers are ABN Amro (books), Citibank/SSSB (books), Chase Manhattan (books), Deutsche Bank (documentation), Dresdner Bank Luxembourg (books) and HSBC (facility agent).

Estonia

Argentina

* Allianz Finance BV

Freddie Mac is set to storm the euro sector next month when it launches a Eu5bn transaction, the inaugural deal off a new EuroReference Note programme the US agency announced this week.

The post-summer period is looking increasingly interesting, with a number of very large deals waiting in the wings. Freddie Mac joined the ranks of eager issuers this week when it announced it was establishing a euro denominated Reference Note programme to supplement its dollars calendar. It will issue Eu20bn a year, with Eu5bn launched every quarter. Freddie Mac is obliged to take all debt back to dollars, so in September the basis swap market will be the recipient of a very large position. Most reports suggest that Freddie will issue at 10 years.

WITH GERMANY’S UMTS auction having ended yesterday (Thursday), several of the six winners are looking to raise funds from the loan market to finance the purchase of the licences. The companies have to pay Eu8.5bn within 10 days.

WITH GERMANY’S UMTS auction having ended yesterday (Thursday), several of the six winners are looking to raise funds from the loan market to finance the purchase of the licences. The companies have to pay Eu8.5bn within 10 days.

ROBERT Stellato has left Goldman Sachs, where he was co-head of Nasdaq trading and head of New York institutional sales. He has been appointed to the newly created position of head of global institutional sales at Knight Trading, the US based market maker. Knight is a liquidity centre for OTC and listed stock transactions. It is one of the largest execution destinations for internet based share transactions.

THE APPOINTMENT of the bookrunners for the IPO of CosmOTE means the mandates for the all big telecoms deal expected in Europe this year have been handed out. Merrill Lynch won the title of sole global co-ordinator for the IPO of CosmOTE, Greek incumbent operator OTE's mobile unit. The issue, which is likely to consist of about 15% of the unit, is tipped to raise Eu750m-Eu900m. Schroder Salomon Smith Barney will be joint bookrunner with Merrill Lynch.

GOLDMAN SACHS has recruited Zar Amrolia from Deutsche Bank as a managing director and co-chief operating officer of global foreign exchange. Jon Lopatin, head of global foreign exchange sales and head of foreign exchange e-commerce retires at the end of November. Amrolia will arrive at the beginning of November, eventually replacing him.