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LEAD arrangers Merrill Lynch, Caixa Geral de Depósitos and Citibank have won the mandate to arrange a $1.3bn debt package backing Portugal Telecom's acquisition of Telebras, Brazil's leading telecom network. The loan, which is the largest credit facility ever for a Portuguese borrower, has a 364 day maturity. For the first six months, the facility carries a margin of 20bp over Libor, and 25bp thereafter. However, if Portugal Telecom's rating drops from A+ to A-, the margin increases by 10bp.

GENERAL syndication of the £2.4bn credit facility for PowerGen Finance is scheduled to close today (Friday), according to arrangers Deutsche Bank, Goldman Sachs and HSBC. The deal has been an unqualified success and syndication should be a blow-out -- a rarity in today's market.

Denmark ABN Amro, Citibank and Bank of Tokyo-Mitsubishi have launched general syndication of the $500m facility for Borealis, the Danish petrochemicals company. A bank meeting is scheduled for today (Friday).

Angola Sonangol, the national oil company of Angola, has mandated ING Barings to arrange a $45m, six year credit facility to finance the company's share of the costs of a water injection platform for the Kungulo field in the Cabinda concession area, off the coast of Angola.

China Crédit Lyonnais has been mandated as arranger for the $100m Chengdu build-operate-transfer water supply project by sponsors Compagnie Générale des Eaux and Marubeni.

Australia BT Australia (HK) Financial Services is arranging a $100m five year transferable loan certificate for Suncorp-Metway.

Croatia Arranger Warburg Dillon Read closed and signed the debt financing for the Bina Istrian tollroad project yesterday (Thursday).

CO-ORDINATORS of the much anticipated Eu1bn three year standby credit for the Hellenic Republic of Greece received an excellent response from the arrangers and have decided to increase the facility to Eu1.25bn. Bank of Tokyo-Mitsubishi, Chase Manhattan, Deutsche Bank and SG were joined by 23 banks -- 19 at the Eu100m (scale back) arranger level and four at the Eu50m (take-and-hold) arranging level.

India The ANZ Investment Bank arranged $26m, 7-1/2 year credit for Tata Electric Companies was signed in Mumbai last week.

Egypt The information memos have been sent out for the 650MW Sidi Krir independent power project, sponsored by InterGen.

Bank of Tokyo-Mitsubishi has hired Stuart Levett as head of secondary loan sales and trading. Levett joins from Citibank where he was a member of the loan syndication and secondary sales team. He will report to John Reffell, head of syndications at Bank of Tokyo-Mitsubishi.

STANDARD & POOR'S has stated that it does not believe the Russian crisis will have a significant impact on European banks. Their domestic profits, diversification of services and government support will allow them to absorb any emerging market losses. In Switzerland, Credit Suisse First Boston has total exposure of $2.16bn, net of provisions, but this compares with shareholder's equity of $21.3bn. German banks, particularly in the public sector, have a substantial exposure, but comparable support from the Länder.