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Freddie Mac will demonstrate its intent to develop broader and deeper demand for its Reference Note product in Europe when it launches a $4bn three year issue next week. The US agency's funding officials have conducted a series of meetings with UK and continental investors over the past few days to build awareness of its product, and Freddie Mac has also taken the rare step of appointing two European lead managers to the deal. ABN Amro and Warburg Dillon Read will be joined by a sole US firm, Morgan Stanley Dean Witter, as bookrunners on the offering.

Freddie Mac will demonstrate its intent to develop broader and deeper demand for its Reference Note product in Europe when it launches a $4bn three year issue next week. The US agency's funding officials have conducted a series of meetings with UK and continental investors over the past few days to build awareness of its product, and Freddie Mac has also taken the rare step of appointing two European lead managers to the deal. ABN Amro and Warburg Dillon Read will be joined by a sole US firm, Morgan Stanley Dean Witter, as bookrunners on the offering.

Poland's leading telecoms group TPSA this week began a series of European investor presentations ahead of arguably the most important bond offering from central and eastern Europe this quarter. TPSA officials and bankers from lead managers Deutsche Bank and Salomon Smith Barney have visited Amsterdam, Frankfurt and Milan, and will host a meeting in Madrid today (Friday). A final roadshow will be held in London on Monday, with launch expected shortly thereafter.

Ultrapar this week became the first Brazilian company since 1997 to launch an international initial public offering, but was forced to substantially cut its pricing to do so. Despite overwhelming opinion among investors and analysts that the chemical and liquefied petroleum gas (LPG) company was one of the best equity stories out of the region, global coordinator Morgan Stanley Dean Witter had to cut initial price talk of $16 to $18 per ADS to $13.50 to $14.50 and price at $13.50.

SCOTTISH & NEWCASTLE has secured a stunning success in its bid to raise £1.55bn from the loan market to back its acquisition of the pubs, restaurants and budget hotels of Greenalls Group plc. Arranger Warburg Dillon Read launched the deal to 28 sub-underwriting co-arrangers in mid-September, offering banks a fee of 37.5bp for underwriting £125m.

The £175m five year revolver for global logistics company Ocean Group has been signed and increased to £225m. Deutsche Bank is the arranger. Participants are Allied Irish Banks, Banca Nazionale del Lavoro, Banco Bilbao Vizcaya, Banco di Napoli, Bank Austria Creditanstalt International, Bank of America, Bank of Scotland, Barclays Bank, Citibank, Rabobank International, Crédit Lyonnais, Den Danske Bank, Fortis Bank, HSBC Bank, ING Bank, KBC Bank, Landesbank Rheinland-Pfalz, Lloyds TSB Bank, National Australia Bank, Royal Bank of Scotland, Sanwa Bank and Westdeutsche Landesbank.

n Alliance & Leicester Group Treasury plc Guarantor: Alliance & Leicester plc

n Crédit Local de France Rating: Aa1/AA+

SG has wrapped up the co-arranging phase of Eu2.5m five year revolving credit for Vivendi. Despite initial concerns about the deal's terms - they were considered to be tight - appetite proved to be strong and a 20% oversubscription was achieved. Banks have been invited into the deal as either senior underwriting co-arrangers committing Eu250m with a final hold of Eu175m for a 7.5bp underwriting fee and 15bp participation fee, or co-arrangers committing Eu150m for a 12.5bp participation fee.