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FREDDIE MAC reached another milestone this week by issuing an inaugural $2bn 30 year global Reference Bond as a proxy for US Treasury bonds, as well as announcing it will now hold weekly internet auctions of one, two, three, six and 12 months Reference Bills. The 30 year global, led by CSFB, Lehman Brothers and Salomon Smith Barney, attracted strong US and international demand, despite being launched at a spread of 69bp, on top of Fannie Mae's 30 year issue and several basis issue points tighter than where 30 year agency paper was trading earlier in the week.

The sub-underwriting phase of the FIM1.715bn ($306m) senior debt package backing Industri Kapital's buy-out of Neste Chemicals Oy has blown out, say bankers close to the deal. Sources say nine co-arrangers have committed to the deal and that arranger Salomon Smith Barney/Citibank is considering asking Industri Kapital whether a general syndication is necessary.

n Banque Internationale à Luxembourg Rating: Aa2

n KfW International Finance Guarantor: Kreditanstalt für Wiederaufbau

VODAFONE AIRTOUCH plc, the world’s leading mobile telephone operator, is set to smash loan market records when it launches Europe’s largest ever syndicated credit facility to back its hostile bid for Mannesmann, the expansionist telecoms-to-engineering firm.

VODAFONE AIRTOUCH plc, the world’s leading mobile telephone operator, is set to smash loan market records when it launches Europe’s largest ever syndicated credit facility to back its hostile bid for Mannesmann, the expansionist telecoms-to-engineering firm.

The FOMC raised US interest rates this week but failed to calm the Treasury market. Although the long bond remained steady in post-FOMC trading, the yield curve flattened as traders priced in further interest rate hikes at the short end. The negative tone in the US spread to European government bond markets where investors were happy to take profits after the short lived rally which followed the ECB rate hike of last week.

Belgium Arrangers Goldman Sachs, JP Morgan and Salomon Smith Barney are confident that banks joining the syndication of the Eu380m of senior debt backing the LBO of Plate Glass and Shatterprufe Industries from South African Breweries by Belron will have their commitments severely cut back, well below original target levels on account of a 25% oversubscription.

Rating: Aaa/AAA Amount: Eu250m (fungible with two issues totalling Eu1bn launched 31/03/99 and 15/06/99) Öffentlicher Pfandbrief series 963

n Ford Motor Credit Co Rating: A1/A

ZURICH FINANCIAL Services is set to launch its first perpetual subordinated securities offering with a Eu300m non-cumulative preference share via joint leads Merrill Lynch and Warburg Dillon Read. The transaction will be issued by a wholly owned Jersey finance subsidiary of the group and Zurich Financial Services will provide a subordinated guarantee to holders.