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Bookrunners Commerzbank and HSBC Trinkaus brought Europe’s high yield market to the heart of the Continent this week with the launch of a Eu100m deal for German precious metals and coin producer Deutsche Nickel.

Hungary Arrangers ABN Amro, Central European International Bank, Commerzbank and WestLB are enjoying a strong response to the Eu300m five year term loan for the Republic of Hungary, which will close oversubscribed after general syndication.

Argentina n Republic of Argentina

Barclays Capital this week launched a £137.4m bond, the largest yet to finance a hospital under the revived Private Finance Initiative (PFI). The bond structure builds on earlier hospital transactions, allowing participants to claim that if there is not yet a production line for capital market transactions from the sector, there is at least a viable template. "I do not think I would call it a cookie cutter, but there clearly have been efficiencies in that we apply some lessons across transactions," said Charles Silberstein, a managing director at the London office of FSA, the monoline insurer that gave the transaction a

n AIG SunAmerica Institutional Funding II Rating: AAA

Morgan Stanley Dean Witter this week launched the first ever collateralised debt obligation (CDO) backed by euro denominated assets. Issued via special purpose vehicle EuroCredit CDO 1, the Eu400m bond allows investors to gain rated access to the growing European high yield debt market.

Morgan Stanley Dean Witter this week launched the first ever collateralised debt obligation (CDO) backed by euro denominated assets. Issued via special purpose vehicle EuroCredit CDO 1, the Eu400m bond allows investors to gain rated access to the growing European high yield debt market.

Hyundai Motors and Korea Exchange Bank (KEB) are to head the new issue pipeline from Korea, raising $1.5bn from equity offerings. Both companies hope to beat the projected autumn rush, with KEB likely to begin roadshows during the second week of September, slightly earlier than expected but head to head with the Hyundai transaction scheduled to launch around the same time.

Hertz took advantage of a welcome recovery in the US high grade corporate bond market after last week's swap spread debacle to launch a debut $500m eight year global bond. The deal, led by JP Morgan and priced at 147.5bp over the 6.125% August 2007 off the run Treasury (from a 150bp area guidance), was two times oversubscribed and tightened by two basis points when syndicate broke.

Acute volatility in worldwide technology stocks has created a stormy trading environment for shares in Internet Gold, the newly floated Israeli internet service provider. Global co-ordinator Lehman Brothers executed the company's $54m IPO late last week and priced the 4.5m shares on offer at $12 - the middle of the $11-$13 indicated range.

Argentina Empresa Distribuidora y Comercializadora Norte (Edenor) has received a $62.5m 364 day loan from a group of international banks.