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* Commerzbank Rating: Aa3/AA-

* Banca Popolare di Brescia Rating: A/BBB+

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VODAFONE looks set to tap the loan market for as much as £8bn over the next six weeks, according to bankers close to the mobile telecoms company. Last week Euroweek reported that Vodafone was tapping the market for a sizeable loan facility for its £62bn acquisition of AirTouch, but that the maximum amount would be about £5.5bn. Market sources now suggest that £5.5bn may, in fact, be the minimum amount.

SETH WAUGH, one of the principal architects of Merrill Lynch's dominance of the global fixed income markets, has become the latest senior figure to leave the bank's fixed income division. Both sides stress that the parting is amicable, but Waugh's position had been in some doubt since a reorganisation of Merrill's senior management in its global debt markets division in December last year.

SETH WAUGH, one of the principal architects of Merrill Lynch's dominance of the global fixed income markets, has become the latest senior figure to leave the bank's fixed income division.

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France Paribas has won the mandate to arrange the debt financing backing NatWest Equity Partners' £138m acquisition of Imo Car Wash.

THE EUROPEAN high yield market welcomed its first insurance name this week with the launch of the $550m deal for Willis Corroon, the world's third largest insurance broker. Lead managed by Chase Manhattan, the 10 year issue of senior subordinated notes was priced at the wider end of price talk with a 9% coupon and at a spread of 432bp over the 10 year Treasury. Pent-up demand for new issue paper among European investors resulted in an exceptionally large European component of demand for the dollar transaction.

* GMAC Australia Guarantor: General Motors Acceptance Corp

ARGENTARIA and Merrill Lynch this week re-opened the international market for Spanish corporate IPOs with the launch of a $200m flotation of shares in parcel delivery firm Transportes Azkar. The deal will be priced on Sunday and the shares will begin trading next Wednesday (February 3).

THE KINGDOM of Belgium launched the largest ever syndicated fixed rate bond this week, a Eu5bn 10 year OLO aimed at raising the sovereign's profile in international debt markets. The Kingdom of Sweden joined Belgium in the competition for broader distribution, launching a syndicated Eu2bn domestic government bond.