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US Dollar Straights --------------------------------------------------------------------------------

* Fokus Bank AS Rating: A3

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VODAFONE is on the verge of mandating nine banks to arrange a record £9bn credit facility that will back its $62bn purchase of AirTouch of the US. Euroweek understands that the telecom company has asked banks to return to their credit committees for credit approval for a £1bn underwriting.

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Belgium Dresdner Kleinwort Benson and JP Morgan plan to wrap up general syndication of the Bfr24bn non-recourse facility financing the development of KPN Orange, Belgium's third cellular network, on February 10.

BAT's Eu1.7bn 10 year bullet offering this week was the largest single corporate issue denominated in euros. It was priced at 125bp over Bunds, or plus 130bp all-in. By yesterday (Thursday) evening in London, a final decision on the destination of the proceeds had not been taken, but it seemed that a "significant proportion" -- probably at least 50% -- would be swapped into fixed rate dollars, some would be swapped to floating sterling, with the remainder kept in euros, indicated a senior treasury spokesman at BAT.

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* Bank Austria AG Guarantor: City of Vienna

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REVISED interest rate expectations in the US and Europe this week prompted a sell off in government bonds. The FOMC and European Central Bank both left rates steady, although the Bank of England cut UK rates 50bp in a surprise move. The Euromarkets enjoyed a bumper week. The dollar sector boomed, the currency winning back market share after a January when the euro enjoyed a buoyant launch.

Croatia Chase Manhattan and Zagrebacka banka have signed the DM40m three year term loan for the City of Zagreb.