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* Bank Nederlandse Gemeenten Rating: Aaa/AAA

* CIBC Capital Funding Guarantor: Canadian Imperial Bank of Commerce

MERRILL LYNCH and its consortium partners beat off stiff competition to win the first phase of the bidding to advise the Brazilian government on the sale of Telebras, set to be the biggest privatisation yet seen in Latin America. Telebrasil, the consortium including Merrill, NM Rothschild & Sons, CSFB, ABN AMRO and Brazilian bank Banco Graphus, received a score of 10 out of 10 for its technical proposal, just a hair's breadth away from runner-up Telebrasil 2000 (in-cluding Lehman and Kleinwort Benson) with a grade of 9.4819 and Brasilcom (Salomon Smith Barney and Morgan Stanley Dean Witter) with 8.6528.

* Bayerische Hypothekenbank Rating: Aa2/A+

* Caisse d'Amortissement de la Dette Sociale (Cades) Rating: Aaa/AAA

* Halifax plc Rating: Aa1/AA

* Argentaria Global Finance Ltd Guarantor: Argentaria -- Corporación Bancaria de España

RUSSIAN diamond miner Almazy Rossii-Sakha (Alrosa) is to launch a $500m three year Eurobond in mid-February, putting it at the front of the column of Russian credits looking to enter the international bond markets this year. Company officials and joint lead managers, Salomon Smith Barney and SBC Warburg Dillon Read, are to host investor presentations in Europe and the US between February 2 and February 10, with launch expected shortly thereafter.

* European Bank for Reconstruction and Development Rating: Aaa/AAA

A NEW round of international offerings of shares in Petrobras will begin in the first week of February when the Brazilian government announces bid specifications for an advisory mandate on the sale of part of its stake. Brazilian planning minister Antonio Kandir said yesterday (Thursday) that the government planned to raise about R$6bn ($5.4bn) by reducing its holding in Petrobras to a 51% stake.

* Deutsche Pfandbrief- und Hypothekenbank AG Rating: Aa3

* General Electric Capital Corp Rating: Aaa/AAA