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GREENWICH NatWest and WestLB are waiting for the outcome of Wolverhampton & Dudley's shareholder meeting on February 4 before they can progress with the syndication of the £425m short and medium term senior debt facility backing Marston Thompson & Evershed's £330m Pac-Man defence bid for Wolverhampton & Dudley. Wolverhampton & Dudley's shareholders will decide whether to accept Marston Thompson & Evershed's offer -- which involves the sale of tenanted pubs of both companies and a securitisation -- or to support the original Wolverhampton & Dudley bid that involves the sale of 170 Marston pubs for about £80m.

EMERGING market bonds climbed yesterday (Thursday), despite a continued slide in the Brazilian real, as local investors bought on rumors of an imminent fiscal announcement and a possible change of guard at the country's central bank. Brazilian C bonds jumped 1.25 to close at 52.75 and the country's Par bonds rose 1.75 to 53.75, while Argentina's 2017 globals soared two points to 92 and Mexico's 2026 globals rose 1.125 to 104.875.

US INVESTORS shrugged off Brazil's currency crisis and dived into both investment grade and US corporate junk bond deals this week. That enabled a flood of issues to come to the market, including Household Finance Corp's blow-out $1.3bn global bond. The 10 year deal, led by Salomon Smith Barney and Warburg Dillon Read, was increased from $1bn and was due to price this morning (Friday) at 126bp over.

THE REPUBLIC of Hungary this week made its keenly awaited own-name debut in the international bond markets, with the launch of the country's inaugural issue in the single European currency. The benchmark Eu500m 10 year offering was joint lead managed by DG Bank and JP Morgan, which emerged victorious from a bidding war that involved at least 25 banks.

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THE REPUBLIC of Hungary this week led the central European charge into the euro bond sector, with the launch of a Eu500m 10 year issue via DG Bank and JP Morgan. The landmark issue, which marked its own-name debut in the international bond markets, is the first of a series of euro denominated debt offerings from the region, which has thrown off the effects of Russian contagion and proved largely immune to Brazilian fever.

THE SHAPE of the euro-denominated bond markets became clearer this week as issuers across the credit spectrum offered liquid transactions and investors began a sustained period of outright buying of securities in the new single currency.

WHO SHOT Euromarket megastar Seth Waugh? What happened to the Merrill Lynch capital markets genius who was considered by his fan club to have more sex appeal than Warren Beatty and Brad Pitt combined?

India Industrial Development Bank of India is tapping the market for a five year $100m bullet loan through co-ordinating arranger ANZ Investment Bank.

* Credit Suisse Group Finance (Guernsey) Ltd Guarantor: Credit Suisse Group

TOKHEIM, the world's largest manufacturer of fuel dispensing systems, this week launched a dual currency euro/dollar transaction, making it the first high yield issue to be launched in the new European currency since its introduction. The BT Alex Brown-led transaction was priced on Tuesday. The $123m tranche emerged with a coupon of 11.375% at a spread of 670bp over Treasuries while the Eu75m transaction was launched with a coupon of 11.375% and at a spread of 773bp over Bunds. Both issues mature in August 2008.

BANK OF New York, Bank of Tokyo-Mitsubishi, Banque Nationale de Paris, Generale and Greenwich NatWest have won the coveted mandate to arrange the refinancing of Agricultural Bank of Greece's Eu250m one year revolving credit and a Eu250m uncommitted tender panel facility. The same five banks arranged last year's deal, also a Eu250m one year revolver. While the outcome of the arranging beauty contest has surprised few in the market, the deal's margin of 17.5bp over Libor has proved a shock to many bankers.