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Market report Compiled by Gerard Perrignon, Hambros Bank Ltd, London. Tel: +44 171-865 1759

BANCA Popolare di Verona, the most profitable of Italy's co-operative banks, will shortly sign a $1bn Euro-CP programme in a move marking its arrival as an issuer in the international capital markets. The multi-currency facility, arranged by SBC Warburg Dillon Read, will be used by the bank to issue dollar, Swiss franc and sterling CP. It is expected to sign the programme next week.

BANKERS report that the final round of primary syndication on the jumbo $8bn facility for BAT Industries is already a phenomenal success. The strong reception suggests that, in spite of the Asian turmoil, it is still a case of business as usual for top rated names in the loans market.

LEBANON'S BANQUE du Liban et d'Outre-Mer (BLOM) this week became only the second Middle Eastern credit to issue subordinated debt in the international bond markets when it launched a $75m eight year bullet transaction via SBC Warburg Dillon Read. With a 9% headline coupon, BLOM's debut Euromarket issue was priced to yield 300bp over Treasuries at the issue/fixed re-offer price of 99.517. This represented a 25bp-30bp pick-up over the first subordinated transaction from the region -- the $75m 10 year non-call five issue for Lebanon's Banque Audi launched in mid-October via Merrill Lynch, which this week was trading at 255bp/250bp over Treasuries to its five year call.

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CREMONINI, Europe's largest privately owned meat producer is set to become the second European corporate to tap the Eurolira market with a high yield issue. Bankers Trust, which launched the Lit250bn issue for Standa, the first high yielder to hit the market, will also lead manage this deal, which is expected to be launched at between 125bp to 150bp over Libor in about two weeks' time.

CREDIT Suisse First Boston and Lehman Brothers are today (Friday) set to launch a £200m 25 year bond for CE Electric Funding Co, the highest UK holding company of regional electricity company Northern Electric. The deal will be guaranteed by triple-A rated monoline insurer Ambac and will pay 80bp over the 8% 2021 Gilt to its bullet maturity in 2022. It will be accompanied by a shorter dated, unwrapped Yankee bond arranged by the same joint bookrunner and for the same borrowing vehicle. "The roadshow in the US has produced some very positive signs, and we are building a book," said an official at one of the lead managers.

* Ford Credit Canada Guarantor: Ford Motor Credit

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MEDIOBANCA, GOLDMAN Sachs and Schroders defied market conditions this week to successfully complete the Lit4.9tr ($2.45bn) equity offering for Banca di Roma, Italy's second largest banking group. The deal comprised an offering of ordinary shares and the sale of exchangeable bonds, both of which were well oversubscribed. The deal established a core of institutional and retail investors for the bank at a time when fund managers are nervous about the long term.

* Banca di Roma Rating: A2/A (Moody's/IBCA)