Europe's primary pipeline gathered more momentum last week as several deals began marketing, but the pace is less frantic than in 2005 as a handful of new issues were announced.

Freshwater Finance PLC - an independent special purpose company set up last year in connection with Anglian Water's GBP402 million ($699 million) utility index linked bond repack - has announced a second issue is in the works. The deal is expected to total GBP200 million ($347 million) and was due to launch by press time.

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