GERMANY – A German insurance company is tendering a 1.1 billion euro Eurobond mandate via IPE-Quest.

The portfolio will have an average rating of A-, and will invest only in euro-denominated eurobonds, with the following requirements:

a maximum of 10% allocation to issuers with domicile and/or listing outside of the European economic area.

asset-backed securities which are structured in a special purpose vehicle must have a minimum rating of AA/Aa2.

Commercial paper and other short-term investments issued by entities other than central banks, governments or government-backed agencies must have a rating of at least A1/P1.

The benchmark index is yet to be decided.

Closing date for applications is June 26 2003.

Further details on restrictions, reporting and how to apply can be found on the IPE Quest website, www.ipe-quest.com