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Angola Market sources say Standard Chartered has closed the first level of syndication for a possible $450m deal for Sonangol UEE. The underwriting phase was closed oversubscribed. The possibility of an increase is being discussed. If there is no increase the deal will not go to general syndication.

Air Liquide is due to sign a euro2 billion ($1.86 billion) MTN programme today, February 9 2001. BNP Paribas has scooped the arrangership. Air Liquide last month bought the Austrian activities of Linde for euro135 million. Linde has an existing euro4 billion Euro-MTN programme, which was set up in April 2000. The programme has $1.37 million outstanding off 19 trades and includes four of the dealers appointed to Air Liquide's dealer panel. Air Liquide, which was founded in 1902, specializes in industrial and medical gases and has 125 subsidiaries in 60 countries. The dealers off the programme are ABN Amro, Deutsche Bank, HSBC, JP Morgan Chase, Merrill Lynch, Morgan Stanley Dean Witter, Natexis Banque Populaires and UBS Warburg. This is the seventh programme BNP Paribas has arranged since the beginning of 2000.

Europe * Preferred Residential Securities 3 plc

Australia CSFB Australia and UBS Warburg are inviting sub-underwriters into a A$640m six year financing for Amatek Industries, a building products company.

Credit events this week, including Ford and General Motors being placed on negative outlook by S&P, and renewed pressure on telecoms spreads, failed to dent investor enthusiasm for corporate paper, allowing several issuers to increase the size of their offerings and tighten spreads through price talk. The return of the triple-Bs was particularly noteworthy since the sector had been absent from the market for several weeks. Baa1/BBB+ Birka Energi had an order book of over Eu1.6bn for a Eu500m seven year bond and US retailer Toys "R" Us, rated A3/BBB+, increased the size of its five year bond from Eu300m to Eu500m, having attracted a book of Eu1.25bn.

* Eurohypo AG Rating: Aaa/AAA

Tele Danmark has issued a ¥5 billion ($43.25 million) plain vanilla trade that pays a final coupon of 0.57%. The company has sold three euro trades so far this year, each for about euro50 million ($46.82 million). But this is the first yen trade and it will mature in December this year.

Triple-B corporate bonds made a stunning comeback this week in euros, reversing a trend that has been in place since the credit market came under pressure in the fourth quarter of last year. Swedish utility Birka Energi spearheaded the action, launching a highly successful Eu500m seven year bond via ABN Amro and Schroder Salomon Smith Barney.

Argentina exceeded all expectations yesterday (Thursday) with its blowout $4.2bn exchange swap, the success of which has opened the way for the sovereign to issue a plain vanilla global bond before the end of this quarter.

Against many bankers' predictions, the UK corporate loans market has got off to a sluggish start to 2001, with much of the real corporate action shifting into continental Europe. And there appear to be few big-ticket transactions in the pipeline in the UK, with only Corus's Eu2.4bn loan set to test market appetite for large facilities. Syndication of this deal is expected to get underway next week through arrangers ABN Amro, CSFB and HSBC.

Argentina exceeded all expectations yesterday (Thursday) with its blowout $4.2bn exchange swap, the success of which has opened the way for the sovereign to issue a plain vanilla global bond before the end of this quarter.