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THE REPUBLIC of Argentina this week pounced on the first signs of stability in the emerging markets for some time to launch a Lit1tr seven year floating rate note. The offering, jointly led by Caboto, Credito Italiano and JP Morgan, is the largest ever emerging market lira deal.

Market commentary Compiled by Glen Blackley, RBC DS Global Markets, London. Tel: +44 171-865 1759

BARCLAYS has gone out to a select group of sub-underwriters for the debt facilities backing the Cinven and CVC acquisition of KNP BR Packaging. The arranger will look to bring the banks in early July. Euroweek has learnt that the senior debt facilities total Dfl 1.7bn, consisting of a Dfl 900m seven year term loan (tranche 'A') at 187.5bp over Libor, a Dfl 300m eight year term loan (tranche 'B') at 237.5bp, a Dfl 300m nine year term loan (tranche 'C') at 287.5bp and a Dfl 200m seven year revolver at 187.5bp. Banks have been asked to commit pro-rata.

Asset-backed securities: * Belsca SA

Austria Banks are signalling strong appetite for the Asch7.5bn Connect Austria mobile telecoms project financing arranged by Creditanstalt, HSBC and UBS. A bank presentation was held in London last week and the arrangers are confident that the deal is heading for oversubscription, despite the amount of telecoms project debt in the loan market over the past year.

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