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China Coordinating arrangers Fuji Bank, Hang Seng Bank, Sumitomo Bank and Westdeutsche Landesbank launched the $110m working capital facility for China National Offshore Oil Corp on October 6.

LUCK was on the Republic of Argentina's side this week when the sovereign issued two successful bonds in lire and Deutschmarks just days before both markets plunged on negative political and interest rate news. Argentina launched a DM1bn 12 year offering led by ABN AMRO Hoare Govett shortly before the Bundesbank announced a rise in interest rates.

THE autonomous region of Andalucia has successfully launched a 20-year Yankee bond, the longest yet for a borrower from the country. Launched at a spread of just 52bp over Treasuries, the $185m bond played well to a largely domestic audience of insurance companies. "This has set a new benchmark for Spanish regional paper," said a syndicate member.

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

Australia A A$200m commercial paper programme for Mitsui & Co Financial Services (Australia) Ltd, guaranteed by Mitsui & Co (Australia) Ltd, has been completed by arranger National Australia Bank.

THE $9.5bn-plus sale of Telecom Italia shares looks set to go ahead despite this week's resignation of the country's government and turmoil in world stockmarkets."We have reviewed the transaction with the government, its advisers and the syndicate, and are proceeding as planned," said Charles Kirwan-Taylor, a managing director in the equity capital markets division of BZW, one of the global coordinators on the sale alongside Mediobanca. "The fundamental investment case for the company has not changed."

THE $9.5bn-plus sale of Telecom Italia shares looks set to go ahead despite this week's resignation of the country's government and turmoil in world stockmarkets.

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Extendicare Health Services Inc has secured an $800m credit from NationsBanc Capital Markets Inc. The facility is split into a $200m six year revolver, a $200m six year term loan, a $200m seven year term loan and a $200m 60 day term loan. Pricing for the seven year and 60 day facilities is set at 100bp above Prime or 200bp above Libor. Pricing for the six year facilities is based on the company's leverage ratio. The Prime margin range is Prime flat to 100bp, the Libor margin range is 75bp to 200bp and the commitment fee range is 25bp to 50bp.

NIKKO has announced that its London office has assumed responsibilities for its international operations -- the first Japanese securities to grant such autonomy outside Tokyo. As part of the move, Michel de Carvalho has been appointed overall head of Nikko's international operations. He succeeds Masashi Kaneko, who has been appointed president of Nikko's Securities in Japan following the resignation of eight board members on October 3, including previous president Kichiro Takao, after Nikko was accused of paying money to racketeers. Nikko is the latest Japanese house -- after Nomura, Daiwa amd Yamaichi -- to revamp its board after becoming implicated in scandal. De Carvalho will become the most senior foreigner at a Japanese firm, as he will also become a member of the management board.

* Crédit Lyonnais Belgium SA Amount: Dkr100m