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Chile Mandated arrangers ABN Amro and JP Morgan have completed the $220m term loan for Empresa Electrica Colbun Machicura SA.

Cofinoga has added Barclays Capital, HSBC CCF and Natexis Banques Populaires as dealers to its euro2 billion ($1.78 billion) Euro-MTN programme. Morgan Stanley and Salomon Smith Barney have been dropped as dealers. The programme has $722.86 million outstanding off six trades.

Qatar Qatar Fuel Additives Company (Qafac) is set to appoint a financial adviser for the refinancing of its $350m project financing facilities which were signed in November 1997. The company is reported to have interviewed five banks for the role.

Croatia Food company Agrokor is thought to have resurrected its plans to issue a Eurobond. The company is said to be considering a $200m five year issue, to replace a Eu170m loan arranged by the EBRD, with launch planned to follow the seven year benchmark bond the sovereign plans to issue late this month via Deutsche Bank and CSFB.

Merrill Lynch has sounded a cautious note about the extent of the predicted economic recovery and its own revenue performance in 2002 ahead of its earnings report later this month. The bank announced on Wednesday a restructuring charge of $2.2bn pre-tax for the fourth quarter. Benefits of the restructuring, led by chairman David Komansky and president and COO Stan O'Neal, are predicted to include annual expense savings of around $1.4bn.

Annington Homes Ltd, the company through which Nomura acquired the UK Ministry of Defence (MoD) housing estate in 1996, expects to tap one of its securitisations by the end of the first quarter. The deal will be sized by Fitch and Moody's, and it is expected to be at least £600m.

* Dexia Funding Netherlands Guarantor: Dexia Bank NV

The week has started strongly for deals in other currencies. Thirty-four trades were closed in the sector and business in Hong Kong dollar led the way. Royal Bank of Scotland went for Hong Kong dollar and issued a HK$470 million ($60.28 million) three-year note via HSBC Hong Kong that pays a fixed annual coupon of 4.82%. Credit Agricole Indosuez was especially busy in Hong Kong dollar. It closed 17 trades that all go out between 34 days and 52 days. The largest trade was a HK$12.50 million ($1.60 million) issue that matures in February this year. All the deals were self-led. Bayerische Landesbank saw opportunities in Swiss franc and added an 11-year Sfr150 million ($89.35 million) bond to its existing Sfr350 million issue. The note pays a coupon of 4% and was led by Credit Suisse First Boston. Landesbank Hessen-Thuringen closed the only sterling trade: a £

Other currencies had another strong day in the market. Thirty-five deals were closed with trades in Hong Kong dollar still remaining the favourite. Three deals came in sterling and it was Cadbury Schweppes Finance that issued the largest trade: a £

Trading in other currencies continues to be strong in 2002, as 29 notes were closed for $822.33 million. Hong Kong dollar is still the most tapped other currency. Of the 11 trades closed in the currency, the largest was a HK$300 million ($38.47 million) note from Australia and New Zealand Banking Group. The note has a three-year tenor. Fellow Aussie issuer, Bank of Western Australia, also went for three-years with a HK$100 million note that pays an annual coupon of 4.610%. The biggest volumes were done in Swiss franc. Pfandbriefstelle der Osterreichischen Landes-Hypothekenbanken closed a Sfr600 million ($362.45 million) note that goes out to January 19 2009. The note has a coupon of 3.000%. Among the four other trades in the currency, Munchener Hypothekenbank did a one-year Sfr60 million note that pays a coupon of 1.930%. Two sterling notes were done in short maturities. Svensk Exportkredit did a six-month £

The Republic of the Philippines made a successful foray into the international debt markets this week, launching a $750m 15 year global issue to a rapturous reception. Rather than courting controversy — as have previous deals for the republic — this latest deal was applauded by all corners of the market.

The Republic of the Philippines made a successful foray into the international debt markets this week, launching a $750m 15 year global issue to a rapturous reception. Rather than courting controversy — as have previous deals for the republic — this latest deal was applauded by all corners of the market.