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Oman EuroWeek understands that the planned refinancing of the $2bn project facilities for Oman Gas LLC has been delayed as a result of rising tension and uncertainty in the region. The bidding process for the arranging mandate has been underway for some time but a decision on the successful bid will be held back until the end of the year at the earliest. A banker familiar with the bidding argued that this was the right decision to take given the regional situation. "They do not need the money to get the project going," he said. "This is merely a refinancing and in times of uncertainty you are never going to get the best price or terms for a deal."

Czech Republic Standard & Poor's (S&P) has taken the ratings of Cesky Telecom off CreditWatch, while affirming it on A- for foreign currency and A for local currency. The agency gave the ratings a negative outlook.

* GMAC Australia (Finance) Ltd Guarantor: General Motors Acceptance Corp

Eight trades came in other currencies on Friday. Portman Building Society closed a £

Trades not denominated in euro, US dollar or yen have been picking up. There were 17 trade announcements yesterday with Hong Kong dollar being used in almost half of them. BBVA Global Finance did three HK$100 million ($12.82 million) trades that differed only in their maturity dates and final coupons. One goes out to August 9 2003 and pays a final coupon of 3.16%, one goes out to September 9 2003 and pays 3.24% and the other goes out to September 30 2003, paying 3.26%. HSBC Investment Bank (Netherlands) went for a HK$80 million two-month note. And Swire Pacific MTN Financing announced a HK$200 million deal that matures in January next year. Two sterling notes were issued, by Britannia Building Society and General Electric Capital Corp. Britannia's was a £