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Eidos, the UK computer games maker, has confirmed speculation that it is planning a £51.7m deeply discounted rights issue. The confirmation came as Eidos announced that it made a loss of £26.1m before taxation, goodwill amortisation and exceptional items in the year to March 31.

Caja de Madrid, Citibank/SSSB (joint bookrunner), Deutsche Bank (joint bookrunner) and Sumitomo Bank have won the mandate to arrange a Eu750m 364 day revolving CP backstop for Electricidade de Portugal (EDP). The deal is being syndicated among the borrower's close relationship banks. The margin on the facility is 22.5bp and there is a commitment fee of 10bp. The utilisation fee is 2.5bp if over 33% is drawn and 5bp if over 66% is drawn. Arrangers are invited to take Eu60m for 7.5bp and co-arrangers take Eu40m for 5bp.

Rating: Aaa/AAA Amount: $750m

Emerging debt jumped today (Monday) after Argentina announced a much larger than expected debt swap of $29.48bn.

Brazil * OPP Finance Ltd

Euronext, the European stock exchange, is aiming to complete its long awaited Eu800m IPO by early July, just weeks before shares in the London Stock Exchange hit the market. The flotation will be split into a combination of primary and secondary shares, and will represent 25% of the company. UBS Warburg, ABN Amro Rothschild and BNP Paribas are running the deal.

* Allgemeine Hypothekenbank AG Rating: A2/A-/A

The Federal State of Saxony-Anhalt is to issue a 10-year ¥1 billion ($8.26 million) note on June 20. The note pays interest singularly and has a final coupon of 3.500%. It is the issuer's second note of 2001 - its first being a ¥10 billion issue last week.

* Arena Finance SA Guarantor: Arena Holding SpA,

Fingrid has added Unibank (Nordea) as a dealer to its $750 million debt issuance programme. It has $355.85 million outstanding off 14 trades.

Polish issuer BRE International Finance signed a euro1.5 billion ($1.29 billion) multi-currency programme for the issuance of debt instruments yesterday, May 31. Morgan Stanley is the arranger. BRE Bank, which is 50% owned by Commerzbank, is the guarantor. It is the first Polish bank to set up a Euro-MTN programme and only the second Polish issuer to come to the market. Agnieszka Czuba is head of capital markets at BRE Bank and she says: "In a way we are a pioneer, in that we are the first Polish bank to set up a Euro-MTN programme. One of the advantages is that we will be more able to respond to reverse enquiry and this could lower our funding costs." She adds: "The programme will give us more flexibility than we have with traditional eurobonds, where we are restricted and can't react as quickly to reverse enquiry." Moody's has assigned a Baa1 senior debt rating and a Baa2 subordinated debt rating to BRE International Finance's notes. Poland is rated Baa1 with a stable outlook. The issuer is happy with this rating and Anton Burghardt, who is deputy president of the board at BRE Bank, feels optimistic that Poland's rating may be raised in future. He says: "Given the strength of the Polish economy, I wouldn't exclude the possibility of Poland's rating being upgraded, in the same way that Hungary's was." The issuer is not a newcomer to the Euromarket. Burghardt says: "We've already had some experience in the bond market and it went smoothly. Funding off the programme will partly finance growth in our loan book and will partly refinance our existing debt. The local currency interest rate means there is still strong arbitrage opportunities for borrowers." The other Polish borrower in the market is TPSA Eurofinance, a wholly owned subsidiary of Telekomunikacja Polska. It set up its $2 billion Euro-MTN programme in 1999 via Deutsche Bank. It has over $1.5 billion outstanding off five trades. BRE International Finance's dealers are Commerzbank, Credit Suisse First Boston, HSBC, Merrill Lynch, UBS Warburg and the arranger.

Freddie Mac yesterday (Thursday) signalled its commitment to the euro market by announcing the first ever global multi-currency issuance calendar, including its EuReference Notes alongside its dollar Reference Notes. The agency has specified the weeks in which it will issue roughly Eu25bn-Eu30bn by the end of next year, including re-openings totalling Eu5bn this month and a new 10 year in September.