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Argentina won itself a much needed reprieve from further financial crisis this week when international and local capital market participants applauded its much larger than expected $29.5bn debt swap, the biggest voluntary debt exchange ever executed in the capital markets.

Argentina won itself a much needed reprieve from further financial crisis this week when international and local capital market participants applauded its much larger than expected $29.5bn debt swap, the biggest voluntary debt exchange ever executed in the capital markets.

China The $600m dual tranche fundraising for Shanghai General Motors, arranged by Citibank/Salomon Smith Barney, was signed on Wednesday in Shanghai.

Philippines * Republic of the Philippines

Europe * Systems 2001 Asset Trust

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

A staggering Eu20bn-Eu25bn calendar is building for launch in euros over the next few weeks, with Siemens expected to take centre stage next week with a Eu4bn two tranche bond via Merrill Lynch and Morgan Stanley. A Eu2bn five year tranche is expected at around mid-swaps plus the 20bp area and a Eu2bn 10 year at the 35bp area. Official price talk will be announced this (Friday) morning.

Friday, June 1 - Marrakech, Morocco What a difference a week makes. There we were in sun-soaked, broiling Marrakech watching the world go by and trying to have a short rest. The Sheraton Marrakech, where we always stay, is definitely not a swishy venue compared to the Ammanjenna or the distinctly jaded La Mamounia. However, the staff are to die for and we are treated like U2 (we are too old and circumspect to be mistaken for Oasis) or a Goldman Sachs partner. But the hotel is fun. So many groups come in and out that it is like a railway station. In the first two days we had what seemed to be a German petrol-pump attendants conference, a high ranking Jesuit convention and then delegates from an African-Arab summit in aid of starving children.