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Croatia The $35m three year term revolver for HBOR, arranged by Standard Bank, will be launched in the market today (Friday).

Egypt The $100m three year facility for Banque Misr has been successfully completed. The bank is a first time borrower. The deal was oversubscribed but not increased and as a result lenders were scaled back.

Kommunalbanken has done its 10th yen trade of 2001: a 21-year ¥500 million ($4.51 million) issue. The note pays a final coupon of 4% and will be issued on February 8 2001. The bank was unable to talk to about the structure of the trade but long-dated yen trades are very popular at the moment when attached to a power reverse dual. Maria Vilmne, senior funding officer at Kommuninvest, one of Kommunalbanken's Nordic partners, says: "Of all the structured enquiry we see coming out of Japan, about 75% of this is made up of power reverse dual currency notes."

Schroder Salomon Smith Barney kicked off premarketing for a Eu230m secondary offering for Germany's leading household metering company yesterday (Thursday). Techem provides reading, allocation and billing of heating costs, and has a market share in Germany of 26%. Its nearest competitor has 23%. The company was listed in March 2000 on the Frankfurt Stock Exchange at Eu19 and is trading around Eu28. The stock closed at Eu28.2 yesterday, up 1.26%.

Colombia will sell $1.3bn of bonds backed by the World Bank in a bid to avoid the bigger costs of accessing the dollar markets with plain vanilla bonds. The country's finance minister, Juan Manuel Santos, announced yesterday (Thursday) that the republic had mandated JP Morgan and Goldman Sachs to manage the sale, the structure of which will be similar to the rolling interest World Bank guarantee bond Argentina did in 1999.

Cassa di Risparmio di Genova (Carige) issued £

Ford Motor Credit Co was deluged with more than $25bn of orders yesterday (Thursday) for its $8.2bn euro and dollar global bond as investors continued their high grade corporate bond buying frenzy. The issue, increased by $3.2bn, led a barrage of deals during the week as it became clear that a wave of cash was engulfing the corporate bond market. "There is a frenzy in the market to buy corporate bonds," said Drew Ertman, a principal at Morgan Stanley Dean Witter, which led the Ford (FMCC) deal with Deutsche Bank and Goldman Sachs.

Countrywide has increased the debt ceiling off its $4 billion Euro-MTN programme to $5 billion. The US issuer signed the facility in 1998 and has issued over $2 billion-worth of debt off 18 trades. The arranger is Lehman Brothers.

Linde has started its funding for 2001 with a one-year euro17 million ($15.93 million) fixed-rate trade which pays 4.65%, and a syndicated Z200 million ($48.6 million) deal that goes out to February 2006 and pays 12.375%. Deutsche Bank was bookrunner off the euro trade and HypoVereinsbank lead managed the zloty note. Stefan Hess, group financier at Linde, admits he is concerned about the way spreads are continuing to widen. He says: "We've seen no effect on spreads at the short-end, but with longer maturities, especially with so much corporate paper outstanding in the market, it can be quite difficult issuing MTN tranches."

This week the loan market absorbed the news that the fourth candidate in the French UMTS beauty contest, Suez Lyonnaise des Eaux, has pulled out of the auction and that Bouyges Telecom is reconsidering its place in the bidding. Many bankers see the move as final confirmation that UMTS licences fees are too high for the current market.

Argentina * Province of Buenos Aires