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Emerging market investors are waiting anxiously for a possible dual statement on Monday on an IMF-led rescue package, and on the first of an expected series of bond swaps by the Argentine government. Argentina announced on Wednesday its intention to swap short dated debt into new, longer bonds.

Allmerica Global Funding proved that not all the gic issuers have started their Christmas holidays. Allmerica returned to the dollar sector for the first time since August with a three-year $25 million FRN that is issued on January 8 2001. Dollar has in fact only ranked fourth in a poll of Allmerica's favourite currencies this year. Euro was top, with $338.24 million-worth of debt, yen was second, with $115.99 million-worth of debt, sterling was third with $44.18 million-worth.

UBS Warburg used an audacious new structure to raise Eu2bn for Allianz this week, after investors responded enthusiastically to an instrument with returns linked to the Dax index. The notes are exchangeable for shares, but were bought by investors outside the traditional range of convertible investors, bringing into question whether they should be classified as exchangeable bonds.

UBS Warburg used an audacious new structure to raise Eu2bn for Allianz this week, after investors responded enthusiastically to an instrument with returns linked to the Dax index. The notes are exchangeable for shares, but were bought by investors outside the traditional range of convertible investors, bringing into question whether they should be classified as exchangeable bonds.

Asia * RAMS Mortgage Corporation Ltd Series 9

China BA Asia has launched a $200m 364 day standby LC for COSCO (Cayman) Co. The deal is guaranteed by parent company China Ocean Shipping (Group) Co.

Ed Brown has quit his post at Credit Suisse First Boston and is to join Barclays Capital, heading up the leveraged loans syndication team - a division within the bank that specialises in structuring and executing syndicated loans for clients of Barclays' financial sponsor coverage group. He will report to Tim Ritchie, managing director and head of global loans. Brown's departure from CSFB, where he was a director in the loan capital markets group concentrating on leveraged and acquisition finance, comes two months after his former boss at CSFB, Grant Johnson, left after his position was made redundant.