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Argentina plans to draw down about $2bn from an estimated $20bn emergency aid package as soon as it is signed in the next fortnight. The move comes in a bid to bolster its capital markets hopes for 2001. Government officials announced that in spite of key reform measures still pending approval, it would be ready to announce the amount of the package on December 11 or 12. The package will be used to cover first quarter financing needs.

After making its debut in dollar a couple of weeks' ago, Koninklijke Ahold returned to the sector for some short-dated funding. The triple-B supermarket group issued a $150 million note which matures on June 1 2001 and a $118 million note which goes out to March 5 2001. This is the fourth and fifth trade that Ahold has issued since Moody's downgraded it from A3 to Baa1 in October. Klass Springer, group treasurer of Ahold, says: "It can be better to have a lower rating and a stable outlook than a higher rating and a negative outlook."

China Co-ordinating arranger BA Asia closed the $100m 364 day standby LC facility for Minmetals Capitals & Securities Inc on November 28. The deal was oversubscribed but not increased. The co-ordinator held $10m.

Malaysia * TM Global Inc

Asia * Interstar Millennium Series 2000-5 Trust

Atlas Copco, the Swedish industrial tool manufacturer, has signed a euro500 million ($429.03 million) Euro-MTN facility, replacing its inactive $100 million facility, signed in 1987. The new facility is arranged by Salomon Smith Barney. The dealers are ABN Amro, BNP Paribas, Credit Suisse First Boston, Deutsche Bank, MeritaNordbanken, Merrill Lynch, SEB Debt Capital Markets and the arranger.

Australia Pacific Century CyberWorks' and Telstra Corp's joint venture, IP Backbone Co, is tapping the market for a $2bn three tranche facility through arrangers Barclays Capital and Chase Manhattan Asia.

* Toyota Finance Australia Ltd Guarantor: Toyota Motor Finance Netherlands BV

Bank fur Arbeit und Wirtschaft (BAWAG) has announced the details of its euro3 billion ($2.72 billion) Euro-MTN programme, expected to sign by mid-June. And Bayerische Landesbank will arrange the facility, only its second arrangership in five years. BAWAG, an Austrian retail bank and securities house is 46% owned by the arranger, which is rated Aaa. Previously BAWAG has placed its debt successfully in Germany, especially Bavaria, and Austria, but it plans to increase its investor base internationally with the programme. Only five Austrian issuers have signed since January 1999. Three of these were banks and one was the Republic of Austria itself. Dealers off the programme are ABN Amro, Credit Suisse First Boston, Goldman Sachs, Morgan Stanley Dean Witter, BNP Paribas Group, the issuer and the arranger. The inaugural is expected in the Autumn and BAWAG hopes to attract investor interest with a roadshow in June. It is rated Aa3 by Moody's.

BAWAG and Vorarlberger Landes- und Hypothekenbank were both active - in the week that Hypo Tirol Bank signed its euro2 billion Euro-MTN programme, swelling the number of Austrian borrowers in the market. Bawag went for a ten-year yen note. The ¥1 billion ($9.01 million) trade was sold via DKB international. It is the issuers second yen trade in a month after making its debut in the currency with a 12-year note on November 15. The coupon on this note is termed as a FX/step-up reverse FRN hybrid. Interest, which is paid semi annually, is 2.2% a year until December 12 2001, 3% minus 6-mth Libor until December 12 2002, 3.3% minus 6-mth Libor until December 12 2003, 3.7% minus 6-mth Libor until December 12 2004, 4.2% minus 6-mth Libor until December 12 2005, 4.8% minus 6-mth Libor until December 12 2006, 5.5% minus 6-mth Libor until December 12 2007, 6.3% minus 6-mth Libor until 20/12/2008, thereafter 7.2% minus 6-mth Libor. Vorarlberger issued a three-year euro8 million ($7 million) that pays a single final coupon of 8.11% when it matures on December 7 2003. This is the Austrian bank's 32nd note that it has issued since it signed its programme a year ago. It has raised $808.25 million off its euro1 billion programme.

Bank of New Zealand has signed a $2 billion global CP programme and National Australia Bank is the arranger. It is the arranger's first appearance in the global or Euro-CP market since 1994. Bank of New Zealand is expecting good investor appetite despite being the issuer's first step into the CP market. The issuer hopes its P-1 ratings from Moody's and A-1+ from Standard & Poor's will help acheive this. Allan Olsen, manager for short-term sales and trading at National Australia Bank, says: "Primary paper will be issued at Libor -10 to -12 basis points under normal market conditions. This is where we perceive the market to be with this rating." The programme was set up in anticipation of expected asset growth in New Zealand. It is only the second New Zealand issuer to have signed a Euro- or global CP programme in the last three years, but the borrower is keen to issue in a wide range of currencies. The dealers off the facility are the arranger, Barclays Capital, Deutsche Bank, Goldman Sachs, JP Morgan and UBS Warburg.