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Brazil is expected to launch a multi-billion dollar Brady bond exchange offer, despite claims to the contrary by central bank officials yesterday (Thursday). The market has been eagerly awaiting the offering, and bankers speculated that a 40 year non-call 15 structure for as much as $3bn was being discussed by Brazil and underwriters Goldman Sachs and JP Morgan. Hopes that the government could launch the deal as early as today (Friday) or within the next two weeks were raised when the government's official daily bulletin reported that Brazil had awarded a mandate for the deal. But the central bank later denied that the deal was imminent, and neither Goldman nor JP Morgan would comment.

South Africa The two parallel facilities for South African Reserve Bank, a $1bn cash facility and a $500m gold loan, have been wrapped up.

Emerging market syndicate officials accused Argentina of abusing the euro market and damaging its credibility this week, when the republic launched a four year Eu500m transaction while investors were still struggling to absorb a recent deluge of Latin American paper.

Andrew 'Asbo' Asbury has left Nomura after 10 years and will join Daiwa SBCM Europe as head of global debt syndicate, his most recent position at Nomura. Commenting on the move, Asbury said: "I am very excited to be joining Daiwa SBCM. The challenge of building up a strong debt syndicate team with the full support of the Daiwa Group is something I am very much looking forward to."

Emerging market syndicate officials accused Argentina of abusing the euro market and damaging its credibility this week, when the republic launched a four year Eu500m transaction while investors were still struggling to absorb a recent deluge of Latin American paper.

Andrew 'Asbo' Asbury has left Nomura after 10 years and will join Daiwa SBCM Europe as head of global debt syndicate, his most recent position at Nomura. Commenting on the move, Asbury said: "I am very excited to be joining Daiwa SBCM. The challenge of building up a strong debt syndicate team with the full support of the Daiwa Group is something I am very much looking forward to."

Hong Kong The $350m five year financing for Asia Satellite Telecom Co arranged by HSBC Investment Bank Asia is in documentation.

South Korea * Korea Exchange Bank

Europe * Deutsche Bank (CAST 2000-1)

Australia Barclays Capital, Chase Manhattan Australia and Westpac have been mandated as lead arrangers and joint bookrunners for the A$2bn fundraising for Telstra Corp. Chase Manhattan is also acting as facility agent.

Our compliments to Bear Stearns in London, which seems to have been given a whole new engine and not just a change of oil. Once upon a time the Bear in Europe was content to play in the children's paddling pool of the Euromarkets. In New York the Bear was a fiercesome competitor with one of the best returns on equity in Wall Street. Overseas, however, the firm made only the occasional small ripple and was best known for its pushy salesforce, which was paid solely on commission. Bear Stearns in Europe needed to improve its image, which was still distinctly Brooklyn, Bronx and Queens rather than Fifth Avenue. Now they are well on their way with the recruitment of our friend Michel Péretié the highly intelligent, former chief executive of BNP Paribas' debt capital markets business in London.

Barclays Capital has formed a new financial advisory group in the investment banking division. Mike Williams is leading the group as a managing director, and Mark Van De Voorde will join as a managing director in a few weeks. "Barclays was previously less well resourced to work on large scale capital restructuring," said Williams. "The new group will ensure we have the resources to do so in depth work with clients.