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Argentina Lead arranger Bank of America and arranger Banco Santander Central Hispano have completed syndication of the $200m renewal US CP facility for Banco Rio de la Plata with an oversubscription.

WITH HIGH grade markets slow ahead of the ECB's Thursday interest rate meeting and US labour figures due today (Friday), Latin American sovereigns took centre stage. Mexico and Venezuela provided the highlights of the week with Eu1bn 10 year and Eu500m five year transactions respectively. Next week attention will turn towards eastern Europe where several sovereigns are readying issues. Poland is set to head the flurry of issuance with its first deal for three years, a Eu400m 10 year issue via BNP Paribas and Credit Suisse First Boston. Ahead of the sovereign, Polish telco TPSA this week launched a Eu475m seven year transaction that demonstrated positive sentiment towards the region. Set for launch next week in the high grade dollar sector is CIT Group with its $1bn three to five year debut global bond via Lehman Brothers and Warburg Dillon Read. Fannie Mae will price its seven year benchmark note on March 8. The deal is scheduled to be a minimum of $3bn and will be priced off the existing Fannie Mae 7.125% February 2005 note which trades in the 51bp area over five year Treasuries. The seven year is expected to yield 3bp-5bp more than the five year. Credit Suisse First Boston, Morgan Stanley Dean Witter and Salomon Smith Barney will lead manage the transaction. Fannie Mae was scheduled to bring a new issue or reopening of seven year benchmark notes in March and October of this year and said it has no plans to sell such notes at any other time this year. Other scheduled dollar bonds, for AIG SunAmerica and IFC, appear to have been put on ice. Following several weeks in which the likes of Finland and Austria have demonstrated demand for the highest quality euro product, single-A rated corporates provided the highlight of high grade euro issuance. Rohm & Haas and Textron of the US launched modest transactions that shown a convergence between spreads of US and European corporates in the euro market. Speciality chemicals producer Rohm & Haas raised Eu400m of seven year funds at a level on a par with similarly rated European corporates Fiat and Volvo, while diversified manufacturer Textron sold Eu300m of five year paper. Frequent issuers can take some heart from the success of a Eu3bn 10 year global from Rheinhyp - and Portugal will soon mandate a Eu2bn five year benchmark - but corporates are set to retain centre stage over the coming weeks. Sonera, Vattenfall, Iberdrola, Air Products, Marconi, Invensys, ETSA, and BPB remain candidates for new issues, and Casino will on Monday choose leads for a Eu500m three to five year transaction. Eaton Corp this week mandated Salomon Smith Barney as bookrunner and Barclays as joint lead for a 10 year euro following roadshows starting in the week beginning March 13th. Away from the corporate market, Land Sachsen-Anhalt will launch the euro leg of its funding calendar next week via BNP Paribas and Deutsche Bank. Pricing of 5bp-6bp over KfW is expected for the Eu1bn 10 year global. A successful two-tranche yen offering for McDonald's proved there is continuing life in the corporate yen market. The five year ¥15bn tranche roared off lead managers' Merrill and Morgan Stanley's books, the 10 year was also oversubscribed but at a slower pace. The market is now preparing for a ¥100bn 10 year global bond from KfW, a deal that is believed to have been mandated to JP Morgan and TMI. Standard Chartered will begin roadshows next week for a tier 1 capital issue, with Goldman Sachs and Lehman Brothers at the helm. The triple-B rated deal is expected to weigh in at around Eu500m. A Morgan Stanley led subordinated Eurodollar transaction for Fuji Finance is also under preparation. The deal is expected to include two tranches, consisting of a 10 year non-call five portion and a bullet financing. Fuji will be in a position to leverage off the success of previous Japanese sub debt offerings from Sanwa, Sumitomo and Bank of Tokyo Mitsubishi.

THE UNITED Mexican States proved to be the star turn in this week's Latin American new issue show, with its Eu1bn 10 year euro bond proving a smash hit with investors around the globe. Allocated and priced within 24 hours of being mandated to Credit Suisse First Boston and Salomon Smith Barney on Tuesday, the transaction was upped from Eu750m at launch on Wednesday on the back of orders totalling Eu1.8bn.

Estonia Estonia's leading financial institution, Hansabank, is expected to name the lead manager(s) for a Eu100m-Eu150m three year euro bond on Monday, March 6.

Bahrain Arranger Sumitomo will sign banks into the $68m two year term loan for Aluminium Bahrain on Tuesday, but an increase to the oversubscribed deal has not yet been confirmed.

* Jeffrey Edwards and Dante Roscini have been appointed as global co-heads of equity capital markets at Merrill Lynch. Edwards, who was co-head of equity capital markets for the Americas, will be based in New York. Roscini, previously co-head of equity capital markets for Europe, the Middle East and Africa, will be based in London.

Belgium * Dresdner Kleinwort Benson will begin premarketing today (Friday) for logistic company Thiel's Eu180m Neuer Markt and Luxembourg listing.

AFTER WEEKS of searching for the right opportunity, Rheinische Hypothekenbank (Rheinhyp) this week launched a Eu3bn global Pfandbrief and successfully overcame the difficult market mortgage banks have faced since the turn of the year. Mandated to CDC Marchés, Commerzbank and Morgan Stanley Dean Witter at the end of 1999, Rheinhyp's 10 year jumbo issue profited from a pick-up in demand for longer dated paper and by yesterday evening (Thursday), well over two thirds of the deal had been placed, according to syndicate members.

Market report: Compiled by Glenn Blackley,

AFTER WEEKS of searching for the right opportunity, Rheinische Hypothekenbank (Rheinhyp) this week launched a Eu3bn global Pfandbrief and successfully overcame the difficult market mortgage banks have faced since the turn of the year. Mandated to CDC Marchés, Commerzbank and Morgan Stanley Dean Witter at the end of 1999, Rheinhyp's 10 year jumbo issue profited from a pick-up in demand for longer dated paper and by yesterday evening (Thursday), well over two thirds of the deal had been placed, according to syndicate members.

Pacific Century CyberWorks (PCCW), the internet company that is not yet one year old, is raising a syndicated loan of $12bn, in a dramatic indication of the rapid shifting of power in the global telecoms industry.