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Commerzbank has dropped CB Finance as an issuer off its euro25 billion ($22.88 billion) Euro-MTN programme. ABN Amro, BNP Paribas and JP Morgan have been added to the dealer group and Merrill Lynch and Barclays Capital have been axed as dealers.

Citibank/SSSB has launched a $250m 364 day facility for the Republic of Croatia. This is the biggest deal to come out of Croatia and is the first time the republic has borrowed under the new government. A German official looking at the deal said: "There are many private Croatian corporations and banks waiting in the pipeline because it has been very difficult to tell how this government will deal with privatisation and market issues. If this syndication is successful it could lead the way for other Croatian borrowers who are eager to tap the market."

Citibank/SSSB has launched a $250m 364 day facility for the Republic of Croatia. This is the biggest deal to come out of Croatia and is the first time the republic has borrowed under the new government. A German official looking at the deal said: "There are many private Croatian corporations and banks waiting in the pipeline because it has been very difficult to tell how this government will deal with privatisation and market issues. If this syndication is successful it could lead the way for other Croatian borrowers who are eager to tap the market."

The dollar primary markets remain busy even though it is now mid-August. The flow of issuance this week was high, with several bank and finance names tapping the market. Much of this debt appears to have been swapped to floating rate, which has weighed heavily on swap spreads. Meanwhile, the euro market was quiet, experiencing its usual summer lull.

US chemicals company Dow Chemical became the first industrial company to sell its bonds through an internet Dutch auction on Tuesday, when it issued $300m of five year paper using on-line investment bank WR Hambrecht's open auction platform, OpenBook. The deal, which was the platform's inaugural transaction, follows similar deals from Bear Stearns and Deutsche Bank launched last week. The issue, which was sold to 57 investors, was priced at 101bp over Treasuries. The spread range was 92bp-102bp.

DUE TO LAUNCH next week is the Eu18bn dual facility for Deutsche Telekom. Despite the heavy flow of telecoms paper this year, arrangers and potential lenders alike were yesterday evening (Thursday) confident that DT would raise the full amount despite the absence of underwriting. The six arrangers are ABN Amro (books), Citibank/SSSB (books), Chase Manhattan (books), Deutsche Bank (documentation), Dresdner Bank Luxembourg (books) and HSBC (facility agent).

Estonia

Argentina

* Allianz Finance BV

Freddie Mac is set to storm the euro sector next month when it launches a Eu5bn transaction, the inaugural deal off a new EuroReference Note programme the US agency announced this week.

The post-summer period is looking increasingly interesting, with a number of very large deals waiting in the wings. Freddie Mac joined the ranks of eager issuers this week when it announced it was establishing a euro denominated Reference Note programme to supplement its dollars calendar. It will issue Eu20bn a year, with Eu5bn launched every quarter. Freddie Mac is obliged to take all debt back to dollars, so in September the basis swap market will be the recipient of a very large position. Most reports suggest that Freddie will issue at 10 years.