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* Integra this week returned to the markets just six months after its Nouveau Marché IPO with a Eu100m deal that achieved a 5-1/2 times subscription and saw it list on the Neuer Markt. Robertson Stephens reprised its bookrunner role in the IPO and was joined by Lehman Brothers which followed a roadshow where investors were reported to have been impressed by the management's attention to detail.

Market commentary: Compiled by Glenn Blackley, RBC DS Global Markets, Australia. Tel: +61 2 9373 0431

Following Mexico's lead, Argentina this week pounced on the resurgence in the Japanese Samurai market with a ¥20bn four year issue. The deal, led by Nikko Salomon Smith Barney, is Argentina's first Samurai bond since December 1996 and follows Mexico's ¥30bn 3% four year issue in mid November at 220bp over yen Libor.

United States Arranger ANZ Investment Bank has closed the syndication of a $125m syndicated letter of credit facility for NRG Energy Inc.

Ottoman Bank of Turkey this week executed one of the first emerging market future flow securitisations to be sold as a bond in a currency other than dollars, with a Eu100m five year deal backed by export finance payments.

Cho Hung Bank launched an innovative $100m subordinated FRN this week in a successful last minute bid to meet capital adequacy ratios laid down by the Korean government earlier this year when it provided a capital injection to the Ba2 rated bank. Following the collapse of an attempted recapitalisation through a $1bn GDR earlier this autumn, the bank has recently undertaken a number of measures to bring its ratios up to the required 10% mark. In November, the bank also raised W380bn ($330m) via a domestic rights issue underwritten by Daewoo Securities. In addition, the bank sold down a number of assets to Kamco.

Warburg Dillon Read has wrapped up general syndication of the extremely popular Eu300m of senior debt backing the leveraged buy-out of Clondalkin, the paper and packaging company. The deal is the latest European LBO to be sold down successfully at both the co-arranger level and in general syndication.

The Republic of Croatia enjoyed a successful debut in the Samurai market this week, launching a larger than expected ¥25bn five year offering via Daiwa SBCM. The issue was the first Samurai from a central and eastern European issuer for 2-1/2 years and according to a Daiwa official the transaction "signifies a renewed commitment and interest from Japanese investors to the region."

The Republic of Croatia enjoyed a successful debut in the Samurai market this week, launching a larger than expected ¥25bn five year offering via Daiwa SBCM. The issue was the first Samurai from a central and eastern European issuer for 2-1/2 years and according to a Daiwa official the transaction "signifies a renewed commitment and interest from Japanese investors to the region."

Credit Suisse First Boston has overseen the signing of the £122m management buy-in of the Earl's Court Exhibition Centre by Candover and City Industrial Ltd. The leveraged facility was split between a £57.5m seven year amortising term loan at 200bp over Libor (term 'A'), a £19.75m eight year bullet term loan at 250bp (term 'B'), a £19.75m nine year bullet term loan at 300bp (term 'C'), a £10m seven year revolving credit with a margin of 200bp and a commitment fee of 62.5bp, and a £15m seven year capex facility at 225bp.

Credit Suisse First Boston has overseen the signing of the £122m management buy-in of the Earl's Court Exhibition Centre by Candover and City Industrial Ltd. The leveraged facility was split between a £57.5m seven year amortising term loan at 200bp over Libor (term 'A'), a £19.75m eight year bullet term loan at 250bp (term 'B'), a £19.75m nine year bullet term loan at 300bp (term 'C'), a £10m seven year revolving credit with a margin of 200bp and a commitment fee of 62.5bp, and a £15m seven year capex facility at 225bp.

HSBC (books, agent) and Greenwich NatWest (books) have won the mandate to arrange and underwrite a £850m facility for Dixons, the UK electrical goods retailer. The loan will back the borrower's £444m agreed bid for the Scandinavian retailer Elkjop. The debt should offer a term loan and a revolver, most likely with five year and 364 days tenors. The proceeds will also be used for general corporate purposes. It will be fully underwritten by the arrangers and syndicated next year.