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Global co-ordinator Warburg Dillon Read has launched the sale of stock in Amadeus Global Travel Distribution, the Spanish-based travel booking systems company. The long awaited sale of stock, which was postponed from the end of last year, has already inspired keen interest among potential investors looking to get into this comparatively under-represented sector.

CHASE MANHATTAN and Greenwich NatWest have offered Rolls-Royce's relationship banks co-arranging tickets of £70m to join the £1bn credit that will back the engineering firm's £576m recommended cash bid for rival Vickers. The loan consists of two tranches: a £500m 364 day revolving credit with a one year extension and a £500m five year extension.

FIAT - through its US subsidiary New Holland NV- has officially mandated Chase Manhattan and Credit Suisse First Boston to lead arrange and fully underwrite the $2.4bn term loan that backs its acquisition of Case Corporation of the US. Following the official mandate, Banca Commerciale Italiana, Bank of America, Deutsche Bank and San Paolo joined as arrangers.

China The commercial portion of Air China's $190m aircraft financing has closed. Arrangers Industrial & Commercial Bank of China and Industrial Commercial Bank of China (Hong Kong) are keeping $70m and $18.2m respectively.

Asia n Crusade Global Trust No 1 of 1999

Australia The arranger group is being finalised for the A$950m project financing for the Kogan Creek power station. Funds are being raised via CEPA Kogan Creek Holding. Adviser Deutsche Bank Australia will be joined by four banks.

n Landesbank Hessen-Thüringen Girozentrale Rating: Aaa/AAA/AAA

Is there a game of musical chairs being played in the rarefied world of the top Euromarket syndicate managers? We are told that the gossip among the Euromarket bankers in Washington this weekend will include confirmation that Niall Cameron of Merrill Lynch has been heard singing Tulips from Amsterdam in his bath and is joining ABN Amro.

The Republic of Argentina will reach new heights in bond innovation next week when it launches a $1.5bn six tranche zero coupon global bond that offers credit enhancement through a World Bank rolling guarantee on the principal. The deal, led by JP Morgan and Goldman Sachs, is Argentina's solution to the dire state of the US dollar market and the country's inability to issue a dollar bond since April.

Egypt Chase, Greenwich NatWest, Mediocredito Centrale and Sumitomo Bank are arranging $400m of project debt for Misr Oil Processing Company.

Note: This story went to press before Bank of Scotland launched its hostile takeover bid for National Westminister Bank today (Friday). The move has thrown NatWest's bid for Legal&General into doubt and widened NatWest's credit spreads, particularly on the bonds referred to in this story. The implications for this deal are unclear. National Westminster Bank demonstrated the range of capital raising opportunities now on offer in the international bond markets when it raised $3.95bn of subordinated debt to help finance its acquisition of Legal&General this week.