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Eurobond issuance from Croatian borrowers looks set to resume in the coming months after the Kosovo-inspired hiatus in new issue activity. Investor sentiment towards the country has improved sharply since the end of Nato's military action against Serbia. The trading spread on the Baa3/BBB- rated sovereign's Eu300m 7.375% seven year euro bond from late February has tightened in to 368bp over Bunds at Thursday's close in London - from as wide as 615bp over at the height of the Kosovo crisis.

Plans for a debut international bond offering by the Czech Republic have been put on ice. Czech finance officials met European fund managers this week as part of their preparations for an expected Eu300m minimum seven year issue - set to be the inaugural deal off the recently established Eu2bn Euro-MTN programme, arranged by Morgan Stanley Dean Witter.

Deutsche Telekom and British Telecom (BT) have approached Euroloan houses with a possible view to raising finance for big- ticket acquisitions.

CHASE MANHATTAN, Chase Securities, Deutsche Bank and Deutsche Bank Securities have overseen the signing of the immensely successful $17bn senior debt package of revolving credits for DaimlerChrysler. Nearly $23.5bn was raised from 49 banks, an oversubscription of 37%. The loan, however, was not increased.

Dollar swap spreads began the week trading at 100bp over the 10 year Treasury - an historic high. On Tuesday, they retraced some ground and traded down to 95bp, but by Wednesday the widening had started again. Considerable paying by a number of investment banks, led by Goldman Sachs, according to dealers, drove swap spreads higher again. By the end of the week, the 10 year market was quoted at 98.25bp-98.75bp. Dollar swaps have held on to these all-time highs for longer than was the case in the financial market crises of August last year.

Czech Republic Investicni a Postovni Banka has closed its one year revolver refinancing after failing to raise the launch amount. It went to the market for $70m but has had to settle for $57.5m after thin interest from the Euromarket. The borrower was looking for between $50m and $70m, and so has reached its lower target.

Electricidade de Portugal SA (EdP) is sounding out the market for a sizeable credit facility, perhaps for as much as Eu1.5bn, over five years. The partially privatised electric utility is still majority owned by the state, although there are plans for further equity sales to the public. The margin will probably be at a low level for the period while EdF is under government control, raising to the typical Portuguese corporate level once the company is privatised (if the loan is not cancelled at that point).

Ghana The Ghana Cocoa Board (Cocobod) is about a week a way from mandating a consortium of two banks to arrange its pre-export financing. Market sources say Barclays is one of the front

APPETITE for Air Liquide's £4.3bn senior debt facility backing its acquisition of 50% of British Oxygen Company has been extraordinarily strong. According to arrangers Banque Nationale de Paris and Crédit Agricole Indosuez, general syndication may not be necessary - every single bank asked to join the deal at the senior co-arranger level has said yes. Some 20 banks were invited and the arrangers had thought they would get about 14 acceptances at the most.

Dollar swap spreads began the week trading at 100bp over the 10 year Treasury - an historic high. On Tuesday, they retraced some ground and traded down to 95bp, but by Wednesday the widening had started again. Considerable paying by a number of investment banks, led by Goldman Sachs, according to dealers, drove swap spreads higher again. By the end of the week, the 10 year market was quoted at 98.25bp-98.75bp. Dollar swaps have held on to these all-time highs for longer than was the case in the financial market crises of August last year.

Hong Kong Citicorp International is sounding out banks on a deal for Amoy Properties' financing of the Kowloon Station Package Four Development.

Asia n The J-Bond Ltd