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The Republic of Argentina moved at lightning speed this week to take advantage of a turnaround in market sentiment to launch an Eu200m add-on to its existing 8.5% of July 1, 2004 deal. The add-on, underwritten by Morgan Stanley Dean Witter, was launched on the back of a surge in Latin bond prices after the Fed made its much expected 25bp rate hike and announced a return to a neutral bias on monetary policy.

China Chase Manhattan Asia has wrapped up syndication of the $250m fundraising for Kodak China Co.

Europe n C*Strategic Asset Redeployment Programme 1999-1 Ltd

Australia Commonwealth Bank of Australia has completed another self-led fixed rate CD issue. The A$600m deal was co-managed by Deutsche Bank, Merrill Lynch and Warburg Dillon Read, each taking A$75m.

n National Australia Bank Rating: Aa3/AA

SPECULATION intensified this week over the medium sized facility for First Active, formerly the First National Building Society. Bankers say Barclays and WestLB were officially mandated yesterday (Thursday). Observers say the deal is Eu400m. However, there has been confusion over the deal's size.

The Formula One Group’s $1.4bn securitisation was dragged back into the glare of publicity this week, as the European Commission’s competition authority issued a formal objection to some of the company’s television contracts.

The Formula One Group's $1.4bn securitisation was dragged back into the glare of publicity this week, as the European Commission's competition authority issued a formal objection to some of the company's television contracts.

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ARRANGERS Argentaria, BBV, Citibank and SG have closed syndication of the $1bn transaction for Valenciana de Cementos and have increased the deal to $1.1bn. Arrangers on this facility and on deals for borrowers such as Papelera Peninsular, Cintra and Aspro Ocio, have had to compete for investors' attention with the $9bn jumbo acquisition financing for Repsol.

The international capital markets got what they wanted and expected this week as the Fed raised US interest rates by 25bp, but with all eyes focused on the Fed's decision for the early part of the week the pace of new issue activity was slow. Bankers hope that the new direction from the Fed - and its decision to make a swift return to a neutral stance on interest rates - will lead to a much more benign issuing environment through the summer months. But attention will still shift to today's (Friday) non-farm payroll figures for confirmation that the Fed has called it right.