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n ABN Amro Bank NV Rating: Aa2/AA

ONE OF the main talking points in the loan market this week was the underwriting and general syndication launch of the $585m of senior debt backing CinVen Group Ltd and Investcorp's buy out of Astra-Zeneca's specialty chemicals business. Arrangers Chase Manhattan (bookrunner) and JP Morgan launched the deal to co-arrangers two weeks ago, inviting 16 banks to join at this level.

Freddie Mac set the pace among US agency issuers in the international bond markets this week when it announced plans to issue five and 10 year bullet Reference Notes in specific months, and hired TMCC's Jerome Lienhard to run its borrowing operations. Details of the new issuance calendar and new recruit came in a week when Freddie Mac raised $5bn in the global markets despite difficult market conditions, illustrating just how far US agency issuers have gone down the international route since Fannie Mae launched its first Benchmark Notes in January last year.

Market commentary: Compiled by Jim Webber,

CSFB AND Cazenove, as foreshadowed by Euroweek, have been appointed as global co- ordinators for the sale of stock in Freeserve. The nine month old internet group will be spun off by Dixons, the UK's largest electrical goods retailer, in a move to rationalise its core operations and cash in on the strength of investor demand for internet stocks.

International Lease Finance Corporation, one of the world's largest aircraft leasing companies, has established a $2bn Euro-MTN programme, to complement its US debt shelves. The firm buys commercial aircraft from Boeing and Airbus and leases them to airlines around the world. It owns 440 aircraft with a value of $16.4bn.

India A $50m credit for Haldia Petrochemical Corporation will soon be launched into syndication by arranger ANZ Investment Bank. The 8-1/2 year deal will support the development of the borrower's petrochemical plant.

THE DANISH primary equity market is to benefit from a flurry of activity as several of the country's corporates tap international and local investors for new funds. As foreshadowed by Euroweek two weeks ago, Robert Fleming (through its joint venture with Aros Securities) will run the books on the flotation in ISS, the local cleaning services company.

THE ITALIAN treasury is to embark on the next stage of its privatisation programme with the sale of stock in Enel (lead managed by Merrill Lynch and Mediobanca), Autostrade (BCI and Warburg Dillon Read), Eni (IMI and CSFB) and Mediocredito Centrale . The three deals should bring much needed liquidity to the Milan stockmarket where investors, in a similar pattern to the rest of the continental European bourses, are wary of participating in IPOs.

SPECULATION that France Télécom is looking to raise a jumbo facility intensified yesterday (Thursday) as bankers close to the state owned telecom company said a possible takeover of One-2-One was being contemplated. While all banks contacted by Euroweek denied involvement in an acquisition financing, it is common knowledge that Cable & Wireless and Media One, owners of One-2-One, are considering a flotation or trade sale of the telecoms company. France Télécom is one name constantly mentioned by observers as a potential buyer.

Mexico Syndication of the $200m asset securitisation facility being arranged for Banco Nacional de Mexico SA (Banamex) by WestLB has closed oversubscribed. Some $235m was raised in general syndication but the loan was not increased.

TELEFÓNICA, the Spanish telecommunications monopoly, has launched the long expected sale of stock in its yellow pages subsidiary, TPI-Paginas Amarillas, in a flotation that will value its 35% stake at around Eu600m. The deal is braving a market that has not been welcoming to IPOs. Recent small cap flotations in Madrid, as elsewhere in Europe, have fallen foul of negative investor sentiment - buyers are concentrating only on certain sectors and only on large, liquid stocks.