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Hong Kong Arranger Citicorp International launched the HK$500m, three year FRCD for General Electric Capital Finance yesterday (Thursday).

Asia * Concord Funding Corporation Ltd

Australia The sub-underwriting phase has been completed for the A$1.26bn loan to Energy Partnership.

Market report Compiled by Glenn Blackley, RBC DS Global Markets, London. Tel: +44 171-865 1759

BRAZIL'S BNDES and the World Bank both emerged as would be saviours of the country's corporates this week, announcing plans to help the private sector pay off existing debt and borrow anew. The World Bank, through the International Finance Corp, said it was drawing up a plan to guarantee bonds sold by Brazilian companies, while BNDES launched a collateralised bond obligation-style deal involving 90 Brazilian corporations with $22.5bn of outstanding bond issues.

THE POLARISATION between Frankfurt's Neuer Markt and the rest of the Deutsche Börse is becoming increasingly apparent with valuations on the high growth market continuing to move up -- even in the face of weaker sentiment toward some hi-tech groups. Following this week's volatile trading on Nasdaq, many of Europe's high growth and second tier markets reverberated as investors became increasingly fearful of a correction in the sector.

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Market commentary: Compiled by Glenn Blackley, RBC DS Global Markets, London. Tel: +44 171-865 1759

* Kommunekredit Rating: Aa1/AA+

Denmark The Dkr2.4bn telecoms project financing for Mobilix is set for launch of syndication by arrangers ABN Amro and Crédit Lyonnais which are awaiting approval to go ahead with the deal from the project's main sponsors France Télécom Mobile International and Danish Railways.

THE REPUBLIC of South Africa scored a remarkable success on its return to the international bond markets last Friday when its Eu500m seven year offering proved a smash hit with the target audience of European investors. Lead managed by Credit Suisse First Boston and JP Morgan, the Baa3/BB+ rated deal was priced with a 6.75% coupon to give a margin of 328bp over the 6.25% April 2006 Bund on an issue/fixed re-offer price of 99.183 -- well inside the 350bp-375bp price guidance first mooted when marketing started last week.

* Boots Company plc Rating: A1/A+