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ABBEY National marked a significant step towards the development of a liquid euro FRN market this week when it launched a groundbreaking Eu2bn floater. Priced at a discount margin of 4bp over Euribor, the three year deal is the largest floater yet launched in the new currency as well as the largest ever private sector Eurobond, making it an important new benchmark in the market.

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JOINT arrangers ABN Amro and WestLB will sign the $50m (increased from $40m) 364 day term loan for United Garanti Bank International (UGBI) on January 19. Syndication of the quietly arranged facility was well supported and an oversubscription was achieved before the Christmas break. The loan carries a margin of 85bp over dollar Libor and co-arrangers are Chang Hwa Commercial Bank and First Union National Bank.

Angola Warburg Dillon Read has launched syndication of the $500m oil contract pre-export financing for Sociedade Nacional de Combustiveis de Angola (Sonangol).

CSFB IS TO launch the sale of stock in Agora, the leading Polish publishing company. The company is owned by its own management and by Cox Communications, the innovative US media group that was in the equity market last week with the divestment of stock in TeleWest.

THE AGRICULTURAL Bank of Greece is receiving bids to arrange the refinancing of its Eu250m one year revolving credit that was signed in March 1998 and arranged by Banca Commerciale Italiana, Bank of Tokyo-Mitsubishi, Banque Nationale de Paris, Generale Bank and Greenwich NatWest. Three groups of banks are bidding for the popular mandate, including many of the arrangers of the 1998 loan as well as ING Barings and Sanwa.

GLOBAL co-ordinator Argentaria next week will launch the IPO of shares in Azkar, the Spanish speciality transport company. The deal was slated to be launched during the second half of last year but was postponed due to the upheaval in global stockmarkets. The Spanish equity market recovered in line with its continental peers to recapture most of its losses and ended the year just 8% off its all time high.

China Crédit Lyonnais has been mandated to arrange a $76m aircraft financing for China Southern Airlines. There will be an export credit agency and a commercial tranche. KfW is the German parallel lender.

Australia Lead arrangers BA Australia, Citibank Australia, Credit Suisse First Boston and Westpac Banking Corp launched the A$1.27bn four tranche facility for AEP Resources Citipower 1 Pty on January 4.

* Deutsche Australia Ltd Guarantor: Deutsche Bank AG

POLAND's Autostrada Wielkopolska is set to give a boost to the fledgling project bond financing market in central and eastern Europe, with the planned launch of a $400m 15 year zero coupon offering. The Polish toll motorway builder last week mandated Deutsche Bank and Merrill Lynch as joint bookrunners of the offering, which it hopes to launch within the next three months. The proceeds of the issue, for which Autostrada is hoping to secure a guarantee from the Polish government, will be used to finance half the costs of the construction of a 150km toll motorway between Nowy Tomysl and Konin in central Poland. A further 30% will be financed through state guaranteed loans, and the 20% balance from Autostrada's own funds.

THE DEVALUATION of the Brazilian real this week snuffed out the euphoria surrounding the successful launch of the euro and threatened at one point to derail the funding plans of central and eastern European sovereign borrowers. But with few reports of selling of outstanding transactions from the region during the week, issuance plans remain on track -- for the time being at least.