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FOLLOWING months of speculation, South African Breweries (SAB) has confirmed it will seek a primary stockmarket listing in London. The company is to move its main listing from Johannesburg to the UK as part of its ambitious plans for international expansion. Robert Fleming and Cazenove will act as advisers to the company. Both firms have a long history in South Africa. Robert Fleming acted as lead manager with Dresdner Kleinwort Benson on last week's demutualisation of SanLam, where Cazenove acted as a co-manager.

SCOTTISH Power plc's proposed merger with Pacificorp has prompted loan market players this week to speculate whether the two companies are seeking a jumbo credit in the near future. The merger -- to create a company worth about $12bn -- is being financed through the issuance of US shares by Scottish Power.

Norway Arrangers Banque Nationale de Paris, Deutsche Bank AG and Den norske have closed general syndication of the well supported $450m revolving credit for Norske Skogindustrier and will sign the deal today (Friday).

REPORTS that UBS is considering selling its global trade finance arm has raised doubts over Warburg Dillon Reid's plans to execute the forthcoming renewal of Sonangol's $400m pre-export finance facility. The deal is to be launched into syndication early next year by Warburg Dillon Reid. However, in a memorandum to WDR's employees last week, Hans de Gier, the firm's head, said that the global trade finance sector is "neither part of WDR's core business nor of the strategic business plans of the rest of the UBS group".

Market commentary: Compiled by Tawanda Nyandoro, RBC DS Global Securities, London. Tel: +44 0171-653 4870

Abbey National Treasury Services Guarantor: Abbey National plc

Landwirtschaftliche Rentenbank Rating: Aaa/AAA

Abbey National Treasury Services plc Guarantor: Abbey National plc

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Belgium Syndication of the Bfr24bn non-recourse facility that is financing the development of KPN-Orange, Belgium's third cellular network, has met with an enthusiastic response, according to arrangers JP Morgan and Dresdner Kleinwort Benson.