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5560

REVISED interest rate expectations in the US and Europe this week prompted a sell off in government bonds. The FOMC and European Central Bank both left rates steady, although the Bank of England cut UK rates 50bp in a surprise move. The Euromarkets enjoyed a bumper week. The dollar sector boomed, the currency winning back market share after a January when the euro enjoyed a buoyant launch.

Croatia Chase Manhattan and Zagrebacka banka have signed the DM40m three year term loan for the City of Zagreb.

THE EUROPEAN Investment Bank this week announced that it intends to expand the number of its domestic MTN programmes in central Europe. Last year the EIB established a Ft20bn Hungarian forint facility via ING Barings and is set to sign a Ck30bn Czech koruna programme -- arranged by Commerzbank Capital Markets (Eastern Europe) AS -- later this month.

5624

Argentina * Republic of Argentina

* EFG Hermes is to lead manage the $130m sale of equity in Orascom Construction Industries (OCI), the Egyptian building group. The deal will involve the flotation of around 14% to 15% of OCI's equity capital and early indications of interest represent an encouraging sign of investor confidence in the region.

Euro FRNs

* Alcatel Alsthom SA Rating: A1/A+

INVESTORS across Europe flocked to buy the first euro denominated collateralised loan obligation this week, as HypoVereinsbank launched a Eu2.22bn structure that the leads claimed could set the quality standard for European securitisations.

INVESTORS across Europe flocked to buy the first euro denominated collateralised loan obligation this week, as HypoVereinsbank launched a Eu2.22bn structure that the leads claimed could set the quality standard for European securitisations. Many of the buyers were making their first plays in the asset backed market, in a search for highly rated, liquid paper that offers a yield pick up over supranationals, sovereigns and Pfandbriefe. The deal's euro denomination, three year hard bullet maturity and unique credit characteristics all helped placement.

* Bayerische Hypovereins Finance NV Guarantor: Bayerische Hypo- und Vereinsbank AG