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HAS NOMURA'S Simon Fry been turned into Japanese brown breadcrumbs? This news rocked the remaining members of the Fry global fan club at the 'Sheep and Shagger' public house near Epping Forest in darkest Essex. Of course, the wilds of Epping are home from home to the swashbuckling Euromarket lothario, and thousands of Japanese tourists flock to the shrine where he embarked on his extraordinary Euromarket career.

India Indian Railway Finance Corp is tapping the market for a ¥8.854bn US dollar equivalent loan through arranger ABN Amro Bank NV.

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* European Bank for Reconstruction & Development Rating: Aaa/AAA

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* Banque Générale de Luxembourg Rating: Unrated

Argentina The $125m (reduced from $150m) three year bullet loan arranged by Dresdner Bank Luxembourg, Warburg Dillon Read and Barclays for Yacimientos Petroliferos Fiscales SA (YPF) was signed on November 3.

MTN activity idled this week as the market prepared for the end of year rush. Swedish Match is signing a Eu500m programme next week, but otherwise there will be little issuance in the immediate future. Both Rome and Madrid are setting up programmes, but have yet to set signing dates. JP Morgan will arrange Rome's programme, while Madrid is still to mandate an arranger.

GLOBAL co-ordinators BNL, Mediobanca and Schroders will launch the bookbuilding period for the sale of shares in Banca Nazionale del Lavoro next week. As foreshadowed in Euroweek two weeks ago, the Italian authority decided to proceed with the sale of shares in the bank after postponing the $4bn deal last month. "It was an entirely sensible decision to avoid the market at that time," confirms one Italian banker in Milan. "There was no need to subject the bank to terrible market conditions and risk selling the stock too cheaply or not at all. The markets have calmed considerably and are now widely viewed as in a recovery phase. Financial sector stocks will not be shunned automatically as they were last month."

Egypt Four banks have been mandated to arrange the international project debt financing for the Sidi Krir independent power plant.