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* Crédit Local de France Rating: Aaa/AAA

Swiss francs

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.

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TENNESSEE Valley Authority showed the depth of its following among international investors this week when it was able to double the size of its latest global dollar offering and price the bonds tighter than initial indications. It brought $2bn of 10 year bonds via Lehman Brothers and JP Morgan at a spread of 63bp over Treasuries from a price talk of 65bp over -- with more than two thirds of the bonds sold to non-US accounts.

Chase has nearly completed syndication of the $250m one year revolving credit for Enron Europe Ltd. Syndication has been a success and an oversubscription has been raised. The loan replaces last year's $250m one year revolving credit, also arranged by Chase, and will be used for working capital purposes.

RADIO broadcasting and outdoor advertising company, Infinity Broadcasting, outlined the terms of its IPO this week, adding to the list of giant offerings slated to hit the US market in early December. The company, which is being spun off by parent CBS Corp, originally filed with the SEC in September, but did not specify the amount of shares to be offered. This week, Infinity revealed that a total of 135m primary shares will be sold globally. Some 20.25m of those shares will be offered outside the US.

US dollar straights

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CZECH aircraft manufacturer Aero-Vodochody's debut international bond had to contend with a shock ratings downgrade for the Czech Republic yesterday (Thursday), but still managed to come to market at the tight end of its pricing range and enjoy a successful reception. Bookrunner CIBC Wood Gundy Oppenheimer and joint lead Deutsche Bank launched the $200m seven year Euro/144A deal on Thursday morning in London on indicated terms of 280bp-300bp over the 5.875% November 2005 US Treasury. They priced it at the start of New York trading with a 7.5% coupon and a 99.405 issue/fixed re-offer price to give a margin of 280bp over the US government bond benchmark.

* First Security Bank Rating: A1/A-

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