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6471

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

6430

* 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.

* The European Investment Bank is close to finalising details on a Ck30bn domestic issuance programme for the Czech Republic. The debt issuance facility is the second of its type to be established by the EIB in central and eastern Europe. In May the triple-A rated supranational launched the first transaction off an ING Barings-arranged Huf20bn ($100m) programme.

* Merrill Lynch has begun trading in European equities by sector rather than by country in a move toward catering for the needs of investing clients after the introduction of the euro in 11 EU member states in January 1999. Similar moves will be made by other international investment banks in an attempt to bring closer the creation of a single market for shares of Europe's major companies. Most of the larger banks have already switched their research from a country to a sector basis and this is an important first step in ensuring a smooth change-over on trading floors.