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ARRANGERS and sponsors of the $675m Qatar Vinyl Company (QVC) project in Qatar have come back to the market with a reformulated approach that looks set to ensure the deal's success and give valuable momentum to the Qatari deal pipeline. Arrangers Apicorp, Credit Suisse First Boston and Banque Paribas and sponsors Qatar General Petroleum Company (QGPC), Norsk Hydro and Elf Aquitaine and financial adviser SG were forced to re-think the deal after the Russian and Brazilian crises and the widespread retreat from emerging markets by many traditional project finance banks.

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South Africa The $117.227m two year L/C credit for Eskom, arranged by ABN Amro and Deutsche Bank has been signed.

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THE REPUBLIC of Argentina bit the bullet and offered investors the highest ever coupon on any Latin sovereign issue to reopen the Eurobond markets with a DM500m step down 10 put five year deal. The offering, led by Morgan Stanley Dean Witter, has a 14% coupon for the first two years, stepping down to 9% thereafter.

China ANZ Investment Bank is sounding out the market for a $100m seven year financing for Tianjin Ao Zhong Development Co, a joint venture between Recosia Pte, Ipoh and HKR International.

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BRAZIL'S debt and equity markets continued to sell off this week, even after the republic announced its long awaited $84bn three year fiscal austerity package. Although the package was within expectations, investors took profits as they recalled that the government still has to receive congressional approval for more than two-thirds of the cuts announced in its plan.

Australia Bankers Trust Australia has been mandated by Hunstman Corp to arrange an acquisition financing of around A$125m.

* General Electric Capital Australia Ltd Guarantor: General Electric Capital Corp

THE NEW Italian government confirmed this week that is going ahead with the planned offering of shares of Banca Nazionale del Lavoro in an operation that could raise up to $4bn. The sale was originally planned to take place in October, but was delayed until mid-November as a result of the hammering taken by bank stocks in the global market turmoil.