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Bahrain Banque Paribas, Crédit Agricole Indosuez, Deutsche Girozentrale-Deutsche Kommunalbank and KfW have closed a $60m financing package to support the pre-delivery costs of six Airbus A330-200s aircraft for Gulf Air.

Market report Compiled by Glenn Blackley, RBC DS Global Markets, London. Tel: +44 171-865 1759

THE FIRST prolonged period of stability in the capital markets since the summer spurred a renewal of activity in the high yield debt markets this week, as two of the best known European high yield names reopened the sector. First, NTL launched $625m of 10 year bonds via Morgan Stanley Dean Witter, increased from $500m; TeleWest quickly followed, and increased its Donaldson, Lufkin & Jenrette-led 10 year offering from $300m to $350m.

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Peter Bulbrook, manager in IBJ's London syndications department is to join HSBC's syndications team. In his new position he will move away from project finance related transactions and will cover corporate and acquisition deals in Europe as well. Jan van Bilsen has moved to ABN Amro's London syndications team from Amsterdam. He will concentrate on African and Middle Eastern credits.

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.