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* Croatian pharmaceutical company Pliva is diversifying its funding sources with the establishment of a $100m Euro-commercial paper programme. The Euro-CP facility, arranged by Bank Austria Creditanstalt, is believed to be the first to be set up by a central and eastern European corporate. The programme allows for issuance in all major global funding currencies as well as Croatian kunas. Said one German banker: "This is an efficient and clever thing for Pliva to do as they don't have the funding needs to justify the cost involved in setting up an MTN programme, but a Euro-CP programme will still help them up their investor profile internationally."

General Motors Acceptance Corp Rating: A2/A

OVERWHELMING investor interest in Pemex's $1.5bn and Telefónica del Perú's $150m asset backed deals this week has encouraged other Latin corporates to dust off shelved structured deals for offer in the new year. On Monday Pemex formally priced a $1.5bn four tranche oil receivables issue, including two MBIA wrapped portions, (Goldman Sachs, JP Morgan and Morgan Stanley Dean Witter joint books) which was followed on Wednesday by an even more tightly priced $150m debut issue by Telefónica del Perú (TdP), led by JP Morgan.

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THE SECOND largest radio station in the US went public this week, raising a total of $2.87bn, putting it just behind Conoco's IPO in terms of size. The IPO for Infinity Broadcasting was part of a spin-off by parent company CBS Corp of its radio network. The deal had been closely watched since the firm filed with the SEC in September. Although some observers questioned the high valuation of the offering, investors were attracted by Infinity's strong profile and healthy profits. Last year its profits more than doubled compared to 1996.

FOLLOWING months of speculation, South African Breweries (SAB) has confirmed it will seek a primary stockmarket listing in London. The company is to move its main listing from Johannesburg to the UK as part of its ambitious plans for international expansion. Robert Fleming and Cazenove will act as advisers to the company. Both firms have a long history in South Africa. Robert Fleming acted as lead manager with Dresdner Kleinwort Benson on last week's demutualisation of SanLam, where Cazenove acted as a co-manager.

SCOTTISH Power plc's proposed merger with Pacificorp has prompted loan market players this week to speculate whether the two companies are seeking a jumbo credit in the near future. The merger -- to create a company worth about $12bn -- is being financed through the issuance of US shares by Scottish Power.

Norway Arrangers Banque Nationale de Paris, Deutsche Bank AG and Den norske have closed general syndication of the well supported $450m revolving credit for Norske Skogindustrier and will sign the deal today (Friday).

REPORTS that UBS is considering selling its global trade finance arm has raised doubts over Warburg Dillon Reid's plans to execute the forthcoming renewal of Sonangol's $400m pre-export finance facility. The deal is to be launched into syndication early next year by Warburg Dillon Reid. However, in a memorandum to WDR's employees last week, Hans de Gier, the firm's head, said that the global trade finance sector is "neither part of WDR's core business nor of the strategic business plans of the rest of the UBS group".

Market commentary: Compiled by Tawanda Nyandoro, RBC DS Global Securities, London. Tel: +44 0171-653 4870

Abbey National Treasury Services Guarantor: Abbey National plc