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A BANK meeting today (Friday) marks the launch of the widely anticipated retail phase for the £476m Coryton independent power project financing in the UK. Credit Suisse First Boston is arranging the deal and concluded the co-arranging and sub-underwriting phase oversubscribed with seven out of the eight banks invited joining -- ABN Amro, Bank of America, Bayerische Hypo-und Vereinsbank, KBC Bank, Lloyds Bank, Paribas and SG. All the banks joined on an equal underwriting basis.

THE EUROMARKETS shrugged off volatility in government bond markets this week, with issuance buoyant across a range of currencies and asset classes. Global dollars featured strongly with Freddie Mac and lead managers CSFB, Goldman Sachs and Merrill Lynch discovering a wealth of demand for short dated product. Freddie Mac issued $4bn of two year paper priced at 30bp over and enjoyed a 1bp tightening in aftermarket trading.

Croatia The Deutsche Bank-arranged DM84.5m 364-day bridge loan for Autocesta Rijeka Zagreb (ARZ) has been signed.

Argentina * Republic of Argentina

* Agence Française de Développement Guarantor: Republic of France

Euro FRNs --------------------------------------------------------------------------------

ARBITRAGE remains painfully thin for issuers in euros. At the end of the week, three year bids were around 3.22%, five year bids were at 3.52%, and 10 year bids were 4.12%. On a spread against Bunds this was equivalent to about 16bp, 19bp and 32bp respectively. This gives no borrower, even the most creditworthy, the opportunity to swap out of fixed at an attractive level.

EQUITY capital market professionals are lining up a string of offerings from Spain in the next few weeks to tap the strong demand shown by the recent successful flotation of Transportes Azkar, the Spanish parcel delivery firm. Azkar's shares, which were led to market by bookrunner Argentaria, rose this week to Eu12.90 from their issue price of Eu11.25, giving confidence to other potential issuers. "Many highly respected companies that found conditions too unpredictable last year will seek a stockmarket listing in the coming months," said one new issue professional in Madrid. "Although Europe's equity markets are still volatile, the Madrid market is inspiring strong interest from local and international investors."

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AFTER several weeks of gentle decline, 10 year dollar swap spreads yesterday (Thursday) spiked up suddenly. At midday the mid-market was around 78bp, at least 2.5bp wider than on Wednesday. Goldman Sachs led the charge at 10 years, and by Thursday lunchtime was thought to have paid on around $500m during the previous 24 hours. Before long, other houses, presumably those sitting on short positions, also came into the market to pay fixed.

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* Bank Austria AG Guarantor: City of Vienna