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Kuwait JP Morgan and National Bank of Kuwait have closed general syndication of the $100m five year term loan for Kuwait Real Estate Bank.

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THE EQUITY market's ability to absorb large new issues in the face of severe financial turmoil will face its sternest test yet this weekend when the Swiss government and global co-ordinators Warburg Dillon Read and JP Morgan meet to price the flotation of national telecom operator Swisscom. All the signs are that the issue, the largest European IPO of 1998, will be successfully completed by Monday -- defying the renewed plunges on world stockmarkets this week. Wall Street dropped 400 points in two days after an adverse reaction to the Federal Reserve's lower than expected 25bp rate cut, while European markets tumbled by up to 6% yesterday (Thursday). Successful execution of such an important deal would give a much-needed fillip to the new issue market, which has been ravaged by the financial turbulence of recent weeks.

THE EQUITY market's ability to absorb large new issues in the face of severe financial turmoil will face its sternest test yet this weekend when the Swiss government and global co-ordinators Warburg Dillon Read and JP Morgan meet to price the flotation of national telecom operator Swisscom.

Ghana Standard Chartered and Ghana International Bank have closed general syndication of the $320m annual pre-export finance facility for Ghana Cocoa Board (Cocobod).

THE province of Alberta has mandated Deutsche Bank and Merrill Lynch to launch a dollar issue in the international markets as soon as market conditions permit. The leads hope to bring the deal within the next three weeks. It has not been decided whether the deal will be launched as a Euro or a global but the size should be between $500m and $750m. The maturity will be five, seven or 10 years.

ARGENTINA plans to defy dismal market conditions and issue $2bn of 30 year Bontes in its fledgling domestic Treasury bond market between now and the end of second quarter of 1999. The ministry of finance announced late yesterday that it had garnered enough interest from local pension funds to issue its longest dated bond ever, in a series of tranches. "Large investors have confidence in the country and want to invest for the long term," said undersecretary of finance, Miguel Kiguel. "We decided after several meetings with institutional investors that the most attractive instrument would be a 30-year bond."

China The $134m aircraft financing for Air China arranged by HSBC Investment Bank Asia and Industrial & Commercial Bank of China (Hong Kong) is split between a $68.4m US Eximbank guaranteed portion and a $65.6m commercial loan guaranteed by Industrial & Commercial Bank of China.

Australia Commonwealth Bank of Australia launched the A$800m loan for Star City Holdings on September 23.

* National Australia Bank Ltd Rating: Aa3/AA