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GLOBAL co-ordinator Argentaria next week will launch the IPO of shares in Azkar, the Spanish speciality transport company. The deal was slated to be launched during the second half of last year but was postponed due to the upheaval in global stockmarkets. The Spanish equity market recovered in line with its continental peers to recapture most of its losses and ended the year just 8% off its all time high.

China Crédit Lyonnais has been mandated to arrange a $76m aircraft financing for China Southern Airlines. There will be an export credit agency and a commercial tranche. KfW is the German parallel lender.

Australia Lead arrangers BA Australia, Citibank Australia, Credit Suisse First Boston and Westpac Banking Corp launched the A$1.27bn four tranche facility for AEP Resources Citipower 1 Pty on January 4.

* Deutsche Australia Ltd Guarantor: Deutsche Bank AG

POLAND's Autostrada Wielkopolska is set to give a boost to the fledgling project bond financing market in central and eastern Europe, with the planned launch of a $400m 15 year zero coupon offering. The Polish toll motorway builder last week mandated Deutsche Bank and Merrill Lynch as joint bookrunners of the offering, which it hopes to launch within the next three months. The proceeds of the issue, for which Autostrada is hoping to secure a guarantee from the Polish government, will be used to finance half the costs of the construction of a 150km toll motorway between Nowy Tomysl and Konin in central Poland. A further 30% will be financed through state guaranteed loans, and the 20% balance from Autostrada's own funds.

THE DEVALUATION of the Brazilian real this week snuffed out the euphoria surrounding the successful launch of the euro and threatened at one point to derail the funding plans of central and eastern European sovereign borrowers. But with few reports of selling of outstanding transactions from the region during the week, issuance plans remain on track -- for the time being at least.

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THE ITALIAN ministry of communications announced this week that the government had no interest in maintaining its ownership of a 4.5% stake in Telecom Italia, the national operator privatised in 1997. The sale would raise between Lit5,000bn and Lit6,000bn (Eu2.58bn to Eu3.10bn) for the Treasury. Although the indication of this plan -- made by Salvatore Cardinale, the communications minister -- may have been premature, it is still likely that the sale will take place before the end of April.