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SPANISH corporates and the government are set to take advantage of the recovery in sentiment throughout global equity markets by selling new shares early next year. The government has announced its intention to sell its 66% holding in Indra electronics, owned through its holding company, Sepi. Although the government may maintain a golden share in Indra because of its strategic importance as a defence contractor, the offering will still ensure a sizeable and liquid float in Madrid.

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* International Finance Corp Rating: Aaa/AAA

Argentina The $125m three year loan-style FRN for Yacimientos Petroliferos Fiscales SA (YPF) was signed on November 3. Arrangers Dresdner Bank Luxembourg, Warburg Dillon Read and Barclays provided $25m apiece. Bank of Tokyo-Mitsubishi Ltd joined as a co-arranger at $20m.

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* The World Bank approved two loans for Argentina this week, totalling $3bn, as part of a multi-lateral agency effort to give the country the financial cushion to avoid any future contagion from Asian-style crises. The loans include a so-called Special Structural Adjustment Loan (SSAL) of $2.5bn and a special repurchase facility support loan of $505m. After Colombia, Argentina is the second country to receive an SSAL -- a new type of financing put together by the World Bank in reaction to the current global financial turmoil.

THE INTER-American Development Bank sought to develop a greater following among US investors this week when it launched a $1bn global bond via JP Morgan and Morgan Stanley Dean Witter. The issue was aimed at providing a platform for the IDB's expanded borrowing programme over the next two years. Largely prompted by the need to contribute to recovery programmes for Latin American countries hit by the financial crisis, the IDB expects to increase borrowing in 1999 to $9bn, from a planned $4bn.

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Qatar Responses from potential co-arrangers are due in next week on the $475m Qatar Vinyl Company (QVC) project financing. Market talk suggests the re-priced deal will achieve a strong oversubscription, with bankers impressed by the new margin and fee levels.

* The International Primary Market Association has published a standard form pricing supplement, for use in MTN programmes. The document, which IPMA "strongly encourages" its members to use, provides a template to simplify documentation when making trades off MTN programmes, both new and extant. * The signing of Eurohypo's Eu10bn MTN programme has been postponed until early December, although a definite date has yet to be agreed.

BARCLAYS, Chase Manhattan and Greenwich NatWest, are close to winning the mandate to arrange a working capital facility for National Power, Euroweek has learnt. Details remain scarce but the size of the transaction is thought to be $1.25bn. The structure will probably include a short term tranche and a longer term tranche.

Market commentary Compiled by Glenn Blackley, RBC DS Global Markets, London. Tel: +44 171-653 4557