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INVESTORS returned to the Latin new issue market with a vengeance this week, as the Republic of Argentina issued a $1bn global bond, the first new bond of any size from any emerging market sovereign since Russia's devaluation.

INVESTORS returned to the Latin new issue market with a vengeance this week, as the Republic of Argentina issued a $1bn global bond, the first new bond of any size from any emerging market sovereign since Russia's devaluation. Mexican state oil monopoly Pemex followed with a $600m bond. Both issues were doubled in size, in a clear indication of growing investor confidence in selected emerging market credits. For Argentina, the successful bond confirmed the country's reputation as the most skilful, and sought after, of Latin American sovereign borrowers; Pemex's issue highlighted its status at the top of the region's corporate pile.

The revived bond, delayed from earlier this year, should be marketed immediately after the US Thanksgiving holiday next Thursday.

* GE Capital Canada Funding Co Guarantor: General Electric Capital Corp

BRAZIL'S finance minister Pedro Malan and central bank president Gustavo Franco visited New York this week to bolster investor confidence -- and their presence raised speculation that Brazil is considering a new bond issue. The two officials explained the government's $84bn three year fiscal adjustment programme to US investors and clarified the disbursement schedule for its recently completed $41.5bn IMF-led assistance package. Up to $20bn could be made available to Brazil by early 1999, much greater than market expectations.

The revived bond, delayed from earlier this year, should be marketed immediately after the US Thanksgiving holiday next Thursday. Roadshows are slated to begin the week of November 30, for pricing either at the end of the following week, or the week beginning December 14. Officials from lead managers Credit Suisse First Boston and Goldman Sachs declined to comment on the deal, but it is now likely to be halved from its original $1bn issue size, and comprise either a seven or 10 year tenor.

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* Abbey National plc Rating: Aa3/AA-

Croatia The EBRD, with a group of private commercial banks, has arranged a DM168m credit for ZGOS, a special purpose company established to improve Zagreb's waste management services.

* Republic of Finland Rating: Aaa/AA