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* Banco San Paolo di Brescia Rating: A (senior debt by IBCA)

Argentina Chase Securities Inc, Citicorp Securities Inc, Dresdner Bank Luxembourg SA, Banco Bilbao Vizcaya and Deutsche Bank AG signed the $400m three year loan-style FRN for Telefónica de Argentina SA (TASA) yesterday (Thursday).

THE REPUBLIC of Venezuela provided startling proof of the deterioration in the emerging markets over the last 12 months by issuing a $500m 20 year bond at 824bp over Treasuries. That compared with the 325bp launch spread it achieved on its $4bn 30 year deal last September.

MERRILL Lynch and AIB Capital Markets have won the mandate as joint financial advisers and distrubutors on the floatation of Telecom Eireann, the Irish national telecommunications operator, Euroweek has learned.

MERRILL Lynch and AIB Capital Markets have won the mandate as joint financial advisers and distrubutors on the floatation of Telecom Eireann, the Irish national telecommunications operator, Euroweek has learned.

MERRILL LYNCH this week completed the long awaited sale of stock in EFG Hermes, the prestigious Egyptian investment bank, in a deal which signalled to the market that there is still demand from emerging market investors for the right stock despite uncertain market conditions. The US bank had been booked to execute the sale of EFG stock for some time but had been reluctant to approach a market in which emerging market investors proved unwilling to pay anything above the minimum price for assets from this and other developing regions.

Bahrain The $100m syndicated term loan for Bahrain International Bank (BIB) will be signed in London on August 3.

* International drinks and food group Diageo looks set to sign its $5bn MTN programme imminently. Neither Diageo nor arranger Morgan Stanley would comment, but the programme may be signed as early as today (Friday).

Market report Compiled by Glenn Blackley, RBC DS Global Markets, London. Tel: +44 171-865 1759

NOMURA is to shortly announce the lead manager for its divestment of William Hill, the UK betting shop group. Several potential candidates have been earmarked but the frontrunner is Deutsche Bank. The Japanese bank is selling the group in a stockmarket flotation which will result in the group obtaining a listing in London. It purchased the company, which operates betting shops throughout the British Isles, last year from the then diversified leisure group, Brent Walker, where it was one of the few profitable entities owned by the ailing holding company.