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* Deutsche Ausgleichsbank Rating: Aaa/AAA

Angola SG (New York) has arranged a $87m US Eximbank guaranteed loan for Halliburton Energy Services, a subsidiary of Halliburton Co of the US. Halliburton will use the loan to part finance development of the Cabinda concession, a project developing the Cabinda oilfield off the coast of Angola. The total financing is about $200m and will be secured by the proceeds of the oil sales through an escrow account.

THE BELEAGUERED Latin new issue market received a welcome boost this week when the Republic of Argentina launched a DM1bn 12 year step-up coupon transaction. The deal, led by Deutsche Bank, was the only Latin offering in the Eurobond markets in yet another week of Russian and Asian-induced spread widening among Latin benchmark bonds.

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IMPSAT, the Argentine-based satellite telecommunications company, will today (Friday) try to succeed where Brazilian telecom company Americel failed last week, by launching a $175m 10 year/non-call five year bond in the US high yield market. Impsat, led by Morgan Stanley Dean Witter, announced its price talk on Thursday at 12.00% to 12.25% and plans to go ahead with pricing today, even though Americel (joint led by Citibank and Merrill Lynch) had to pull its $300m eight/non-call four year deal last week as a result of the unsettled market conditions.

THE REPUBLIC of Argentina this week shortlisted six consortia to submit their bids for the highly coveted mandate to underwrite the sale of its remaining stake in YPF. The qualifiers are as follows: Credit Suisse First Boston/ BankBoston; Goldman Sachs/ Banco Rio de la Plata; Merrill Lynch/Banco de Galicia y Buenos Aires; Morgan Stanley Dean Witter/HSBC Banco Roberts; Salomon Smith Barney/Banco Frances del Rio de la Plata; and SBC Warburg Dillon Read/ BankBoston.

China Co-ordinating arranger HSBC Investment Bank Asia and arranger Hang Seng Finance have launched the $260m fundraising for New Century International Leasing Co to sub-underwriters.

Australia The A$85m loan for Signature Security Group launched by Toronto Dominion Bank in December 1997 is being restructured and re-syndicated. The original five year deal paid a margin of 275bp over bank bill swap rates.

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

THE SPANISH government has completed its largest ever privatisation with the Pta1,150bn ($7.6bn) sale of stock in Endesa, the national electricity utility. The offer set new standards in terms of the response from local retail investors. It involved the state-owned holding company, Sepi, selling 33% of the company's equity capital.