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China The bridge financing arranged by SocGen Asia for Wuhan Airlines Ltd is proceeding. Arrangers earn a margin of 30bp and front end fees of 12.5bp for commitments of $7m to $10m. Maturity is up to May 31, 1998.

Australia The A$1.925bn fundraising for PowerNet was signed yesterday (Thursday). Arrangers Chase Manhattan Australia, Dresdner Australia, and JP Morgan Australia took A$152m each.

* Bankers Trust International has launched a bond convertible into Swiss Life bearer shares. The discounted bonds mature next year and have been sold at 88.24% to offer investors a yield to maturity of 17.5%. When the bonds are redeemed buyers will receive either 100% of the principal or physical delivery of one share. The maximum size of the deal is up to Sfr59.85m and the fixed size will depend on the strength of demand. * Lead manager Prudential-Bache Securities has completed the offering of shares in Petroleum Geo-services, the Norwegian oil, coal and gas group. The deal consists of the sale of 1.2m ADSs and ordinary primary shares at $62.1875, which raised $74.625.

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THE REPUBLIC of Argentina has achieved its goal of pre-funding more than half of its first quarter 1998 borrowing needs by organising a $2bn three year loan/bond facility from local banks. The funds have been provided by the 11 local market makers in Treasury note Letes -- including JP Morgan, Chase and other international players -- and gives the republic aggressive funding costs of the higher of either the average of local CD rates plus 325bp or the result of the latest 91 day Letes auction plus 100bp.

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Market report Compiled by Gerard Perrignon, Hambros Bank Ltd, London. Tel: +44 171-865 1759

Cayman Islands Bayerische Landesbank and BHF-Bank are arranging a $100m one year floating rate CD at 65bp over Libor for Banco Rio de la Plata SA (Grand Cayman).

CATERPILLAR Financial Services Corp has set up a $1.5bn Euro-MTN programme in a bid to extend its medium to long term borrowing operations in the international capital markets. CFSC plans to be in the market in the first quarter of 1998. Established in Europe in 1991, Caterpillar has achieved strong growth in the region and will use the funds to finance its European operations.

CHASE Manhattan has suspended its troubled 8-1/2 year loan for borrower NTL. The facility was to have been used by NTL to finance the expansion of its telecoms and cable network in the UK. The £875m loan was launched into syndication to underwriting co-arrangers in September, with Chase looking for about 10 co-arrangers. But appetite for the deal proved poor, despite pricing set at a maximum of 225bp and a underwriting fee of 30bp and final take fee of 60bp.

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