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BRAZILIAN development bank BNDES received a muted response from German investors this week to its DM400m 20 year Eurobond. The deal has prompted concerns that, for all of the progress made by emerging market issuers in the Deutschmark sector, it is still very much the preserve of emerging market sovereigns. The offering, led by Credit Suisse First Boston, offered an attractive coupon of 9%, but traded below its 100.25 fixed re-offer price to around 99.60.

Asset backed securities: * Aire Valley Finance plc

Finland Cultor Ltd is returning to the market for a new $150m incremental loan that is being arranged by its traditional leads Merita Bank Ltd and Union Bank of Switzerland.

* Commerzbank AG Rating: Aa2/AA-

Domestic issuance: * Credit Suisse Group

TELEFONICA del Perú will shortly launch the first ever sol denominated Eurobond transaction in a major step forward in the development of international markets in local Latin American currencies. The move, announced this week, will likely come on top of Mexican commercial bank Banamex's Mexican peso denominated debut.

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TELEFONICA del Perú will shortly launch the first ever sol denominated Eurobond transaction in a major step forward in the development of international markets in local Latin American currencies.

JP Morgan Securities Inc is to arrange a $4.1bn loan financing for Hilton Hotels Corp to fund the hotel chain's $70 per share tender offer of ITT Corp. The Beverly Hills, California-based hotel company has indicated that it will pay half cash, half stock for ITT. Chase Securities Inc has arranged a secured $600m revolving credit for Hechinger Investment Co. Pricing for the five year loan is based on the company's interest coverage ratio. The Prime margin range is Prime flat to 50bp and the Libor margin range is 150bp to 200bp.

Angola

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

China Sanwa Bank (Hong Kong), LTCB (Hong Kong), Skandinaviska Enskilda Banken (Hong Kong) and United Overseas Bank (Guangzhou) have launched a $98.4m loan for New Century International Leasing Co Ltd.