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India The $100m seven year syndicated credit for Power Finance Corporation (PFC) will be signed next week at a ceremony in Singapore. ANZ Investment Bank arranged the deal. Pakistan Drawdown of the first $80m tranche of a $600m loan for the Pak-Arab refinery has taken place. The debt was arranged by Jexim and Marubeni Corporation to finance the development of a 100,000 barrel a day refinery with a total cost of $886m.

RETAIL INVESTORS provided the backbone of demand for the Italian and Portuguese jumbo privatisations launched this week. Around $9bn was raised through the sales of Italy's oil and gas group Eni and Portuguese power utility, Electricidade de Portugal (EdP).

* Abbey National Treasury Services Guarantor: Abbey National

RETAIL INVESTORS provided the backbone of demand for the Italian and Portuguese jumbo privatisations launched this week.

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KOÇ HOLDING, Turkey's largest and most diversified company, has published a preliminary prospectus for its global equity offering scheduled to take place in the next few weeks. The deal, which is being led by Goldman Sachs, will involve the sale of 1.388m shares comprising the sale of primary shares via a capital increase and secondary shares to be sold by the Koç family.

Argentina Arrangers BancBoston Securities Inc, BancAmerica Robertson Stephens, Dresdner Bank Luxembourg SA, Banco Bilbao Vizcaya and Banco Rio de la Plata SA have completed syndication of the $150m two tranche facility for Transener SA. The facility is split between a $100m five year term loan for trade-related purposes and a $100m four year term loan for working capital purposes.

LEHMAN Brothers has launched a new bond index, the Euro-aggregate index, in a bid to position itself as a major indices provider in Europe ahead of the arrival of the single currency. The index will only include bonds denominated either in Ecu or those currencies entering European monetary Union and will be a rule-based measure automatically including all issues which fit the inclusion criteria. These criteria state that bonds must be investment grade, fixed rate and with a maturity of at least one year. Treasury securities must have a minimum size of Ecu500m and all others a minimum size of Ecu100m. Over 6800 bonds are in the index which has a market cap of Eu3.6tr, and portfolio managers will be able to follow the aggregate index or a sub index derived from the aggregate index which can be customised for their fund.

THE LOAN market is split over the fate of the general syndication for the $720m Al-Jubail Petrochemical Company (Kemya) expansion financing for sponsors, Sabic and Exxon. The arrangers -- Barclays Capital, Citibank, Riyad Bank, Saudi American Bank, and Sumitomo with Al Bank Al Saudi Al Fransi, Arab Banking Corporation, Arab National Bank, Apicorp, Gulf International Bank, IBJ, Morgan Guaranty Trust Company and Saudi British Bank -- argue that only a few banks were expected to join in retail, with a target to sell no more than around $100m of the project's debt. And so the syndication, with a reported three banks coming on board, must appear successful.

DESPITE the continuing volatility of Wall Street this week, there has been enough new issue activity to encourage the optimists. All eyes were focused on the Merrill Lynch led flotation for Republic Services. Fears that the deal would falter, because of its size and the mixed market, were unfounded and the company raised a total of $1.3bn making this the largest IPO to date -- just ahead of Goldman Sachs' $1bn deal for Heller Financial.

Abu Dhabi Three bidders have been shortlisted for the $900m Al-Tawellah power and water desalination project. CMS is being supported by Barclays Capital. Enron is being supported by IBJ. The third bidder, Tractebel, has not revealed its bankers.