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Ghana BZW and NM Rothschild & Sons have quietly arranged a $70m project finance facility for the Abosso Gold project in Ghana being developed by Ranger Minerals NL.

THE REPUBLIC of Argentina continued to increase the size of its future jumbo euro-denominated benchmark by this week issuing a Lit750bn seven year offering fungible with its outstanding DM1.5bn of 2004s and its Asch1bn transaction, both launched earlier this year. The lira deal, jointly led by Paribas and Deutsche Morgan Grenfell, was snapped up by Italian retail investors even though the republic gave it an aggressive 9.25% coupon until 1999, thereafter stepping down to 7% .

BANK of America International Ltd has quietly arranged an innovatively structured Pta15.132bn project finance facility refinancing 18 of Edison Mission Energy's Spanish mini-hydro power plants. The 15 year facility, which was initially fully underwritten by Bank of America, is being raised through Mission's Iberica de Energias SA subsidiary. The deal will replace four existing project financings originally put in place in the early 1990s to fund the construction of the power plants.

Market commentary Compiled by Su-Lin Ong, Hambros Bank Ltd, London. Tel: +44 171-865 1759

China The $40m five year financing for Xiamen International Bank has closed oversubscribed to $45m but was not increased.

THE SHAPE of Korea Telecom's privatisation hung in the balance last night with the government and lead manager Morgan Stanley locked in a fierce debate over how to restructure the deal to ensure its success in the face of continuing market volatility.

Argentina * Republic of Argentina

* Deutsche Pfandbrief- und Hypothekenbank Bank AG Rating: Aa3

* The largest IPO ever to emerge from Norway is attracting record levels of interest. Goldman Sachs and Fearnley Fonds are leading the global offer of stock in local energy group, Fred Olsen. The company, which is majority owned by the founder, Fred Olsen, is raising around 30% in new capital which will represent the sale of 15m ordinary shares with a 400,000 share greenshoe.

JOINT global co-ordinators, Argentaria, Merrill Lynch and Banco Santander, this week filed registration statements with the SEC and the Spanish stock exchange authority (CNMV) in preparation for the sale of stock in the Spanish electricity utility, Endesa. The statements reveal that the government will sell 25% of Endesa's equity capital in the form of 260,005,599 ordinary shares. Of this some 67% (175,503,779 shares) will be earmarked for Spanish investors and within this 149,503,219 will be sold to retail buyers, with 15,600,336 targeted at Endesa employees.

* Financière Neopost SA Amount: Ffr500m Euro/144A