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Israel The $40m amortising term loan being organised for the Industrial Development Bank of Israel by Euro-Trade Bank Ltd, Sumitomo Bank and Union Bank of Israel is to be signed on Monday.

MBNA America Bank will shortly join the growing list of US financial issuers in the Euromarket when it launches the first issue off its recently signed global bank note programme. The floating rate deal, likely to be in the region of $300m, will be lead managed by Lehman Brothers, which arranged the $6.5bn issuance facility.

* Merrill Lynch has beaten off competition from JP Morgan and UBS to secure the ratings advisory and lead management role on a planned public international bond issue by Lietuvos Energija (Lithuanian Energy). The utility is set to enter the public Eurobond market in the first half of 1998. Earlier this year Lithuanian Energy tapped the Euromarkets for the first time with a $75m private placement due April 2000 with a coupon set at 275bp over Libor. That transaction was lead managed by Merrill Lynch which has also secured two loans totalling $85m for the company.

BANQUE PARIBAS and ING Barings are mandated to arrange a rare Icelandic project financing for a new aluminium smelter being built on the island. The $110m project financing is to be formally unveiled to the market at a bankers presentation in London on November 14 with a site visit to follow on November 17 to Grundartangi.

A HIGHLY successful privatisation of São Paulo electricity distributor CPFL this week failed to raise spirits in Latin America for long, as investors continued to hold back until the Brazilian authorities announce concrete fiscal improvements in the coming week. Latin markets continued to focus on Brazil, with brokers hoping that a successful privatisation of CPFL, along with the announcement of new fiscal reform measures, would boost investor confidence.

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

PRIMARY market activity is already picking up again in Portugal, dispelling fears that the stockmarket's recent volatility would kill off domestic retail support for new equity issues. This week the government launched its privatisation of Brisa-Autostradas de Portugal, the country's toll road operator.

THE KINGDOM of Saudi Arabia is to make a rare foray into the international syndicated loan market to raise a jumbo $4.33bn term facility, Euroweek has learned.

THE KINGDOM of Saudi Arabia is to make a rare foray into the international syndicated loan market to raise a jumbo $4.33bn term facility, Euroweek has learned.

PROOF that quality issues at prudent prices can succeed in volatile markets has been served by the success of the privatisation of Austria Tabakwerke, the country's tobacco monopoly. Despite last week's highly unsettled conditions and the controversial nature of the tobacco sector, the issue was brought to a successful climax at the end of last week by lead managers Creditanstalt and Goldman Sachs.

BBL WILL issue the first Belgian collateralised loan obligation through JP Morgan as soon as market conditions allow. A BBL official said: "The deal is 99% complete from a technical point of view, and we will be watching the market closely over the coming days and weeks.

THE FIRST credit card master trust based wholly in the UK made its debut in the securitisation markets this week. The Opus Master Receivables Trust has been established by HFC Bank to securitise income on the credit cards it issues in the UK. Opus Series 1 plc, lead managed by Deutsche Morgan Grenfell, offered £132m of triple-A rated class 'A' notes at a fixed re-offer price of 99.92 to yield 12bp over three month Libor on a 10bp coupon.