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Chile Royal Bank of Scotland, Santander Investment and Bank of Boston have launched general syndication of a $160 five year term loan for Servicios Financieros Bandera SA, a subsidiary of Santander. A bankers presentation was held in New York yesterday (Thursday). The loan will be used for general corporate purposes.

Bahrain Syndication of the $200m five year term loan for Arab Banking Corporation has closed oversubscribed. Arrangers Chase Manhattan, JP Morgan, NatWest, Bank of Tokyo-Mitsubishi and Paribas had little difficulty in achieving an oversubscription as nine co-arrangers joined the deal before general syndication was launched, raising $225m.

* Rothmans, the multinational tobacco company, will tap the international capital market for the first time next week with dollar and sterling transactions under its newly established $2bn global medium term note programme. The company will launch two dollar issues, each for $300m, at five and 10 years while a £200m 12 year transaction is also in the offing. Programme arranger Deutsche Morgan Grenfell will be lead managing the two dollar transactions, pairing up with Lehman Brothers to joint lead manage the 10 year issue and with SBC Warburg for the five year transaction.

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South Africa The three banks that provisionally won the mandate to arrange a $300m financing for Telkom South Africa expect to be confirmed as arrangers today (Friday). The loan will be used for general corporate purposes. This is the first syndicated loan from South Africa this year, although two other borrowers from the country looked set to tap the market either this year.

Thailand Thai Cogeneration Co Ltd and MTP Cogeneration Co Ltd, wholly owned subsidiaries of Cogeneration Co (Coco), made the first drawdown on April 2 for the $600m project financing.

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Australia Salomon Smith Barney Australia is arranging a A$31m financing for Bovis Australia Ltd. The 18 month loan will finance developer Bovis Homes for the construction of the Excelsior Estate in Sydney, Australia. The borrower is a wholly owned subsidiary of the guarantor, P&O Australia Ltd.

As Asia's financial markets shudder back to equilibrium after last year's dizzying falls, the region's banks and corporates are beginning to look about themselves again. The financial scene they face has changed radically. Where once international investors circled round, eager for a share of Asia's soaring economies, now the landscape is almost deserted.

BANKERS are bracing themselves for another 10 year issue from a Brazilian borrower that has the potential to underperform on the back of overly aggressive pricing. "It's going to be a weird deal," said a syndicate head on Wall Street when asked about BNDES's plans to launch a $750m issue in the next few weeks. The development bank appears to have learnt nothing from the Federative Republic of Brazil's recent $1.25bn 10 year transaction earlier this month, which was awarded after a competitive bid and bombed after being launched at an unrealistic spread.

* ING Mercantile Mutual Bank Ltd Guarantor: ING Bank NV