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THE PEOPLE'S REPUBLIC of China will next week launch its long awaited global bond in the first sovereign vanilla bond from Asia since currency turmoil swept through the region earlier this year.The deal was mandated to Merrill Lynch and JP Morgan in July with launch scheduled to coincide with the IMF/World Bank's September meeting in Hong Kong. However, the landmark financing has since been on hold as the finance ministry waited for spreads to contract. Bankers said the decision to go ahead in a still nervous market had largely been prompted by a growing list of borrowers that hope to access the 144A market by the end of the year.

BancAmerica Securities Inc has completed and signed the $225m (increased from $200m) US-CP facility renewal for CAF. Banks joining the one year at 20bp risk-participation fee facility are largely drawn from the 1996 syndicate with the exception of one new lender IBJ.

THE PEOPLE'S REPUBLIC of China will next week launch its long awaited global bond in the first sovereign vanilla bond from Asia since currency turmoil swept through the region earlier this year.The deal was mandated to Merrill Lynch and JP Morgan in July with launch scheduled to coincide with the IMF/World Bank's September meeting in Hong Kong. However, the landmark financing has since been on hold as the finance ministry waited for spreads to contract.

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THE Euroloan market is set to see one of its busiest periods yet in the run up to Christmas on the back of booming M&A activity in the UK and Europe. In the past few days the market has been abuzz with rumours surrounding a multitude of major financings supporting the new wave of corporate restructurings in continental Europe as well as more activity in the UK.

* Jaakko Pöyry Group Guarantor: Finvest Oy

ENERGIS plc, the telecom subsidiary of National Grid, is making its debut in the syndicated loan market for a £350m financing. The company, which operates the UK's only national fibre optic network exclusively using synchronus digital hierarchy (SDH), has mandated Dresdner Kleinwort Benson to arrange the financing in preparation for its planned flotation.

ENTERGY IS the latest of the US buyers of Britain's regional electricity distribution companies seeking to slash the costs of its acquisition facility. Earlier this year, Entergy put in place a well supported £1.25bn limited recourse jumbo supporting its purchase of London Electricity plc. The deal, one of the most ambitious yet done for an acquisition in this sector, was priced at a juicy 1.5% over Libor tied to a grid.

* Robert Fleming this week completed the $81m offering of shares in Lebanon's Banque Audi. The shares were offered as GDRs, and the deal was oversubscribed by four times. Some 40% of the stock on offer was allocated to investors in the UK, 20% to the US, 5% to Europe and 35% to the Lebanon. The deal was priced at $27, which represents a discount of 5% to the five-day average price of the locally listed 'C' shares.

* European Investment Bank Rating: Aaa/AAA