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THE AFRICAN Development Bank is set to launch a new benchmark in the Eurodollar market, with roadshows for an expected $300m five year offering due to end on Monday. Lehman Brothers will run the books on the new offering which follows the AfDB's second visit to the Eurorand sector, a R100m seven year deal led by Hambros this week. Thierry de Longuemar, the AfDB's treasurer, told Euroweek that the dollar transaction formed part of the supranational's policy of keeping institutional investors familiar with its product.

Ghana The heavily oversubscribed, but punchily priced $275m receivables backed trade finance facility being arranged for Cocobod by co-ordinating lead arranger Citibank International plc is to sign today (Friday) at the Savoy Hotel in London.

China Coordinating arrangers Fuji Bank, Hang Seng Bank, Sumitomo Bank and Westdeutsche Landesbank launched the $110m working capital facility for China National Offshore Oil Corp on October 6.

LUCK was on the Republic of Argentina's side this week when the sovereign issued two successful bonds in lire and Deutschmarks just days before both markets plunged on negative political and interest rate news. Argentina launched a DM1bn 12 year offering led by ABN AMRO Hoare Govett shortly before the Bundesbank announced a rise in interest rates.

THE autonomous region of Andalucia has successfully launched a 20-year Yankee bond, the longest yet for a borrower from the country. Launched at a spread of just 52bp over Treasuries, the $185m bond played well to a largely domestic audience of insurance companies. "This has set a new benchmark for Spanish regional paper," said a syndicate member.

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

Australia A A$200m commercial paper programme for Mitsui & Co Financial Services (Australia) Ltd, guaranteed by Mitsui & Co (Australia) Ltd, has been completed by arranger National Australia Bank.

THE $9.5bn-plus sale of Telecom Italia shares looks set to go ahead despite this week's resignation of the country's government and turmoil in world stockmarkets."We have reviewed the transaction with the government, its advisers and the syndicate, and are proceeding as planned," said Charles Kirwan-Taylor, a managing director in the equity capital markets division of BZW, one of the global coordinators on the sale alongside Mediobanca. "The fundamental investment case for the company has not changed."

THE $9.5bn-plus sale of Telecom Italia shares looks set to go ahead despite this week's resignation of the country's government and turmoil in world stockmarkets.

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Extendicare Health Services Inc has secured an $800m credit from NationsBanc Capital Markets Inc. The facility is split into a $200m six year revolver, a $200m six year term loan, a $200m seven year term loan and a $200m 60 day term loan. Pricing for the seven year and 60 day facilities is set at 100bp above Prime or 200bp above Libor. Pricing for the six year facilities is based on the company's leverage ratio. The Prime margin range is Prime flat to 100bp, the Libor margin range is 75bp to 200bp and the commitment fee range is 25bp to 50bp.