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* At its annual general meeting on Thursday, IPMA elected its new board of directors and named its committee chairmen. The board of directors are: Jonathan Greenwood (ABN Amro); Mario Arnaboldi (Banca Commerciale Italiana); Carlos de Pedroso (Banco de Negocios Argentaria); Jean-Pierre Wellens (Banque Bruxelles Lambert); Cyrus Ardalan (Banque Paribas); Roman Schmidt (Barclays Capital Group); Robert Edge (CIBC Wood Gundy); Olivier Allard (CDC Marchés); Henri Kuppers (Credit Agricole-Indosuez); Adrian Cooper and James Leigh Pemberton (Credit Suisse First Boston [Europe]); James Siracusa and Anthony Wilson (Daiwa Europe); Hans-Werner Voigt (Deutsche Morgan Grenfell); Bracebridge Young Jnr (Goldman Sachs); Gerhard Abel (Dresdner Bank); Robert B Gray (HSBC Markets); Tsunehiro Nakayama (IBJ Intl); Joseph Cook (JP Morgan Securities); Robert E Kiernan III (Lehman Brothers Intl [Europe]); David Tory (Merrill Lynch); Eden Riche (Morgan Stanley); Philip Brown (Nikko Europe); Andrew Asbury (Nomura Intl); Gregory Nottle (RBC Dominion Global Markets); Mark Watson (Salomon Brothers Intl); Stephen West (SBC Warburg Dillon Read); Helle Breinholt (Unibank) and Erwin Sell (WestLB).

India SBI International Merchant Banking Group has completed five fundraisings. * A $30m amortising loan for Raymond Ltd was signed on March 17 in Bombay. State Bank of India took the whole amount and may sell down at a later date.

KREDITANSTALT für Wiederaufbau took the Euromarkets by storm this week with the launch of a DM4bn bond, the agency's debut global and its first benchmark deal since receiving an explicit German government guarantee.

KREDITANSTALT für Wiederaufbau took the Euromarkets by storm this week with the launch of a DM4bn bond, the agency's debut global and its first benchmark deal since receiving an explicit German government guarantee.

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Argentina SBC Warburg Dillon Read is in the market with its $250m loan-style FRN for Banco de Galicia y Buenos Aires SA. The facility, which is priced at 200bp over Libor, is for general funding purposes and is being issued under the borrower's new $1bn Euro medium term note programme.

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China Crédit Lyonnais has launched the $45.8m, four year loan for Telpo Communications Group Ltd through special purpose company Tianjin Jintelpo International Trade Co Ltd. Banks joining as arrangers with a commitment of $8m earn a margin of 100bp and a front end fee of 90bp.

THE Republic of Argentina hopes to diversify its US investor base further today (Friday) with the pricing of a $250m-plus variable rate note offering led by Morgan Stanley Dean Witter. Called Floating Rate Accrual Notes (Frans) the issue will have a seven year maturity and a coupon that resets every six months at the spread level of its outstanding 2006 global bond, minus 25bp.

Australia Macquarie Bank is finalising the structure of the A$110m, 12 year project financing for Airtrain Citylink Ltd, for the Brisbane Air Train Project and will launch the facility in the next two weeks, once project documentation is finalised. The arranger will invite a limited number of banks for syndication. Macquarie expects to close by the end of May with drawdown by June 30.