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* Westpac Banking Corp Rating: Aa3/AA-

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THE ASIAN Development Bank was forced to pay more than initially anticipated this week when widening 10 year spreads hit its debut DM1.5bn Eurocurrency benchmark transaction. Price talk during roadshows for the deal had focused on a spread of 10bp to 12bp over Bunds but, in response to general spread widening of 3bp to 4bp, the issuer agreed to pay 14bp over to ensure its strategic bond enjoyed a successful launch on Wednesday.

THE SHARP correction in the US Treasury market following Federal Reserve chairman Alan Greenspan's comments on Wednesday about the possibility of future US interest rate hikes gave the Eurodollar market a much needed boost as yields started to move down to levels at which investors are once again looking to enter the market. Westpac Banking Corp took advantage of this renewed interest to issue the first successful dollar benchmark the market has seen for several weeks. The $500m five year bond was re-offered at 40bp over Treasuries. Joint lead managers Nomura and SBC Warburg Dillon Read said the deal had sold out very quickly and achieved all the criteria the issuer had set -- a successful benchmark debut in the fixed rate dollar market and a broadening of its investor base beyond its traditional floating rate note buyers.

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."