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BANCO AMBROSIANO Veneto scored a resounding triumph in the subordinated debt markets this week when strong investor demand led to its deal being increased by $100m to $500m. The deal created a new benchmark for upper tier two capital, priced by joint bookrunners Barclays Capital and UBS at a re-offered spread of 95bp over Libor.

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The Republic of Argentina will shortly launch a groundbreaking $300m five year variable rate note deal sole led by Merrill Lynch. The offering, due for pricing either today (Friday) or Monday, is Argentina's answer to the emerging market-wide dilemma of wanting to raise money now, but without having to lock in current high spreads for a long period of time.

China Arrangers Citicorp International, BA Asia, Bank of China (Shanghai), Bank of Communications (Shanghai), Chase Manhattan Asia, Deutsche Bank AG, DKB Asia, Industrial & Commercial Bank of China (Shanghai), ING Barings, Shanghai Pudong Development Bank, Société Générale and Standard Chartered Bank have closed the $821m project financing for Shanghai General Motors Corp Ltd.

Australia Arrangers Chase Manhattan Australia, Dresdner Australia and JP Morgan Securities Australia have extended the deadline for the A$1.925bn loan for Austran Holdings Ltd. A couple of banks are still seeking approval from their head offices.

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

BANCA Popolare di Verona, the most profitable of Italy's co-operative banks, will shortly sign a $1bn Euro-CP programme in a move marking its arrival as an issuer in the international capital markets. The multi-currency facility, arranged by SBC Warburg Dillon Read, will be used by the bank to issue dollar, Swiss franc and sterling CP. It is expected to sign the programme next week.

BANKERS report that the final round of primary syndication on the jumbo $8bn facility for BAT Industries is already a phenomenal success. The strong reception suggests that, in spite of the Asian turmoil, it is still a case of business as usual for top rated names in the loans market.

LEBANON'S BANQUE du Liban et d'Outre-Mer (BLOM) this week became only the second Middle Eastern credit to issue subordinated debt in the international bond markets when it launched a $75m eight year bullet transaction via SBC Warburg Dillon Read. With a 9% headline coupon, BLOM's debut Euromarket issue was priced to yield 300bp over Treasuries at the issue/fixed re-offer price of 99.517. This represented a 25bp-30bp pick-up over the first subordinated transaction from the region -- the $75m 10 year non-call five issue for Lebanon's Banque Audi launched in mid-October via Merrill Lynch, which this week was trading at 255bp/250bp over Treasuries to its five year call.

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CREMONINI, Europe's largest privately owned meat producer is set to become the second European corporate to tap the Eurolira market with a high yield issue. Bankers Trust, which launched the Lit250bn issue for Standa, the first high yielder to hit the market, will also lead manage this deal, which is expected to be launched at between 125bp to 150bp over Libor in about two weeks' time.