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ANZ INVESTMENT Bank has won the mandate to arrange an innovative five year limited recourse financing for Village Cinemas of Argentina. The proceeds of the loan, which has initially been set at $100m but may be increased, will finance a network of 160 screens in Argentina over the next two years. The novelty of the deal is that it marks the first time that limited recourse debt has been used to finance such an ambitious project. This type of venture has not even been tried in the developed markets, let alone the emerging markets.

THE REPUBLIC of Argentina abandoned a tentative plan for a $500m to $1bn 10 year bond this week, confirming fears of a dismal first quarter for the Latin new issue market.

THE REPUBLIC of Argentina abandoned a tentative plan for a $500m to $1bn 10 year bond this week, confirming fears of a dismal first quarter for the Latin new issue market. The borrower, last year's most successful from the emerging markets, was not willing to pay the prices that would likely have been demanded of it.

China Arranger Standard Chartered Bank is inviting banks to join a $20m financing for Guangdong International Trust & Investment Corp, Shenzhen.

Australia Arranger Toronto-Dominion Australia has launched the A$85m five year revolver for Signature Security Group and Securitas Electronic Protection Services Pty Ltd.

* Bayerische Landesbank Rating: Aaa/AAA

BANKERS THIS week began making initial presentations for what could be the largest share issue out of Austria, the privatisation of Post & Telekom Austria (PTA). Adviser and global co-ordinator mandates are up for grabs and are attracting considerable interest from international and Austrian investment banks.

THE LIRA market provided some light on an otherwise gloomy horizon for Latin issuers this week when Mexican commercial bank Bancomer successfully placed Lit250bn worth of five year bonds. The 7.125% deal, led by Chase, was increased from Lit200bn and came at 99.625 to yield 224bp over BTPs -- an attractive swap rate of 254bp over Treasuries for Bancomer at a time when UMS dollar bonds maturing 2001 were trading at 279bp and BNCE 04s at 332bp.

Chile Bayerische Landesbank and BHF Bank have completed syndication of the $60m certificate of deposit and promissory note placement for Banco Rio de la Plata SA.

SUPRANATIONAL Corporation Andina de Fomento (CAF) opened the German market for Latin American new issue business this week with a DM200m five year offering. The deal, led by Dresdner, came at 84bp over Bunds, far wider than the original 40bp level at which CAF had hoped to complete its DM debut last year.

IN WHAT will be one of the largest syndicated loans of the first quarter, Bankers Trust and Chase Manhattan are preparing to launch syndication of a $7bn facility to finance Starwood Lodging's acquisition of ITT. The arrangers plan to launch general selldown after a bankers meeting on Tuesday at which around 200 individuals representing around 100 commercial banks, investment banks, funds, institutional investors and private investors will attend.