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China The term loan arranged by HSBC Investment Bank and Société Générale Asia for State Development Bank of China closed oversubscribed and was signed this week. It was increased to $220m from $190m.

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THE AUSTRALIAN government stood firm against whipsawing stockmarkets this week to press ahead with the A$12bn flotation of shares in national telecom carrier Telstra. Despite the wild market turbulence in Asia, which triggered one-day falls and gains on the Australian market of up to 10% this week, Australia's largest ever share issue remains firmly on track.

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Corporates The $1.8bn (increased from $1.5bn) standby facility being arranged for ICI by HSBC Investment Bank plc and NatWest Markets was signed last Thursday by power of attorney.

Mellon Bank, Citicorp, First Union National Bank and NationsBank have arranged several loans totaling $1.95bn for Genesis Health Ventures Inc and MultiCare Cos Inc following the merger of the two companies. MultiCare and Genesis Eldercare Acquisition Corp have entered two 120 day loans of $425m and $150m respectively, both priced at 150bp above Prime.

* American Dreams Ltd Series 4 Amount: $15m

GERMAN mortgage bank Westfaelische Hypothekenbank has unveiled plans to set up a Euro-MTN programme in a move to expand its borrowing operations into the international capital markets. Deutsche Morgan Grenfell and Merrill Lynch have been mandated to arrange the facility, under which the bank will be able to issue a range of instruments including Pfandbriefe as well as senior and subordinated unsecured debt.

* Bancaja International Finance Guarantor: Caja de Ahorros de Valencia y Castellón y Alicante (Bancaja)

Asset backed securities: * Auroral Genesis Ltd

A TIDAL WAVE of market volatility broke across central and eastern Europe this week, causing bond spreads to widen alarmingly across the board and leaving a trail of dazed issuers, lead managers and investors in its wake. The woes of the region were best illustrated by the trading performance of the Russian Federation's $2.4bn 10 year transaction -- which ballooned to 910bp over Treasuries at one point on Tuesday from 329bp over last Thursday, tightened back into 400bp over on Wednesday, traded back out to 650bp yesterday (Thursday) before recovering to 528bp over by the close in London.