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Dollar swaps traded in a comparatively tight range this week but closed yesterday (Thursday) at the low end of this range, at about 128bp over Treasuries in 10 years and 99bp over in five years. Two year spreads were better bid and ended at about 83bp over the 6.625% 2002 Treasury. Mid-week, spreads spiked up to a high of around 133bp over Treasuries at 10 years as stock market worries continued to undermine the market. However, later in the week, the pressure of swapped new issuance and strongly performing agencies dragged levels down again.

Argentina Chase Securities (bookrunner) and Dresdner Bank Luxembourg (agent) have been mandated to arrange a $200m yen denominated term loan for Perez Companc SA.

South Africa The general syndication of the $100m three year revolving credit for Tiger Brands, arranged by Sumitomo, is progressing well, but has slipped behind an ambitious timetable in which banks had to respond by May 22.

THE Republic of Argentina sold a ¥60bn four year Samurai bond issue this week, led by Nomura and Merrill Lynch, marking another step in its $14.3bn funding requirement for 2000. Although the deal came against a backdrop of widening spreads on Argentinian bonds over the last month - amid worries about a weakening economy and the republic's possible failure to meet IMF targets - the transaction highlighted the strength of the Samurai market for certain sovereign emerging market issuers.

Europe * Canary Wharf Finance II Plc

Hong Kong Arranger Ka Wah Capital is waiting for one straggler for the HK$100m three year transaction for Orient Power Holdings. The deal has already been fully subscribed and an increase in the final amount has not been ruled out.

Australia The debt amount to be raised for Australia-Japan Cable's $700m project financing has been set at $556.8m. Lead arrangers are ANZ Investment Bank, IBJ Australia Bank, Toronto-Dominion Australia and WestLB Australia. ABN Amro is advising the borrower.

* Pacific Life Funding LLC Rating: Aa3/AA+

Congratulations to Edson Mitchell and Michael Philipp, who have been given the 22 carat gold key to the marble executive rest rooms of the Deutsche Bank Vorstand. These promotions are long overdue, because if it had not been for the revenues generated by the two US swashbucklers, Rolf Breuer and his gang (except Josef Ackerman) might have been out on their ear long ago. But didn't you also think that Michael Philipp was about to hang up his pearl-handled six-shooters and retire to a monster seaside pile in the US? Edson must have used his powers of persuasion, and we are told that all the Deutsche Bank Vorstand meetings will now be held in English.