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ABN Amro Rothschild and Banca IMI are preparing to launch the offering of shares in Tiscali, the Italian internet-based communications group. The company has filed a registration statement with the Consob, the Italian regulatory authority, to list its shares on the Nuovo Mercato, the Milan exchange's section for high growth and hi-tech companies.

DaimlerChrysler, the newly merged auto company, is poised to bring its debut global bond next week, with swap dealers close to the borrower say it is considering a swap to floating rate dollars. The A1/A+ credit is believed to be looking at a $3bn transaction, split between tranches at five, 10 and two or three years. The short dated transaction may be a floating rate note. The borrower was unavailable for comment.

The US Treasury's $37bn quarterly refunding weighed heavily on a dollar market already depressed by interest rate concerns. Any optimism created by the successful 10 year auction was quickly dissipated after the disappointing outcome of the 30 year auction sent prices reeling yesterday (Thursday). The yield on the 30 year bond rose to 6.28%, its highest level since October 1997. Swap spreads, however, staged a recovery on Thursday (London time), the five year narrowing 15bp to 89bp to the new five year (86bp to the old), and the 10 year by 10bp to 107bp to the new 10 year.

Hungary Arrangers ABN Amro, Central European International Bank, Commerzbank and WestLB are enjoying a strong response to the Eu300m five year term loan for the Republic of Hungary, which will close oversubscribed after general syndication.

Argentina n Republic of Argentina

n AIG SunAmerica Institutional Funding II Rating: AAA

Argentina Empresa Distribuidora y Comercializadora Norte (Edenor) has received a $62.5m 364 day loan from a group of international banks.

n EBRD Rating: Aaa/AAA

South Africa Dresdner Bank Luxembourg and Sumitomo Bank have won the mandate to arrange a $100m term loan for Telkom. The two arrangers have fully underwritten the deal.

UK n Endeavour Sch plc

n Rabo Australia Ltd Guarantor: Rabobank Nederland NV

THE REPUBLIC of Portugal has announced the terms of its Eu1.5bn standby facility, which is being arranged by ABN Amro (books), Bayerische Landesbank (agent and documentation), Caixa Geral de Depósitos, DePfa, Greenwich NatWest (books) and WestLB (books). The three year deal carries a margin of 2.75bp over Euribor, with a facility fee of 2.75bp. The utilisation fee is 1.25bp if the credit is more than 50% used.