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4937

THE REPUBLIC of Argentina moved quickly this week to take advantage of a sudden surge of European investor demand for Latin American names by offering a Eu450m seven year deal, the biggest euro denominated offering this year by a Latin issuer. The transaction, led by CSFB and Deutsche Bank, was also the most successful Latin deal in the new currency this year, having been increased from an original Eu250m due to a barrage of retail demand for high yielding euro paper, and increased confidence in the Latin markets in general.

4935

THE DOLLAR market came back to life with a bang this week as a host of Eurodollar transactions for some of the market's best known names took advantage of the encouraging investor bid and attractive arbitrage on offer in the sector. Dollar desks reported a welcoming backdrop to this week's new issues, and hope that the stability of all markets -- Treasury, credit and equities -- will allow the sector's revival to continue.

4944

AFTER several weeks of relative quiet, the dollar primary sector has enjoyed a resurgence in the last few days. On Wednesday and Thursday, over $5bn of swap-driven debt was brought to the international markets, with more deals looming. Dollar swap spreads largely resisted this new issuance. On Monday, the mid-market 10 year swap spread was around 79, while by Thursday it had tightened to about 77.25. The five year mid-market was around 65, while at two years it was 49.

5042

Elf Aquitaine

Bank Nederlandse Gemeenten NV

Barclays Bank plc

Republic of Austria

Market commentary: Compiled by Jim Webber, TD Securities, London