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Market commentary: Compiled by Glenn Blackley, RBC DS Global Markets, London. Tel: +44 171-865 1759

* GMAC Canada Ltd Guarantor: General Motors Acceptance Corp

NATIONAL Rural Utilities Co-Operative Finance Corporation (CFC) is set to return to the international capital markets next week with a debut euro transaction. The deal is expected to emerge for between Eu300m and Eu350m via joint lead managers Lehman Brothers and JP Morgan. The transaction will have an intermediate maturity. European roadshows finished this week following presentations in London, Holland, Switzerland, Germany and Paris.

Market commentary: Compiled by Glenn Blackley, RBC DS Global Markets, London. Tel: +44 171-865 1759

* General Electric Capital Corp Rating: Aaa/AAA

* Landesbank Schleswig-Holstein Girozentrale Rating: Aa1/AAA (Moody's/Fitch IBCA)

* Asian Development Bank Rating: Aaa/AAA

* Export-Import Bank of Japan Guarantor: Japan

Asset backed securities: * Ensemble Ltd

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THE LARGEST ever European syndicated loan will hit the market within the next few days when Vodafone officially mandates a group of nine banks to arrange the £9bn credit facility backing its $62bn merger with AirTouch of the US Several bankers told Euroweek on Thursday that they expect Vodafone to make a public announcement by the start of next week, earlier than some had been predicting.

CITIBANK, Commerzbank and Banco Central Hispanoamericano will wrap up general syndication of the Eu825m credit facility for Telefónica next week and, at the same time, decide how to accommodate the massive oversubscription raised in retail. Most observers expect the borrower to raise the loan to Eu1bn. That retail has been such as success will silence any critics of the deal -- some bankers had suggested the arrangers would struggle to raise the Eu225m required in general syndication. In the event, it would appear that some Eu400m has been raised.