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Criticism of the European Investment Bank's EARNs programme grew this week following the supranational's decision not to launch a new benchmark, but to reopen an existing line. Under the programme announced in early March the EIB is committed to raising Eu2bn each quarter through benchmarks of at least Eu2bn or through the reopening of outstanding EARNs.

Argentina n Republic of Argentina

General Motors Acceptance Corporation launched a Eu500m 4.5% three year note this week, yielding 4.47% at the re-offer or 50bp over the 4.5% 2002 Obl. All-in, the deal yielded 4.54% or 57bp over the Obl. A spokesperson for the borrower confirmed that the proceeds had been swapped to dollars, and that an after-swap cost of Libor plus about 30bp had been achieved. This cost is line with comparable US borrowing, she added.

n Alpha Credit Group plc Guarantor: Alpha Credit Bank AE

n ABN Amro Bank NV Rating: Aa2/AA

n National Westminster Bank plc Rating: Aa3/AA-

GLENCORE International has mandated Barclays (facility agent), Credit Suisse First Boston (joint bookrunner), Deutsche Bank (joint bookrunner, facility agent), Dresdner Bank Luxembourg, Greenwich NatWest and JP Morgan to arrange a $750m three year revolving credit. The facility will refinance existing debt including the remaining part of its $850m revolver that was signed in August 1997. Proceeds will also be used for general corporate purposes.

France added a second point to its inflation linked curve this week with the launch of a 30 year OATi, attracting demand from pension funds and insurance companies keen to protect against inflation risks over the longest possible horizon. The success of the transaction surprised few in the market, following the positive reception to last year's 10 year OATi and a 2013 inflation linked deal for Cades earlier this year. The reaction to both transactions also clearly indicated a healthy appetite for even longer dated product.

Benoît Jolivet has left French agency Cades following the end of his three year mandate. Patrice Ract Madoux will replace him as chairman. Alongside head of front office Christophe Frankel and the funding team, Jolivet built up the agency's profile in the debt markets from the creation of Cades in 1996.

Colombia Arrangers Bank of Montreal and Comerica have closed and increased the $105m five year loan for Metalsa SA de CV to $144m after a good response in syndication.

Ecuador's currency and debt plunged yesterday as investors braced themselves for an imminent default on its $96m Brady bond interest payment. The country is poised to make history on Tuesday (September 28) by becoming the first country to default on its Brady debt. Although Ecuador had desperately sought time to pay the $96m by deferring the payment in August for a month, finance minister Alfredo Arizaga said this week the government had still not decided whether it would meet the payment.