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Brazil * Federative Republic of Brazil

The first dedicated European project debt fund - the European Project Finance Fund - has been launched with CIT's Newcourt Capital Inc, Stichting Pensioenfonds ABP and John Hancock Financial Services Inc as the lead investors. Initial commitments in the fund total around Eu750m, with its target level of Eu1bn expected to be reached by March. The fund will provide senior and subordinated debt at fixed rates with maturities stretching to 35 years to projects within the European Union. The fund is targeted at project sponsors working in the infrastructure, power, water, environmental and transportation sectors and in the Private Finance Initiative/Public-Private Partnerships (PFI/PPP) arena.

* ASR Bank NV Guarantor: ASR Verzekeringsgroep NV

* Arbed SA Amount: Eu25m (increase to Eu100m issue launched 05/01/00)

GMAC followed its $2.5bn 10 year global last week with a Eu1bn 5.50% global due 2005. The issue was underwritten by Deutsche and JP Morgan. The borrower confirmed that the proceeds had been swapped to dollars, but declined to divulge whether the destination had been fixed or floating dollars.

TECHNOLOGY and telecom companies maintained their stranglehold over the London new issue market this week with the completion of Geo Interactive Media and the launch of Flag Telecom, Scipher and Interactive Investor International. Geo Interactive Media priced its £220m share offering yesterday (Thursday) achieving a 3.5 times subscription following a steep run-up in the price of the London listed stock.

Bank of Tokyo Mitsubishi and BNP Paribas have won the mandate to arrange a Eu250m facility for Agricultural Bank of Greece. Bidding was unusually competitive this year for the regular one year loan. Seven groups tabled bids, with six of them thought to be offering pricing in the same region - just below last year's level. But one group set a more aggressive level and won the mandate.

Market report: Compiled by Jim Webber,

THE INTER-AMERICAN Development Bank (IADB) this week launched a $2bn 10 year global bond, its biggest offering to date and the first to specifically target the US investor base. The deal, led by Merrill Lynch and Morgan Stanley Dean Witter, was more than 60% sold into the US - a significant rise from the 25% US distribution its Eurobond issuance usually attracts.

THE INTER-AMERICAN Development Bank (IADB) this week launched a $2bn 10 year global bond, its biggest offering to date and the first to specifically target the US investor base. The deal, led by Merrill Lynch and Morgan Stanley Dean Witter, was more than 60% sold into the US - a significant rise from the 25% US distribution its Eurobond issuance usually attracts.