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More details should emerge today (Friday) on the DM1.5bn bridge loan for Kirch Gruppe after potential arrangers attend a bank meeting. Lead arranger Chase Manhattan has underwritten the deal, having won the mandate to arrange the loan and further financing from Morgan Stanley Dean Witter. Earlier this week BSkyB announced it would invest DM2.9bn in cash and shares, in KirchPayTV, giving it a 24% stake. This additional equity improves Kirch's prospects in the loan and bond markets. The company's aggressive leverage ratios have been cited as part of the reason for the failure of previous transactions.

KPN STUNNED the loan market this week by securing a Eu13bn bridge facility to back the Dutch telecoms company's bid for E-Plus. The bid is being made in co-operation with BellSouth of the US. The transaction is due to be launched today (Friday) into a market that thought it had seen the last of 1999's superjumbo deals in Vodafone's record Eu30bn facility.

Brazil Arrangers Citibank and Banco Santander Central Hispano have completed syndication of a $100m 364 day term loan for Citibank Brazil.

Nigeria The senior syndication of the $160m Nigerian Liquefied Natural Gas (NLNG) shipping project financing achieved an impressive 100% hit rate with the 13 banks invited to come into the deal. The arranger, Credit Suisse First Boston, has asked these banks to underwrite $35m each for final takes of $20m apiece.

EL SITIO, an Argentine-based internet network, stunned the Latin equity new issue market yesterday (Thursday) with a blow-out $131.2m initial public offering, by far the most successful IPO from the region in several years. The company's 8.2m ADSs were priced at $16 on Thursday evening, above the $13 to $15 price range, which was itself increased on Thursday morning from an original $11 to $13 range.

Argentina this week squeezed out the year's last remaining demand for emerging market issues with the launch of a Eu100m addition to its Eu300m 10% five year deal done in November. The add-on, led by Morgan Stanley Dean Witter, was issued despite a holiday in Italy, where the bulk of interest in Argentine paper usually resides.

China China Ocean Shipping Group is tapping the market through special purpose company Cosco (Cayman) Co. Arranger BA Asia launched the $200m 364 day facility on December 8.

Europe * Barclo Finance 1999 Ltd

Australia ANZ Investment Bank, BA Australia, Chase Manhattan Australia and Citibank Australia are the shortlisted banks for a mandate to arrange a $300m rollout financing for telecommunications service provider AAPT.

Market commentary: Compiled by Glenn Blackley,

Baker Hughes, the third largest oilfield services company in the US, brought a $200m five year domestic issue on Tuesday. The underwriting duties were won in a competitive bid process by BankAmerica, with the swap pricing widely recognised to have been a vital component of the winning bid. The issue was priced to yield 90bp over the five year Treasury, and as swap bids were about 70bp on Tuesday, an after-swap cost of around Libor plus 20bp is indicated.