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

* KfW International Finance Guarantor: Kreditanstalt für Wiederaufbau

* Finance for Danish Industry (FIH) Rating: Aa3

* General Electric Capital Australia Ltd Guarantor: General Electric Capital Corp

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Joint underwriters and mandated banks ABN Amro (arranger and books), Bayerische Landesbank (co-arranger), Dresdner Kleinwort Benson (co-arranger) and HSBC (arranger and agent) will close general syndication oversubscribed of the £170m/DM230m senior debt facility for Glwnwed today (Friday). The £170m tranche has a maturity of five years and the DM230m tranche has a maturity of 364 days. Both tranches carry a margin of 37.5bp over Libor and a utilisation fee of 2.5bp.

France Banks joining as senior co-arrangers and co-arrangers on the jumbo Ffr19bn multicurrency revolving credit for Carrefour were signed in by power of attorney on Wednesday in Paris.

Peter Bulbrook, manager in IBJ's London syndications department is to join HSBC's syndications team. In his new position he will move away from project finance related transactions and will cover corporate and acquisition deals in Europe as well. Jan van Bilsen has moved to ABN Amro's London syndications team from Amsterdam. He will concentrate on African and Middle Eastern credits.

ARRANGERS and sponsors of the $675m Qatar Vinyl Company (QVC) project in Qatar have come back to the market with a reformulated approach that looks set to ensure the deal's success and give valuable momentum to the Qatari deal pipeline. Arrangers Apicorp, Credit Suisse First Boston and Banque Paribas and sponsors Qatar General Petroleum Company (QGPC), Norsk Hydro and Elf Aquitaine and financial adviser SG were forced to re-think the deal after the Russian and Brazilian crises and the widespread retreat from emerging markets by many traditional project finance banks.

Denmark Arrangers ABN Amro, Citibank and Bank of Tokyo-Mitsubishi have closed general syndication on the $500m facility for Borealis, the Danish petrochemicals company.

South Africa The $117.227m two year L/C credit for Eskom, arranged by ABN Amro and Deutsche Bank has been signed.

Argentina Arrangers Citicorp Securities Inc and BancBoston Securities Inc have completed their facility for Arcor SAIC.