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Warburg Dillon Read this week broke new ground for the Middle East when it ran the books on the debut Eurobond by an Egyptian borrower. With Barclays Capital as joint lead manager, the Swiss investment bank launched a $100m five year issue for Egyptian conglomerate, the Lakah Group.

Brazil Citibank has been mandated to arrange a $400m project finance loan for Algar Telecom Leste. A second arranger may also be appointed. Further details have yet to be released.

Bahrain The $75m three year term loan for Bahrain Middle East Bank should close today (Friday). The deal is being arranged by Arab Bank, Arab Banking Corporation (facility and documentation agent), Arab Investment Company, Chase Manhattan (bookrunner) and Emirates Bank International PJSC.

* The ING board and the management committee of corporate and investment banking (CIB) has appointed David Duffy to the management committee of CIB. He will continue his roles as chief operating officer of ING Barings and chairman of the operating committee of CIB. * Julian Tunnicliffe will join ING Barings in February 2000 as a managing director and head of industrial manufacturing investment banking, Europe. Based in London he will have responsibility for a team that will focus on investment banking origination and execution for the sector.

* Brazilian utilities and semi-sovereigns are lining up to hit the international bond markets in the new year. Eletrobras this week said it plans to issue between $300m and $400m and Petrobras confirmed it was seeking approval from government authorities to raise $500m. Both entities have been severely limited in their access to international debt. The last time Petrobras came to market was in May when it issued a $100m 8.75% one year deal via Barclays Capital. * The Province of Buenos Aires increased its one year 144a bond issue this week by $30m, taking the deal, launched by Salomon Smith Barney on November 24, to $150m.

* Integra this week returned to the markets just six months after its Nouveau Marché IPO with a Eu100m deal that achieved a 5-1/2 times subscription and saw it list on the Neuer Markt. Robertson Stephens reprised its bookrunner role in the IPO and was joined by Lehman Brothers which followed a roadshow where investors were reported to have been impressed by the management's attention to detail.

Market commentary: Compiled by Glenn Blackley, RBC DS Global Markets, Australia. Tel: +61 2 9373 0431

Following Mexico's lead, Argentina this week pounced on the resurgence in the Japanese Samurai market with a ¥20bn four year issue. The deal, led by Nikko Salomon Smith Barney, is Argentina's first Samurai bond since December 1996 and follows Mexico's ¥30bn 3% four year issue in mid November at 220bp over yen Libor.

United States Arranger ANZ Investment Bank has closed the syndication of a $125m syndicated letter of credit facility for NRG Energy Inc.

Ottoman Bank of Turkey this week executed one of the first emerging market future flow securitisations to be sold as a bond in a currency other than dollars, with a Eu100m five year deal backed by export finance payments.

Cho Hung Bank launched an innovative $100m subordinated FRN this week in a successful last minute bid to meet capital adequacy ratios laid down by the Korean government earlier this year when it provided a capital injection to the Ba2 rated bank. Following the collapse of an attempted recapitalisation through a $1bn GDR earlier this autumn, the bank has recently undertaken a number of measures to bring its ratios up to the required 10% mark. In November, the bank also raised W380bn ($330m) via a domestic rights issue underwritten by Daewoo Securities. In addition, the bank sold down a number of assets to Kamco.