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The Republic of Argentina will reach new heights in bond innovation next week when it launches a $1.5bn six tranche zero coupon global bond that offers credit enhancement through a World Bank rolling guarantee on the principal. The deal, led by JP Morgan and Goldman Sachs, is Argentina's solution to the dire state of the US dollar market and the country's inability to issue a dollar bond since April.

Egypt Chase, Greenwich NatWest, Mediocredito Centrale and Sumitomo Bank are arranging $400m of project debt for Misr Oil Processing Company.

Note: This story went to press before Bank of Scotland launched its hostile takeover bid for National Westminister Bank today (Friday). The move has thrown NatWest's bid for Legal&General into doubt and widened NatWest's credit spreads, particularly on the bonds referred to in this story. The implications for this deal are unclear. National Westminster Bank demonstrated the range of capital raising opportunities now on offer in the international bond markets when it raised $3.95bn of subordinated debt to help finance its acquisition of Legal&General this week.

National Westminster Bank demonstrated the range of capital raising opportunities now on offer in the international bond markets when it raised $3.95bn of subordinated debt to help finance its acquisition of Legal&General this week.

Newcastle United Football Club Plc this week announced the closing of a £55m privately placed securitisation to finance a 15,000 seat extension to its St James' Park stadium via Schroders. The northeast of England club has securitised its future stream of revenue from season ticket sales and corporate hospitality to raise debt that will amortise between 2001 and 2016.

New issue business on Germany's Neuer Markt is becoming increasingly hazardous as fears of oversupply dampen secondary market prices and as investors get increasingly selective. Secondary market valuations have been under considerable pressure in recent weeks, as have technology stocks elsewhere in Europe. And investors - particularly the lower quality accounts that are often allocated stock in new issues - are reluctant to hold on to stocks after pricing if the market does not move immediately in their favour.

n Brazilian banks have been quick to pounce on pockets of retail demand in the last few days to launch opportunistic Eurobond issues, with several similar deals expected in the weeks ahead. Bradesco, Brazil's biggest private bank, stunned retail investors by offering a 9.8% coupon on a $100m 18 month issue last Friday, led by Société Générale.

n Lead managers Mediobanca and Merrill Lynch will file registration statements with the Italian stockmarket authority Consob on Monday to launch the privatisation sale of stock in Enel, Italy's electricity generator. The deal is scheduled for completion at the end of October or the beginning of November and bankers say that potential investors are already showing signs of interest in buying shares in such a defensive industry.

n Richard Briance has been appointed chief executive designate with immediate effect of Hawkpoint Partners Limited, NatWest Group's corporate advisory business which is being sold to its employees. Briance was previously chief executive of West Merchant Bank, the international investment banking subsidiary of West LB. Before that he was vice chairman of UBS.

n FCE Bank plc Rating: A1/A

Rating: AAA Amount: Eu500m Öffentlicher Pfandbrief series 372 (fungible with three issues totalling Eu1bn launched 11/08/98, 16/09/98 and 04/08/99)

Buoyed by the success of the Eu1.05bn combined equity/convertible bond issue for Royal Numico, activity in the Dutch market is hotting up. As foreshadowed by Euroweek last Friday, lead managers ABN Amro Rothschild and JP Morgan priced the sale of Numico stock at Eu40. Keen investor demand this week defied the poorer tone in European stockmarkets to push the stock marginally ahead to Eu40.05.