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* European Investment Bank Rating: Aaa/AAA

* Nomura Global Funding plc Guarantor: Nomura Securities Co Ltd

The Asian Development Bank (ADB) established a new bridgehead for foreign borrowers in the Australian domestic market this week with its debut A$1bn transaction. Although bankers do not believe that the deal will presage a tidal wave of Kangaroo issues, all agreed that it had laid the successful foundations for what could become an important future market sector, should investors continue to seek triple-A rated proxies for dwindling sovereign and semi-sovereign supply.

Market commentary Compiled by Glenn Blackley, RBC DS Global Markets, London. Tel: +44 171-653 4557

Denmark ABN Amro, Citibank and Bank of Tokyo-Mitsubishi have closed the co-arranging phase of the $500m credit for Borealis, the Danish petrochemicals company.

Hopes that some stability may return to the international bond markets built up early in the week but were snatched away again yesterday (Thursday) by yet another sharp fall on the world's equity markets. This time, the reasons for the short lived nature of the confidence were two-fold: first, concerns reappeared about Brazil's ability to withstand a potential withdrawal of international capital; second, Fed chairman Greenspan and the UK monetary policy committee dampened hopes that imminent rate cuts would be introduced to help ease the global financial and economic crisis.

France The syndicated loan market was buzzing last night with reports that Carrefour has mandated three banks - Paribas, Citibank and Banque National de Paris - to arrange a Ffr19bn jumbo facility to finance the purchase of the remaining shares in Comptoirs Modernes.

ABSA Bank, as revealed in Euroweek 568, is the latest South African borrower to attempt to tap the international syndicated loan market. The bank has mandated a large group of arrangers - American Express Bank, Dai-Ichi Kangyo Bank, Deutsche Bank (bookrunner), DG Bank (agent), Dresdner Bank Luxembourg, Greenwich NatWest (bookrunner) and Standard Chartered - to arrange a 364 day term loan. Pricing is a healthy 40bp over Libor.

Australia Southern Cross Broadcasting, an Australian radio and television operator, has mandated ANZ Investment Bank to arrange an A$165m financing.

Turkey HypoVereinsbank and Citibank have closed general syndication of the $15m one year refinancing for Alternatif Bank. The loan is in documentation and will be signed next week.