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Argentina continued to chip away at its funding needs this week by reopening its Eu550m five year bond for an additional Eu100m. The deal, led by Morgan Stanley Dean Witter, is the third reopening of the issue, taking it up to Eu650m.

China Arrangers Industrial & Commercial Bank of China and Industrial & Commercial Bank of China (Hong Kong) expect to close the aircraft financing for Air China next week. The final amount of the deal has not been established, but will range from $150m to $170m.

Europe n European Loan Conduit No 1 BV

Australia General syndication for the A$1.43bn project financing for the Millmerran power project will be launched in early September, with funds being raised via Queensland Power (Australia).

Market commentary: Compiled by Glenn Blackley,

Rating: Aaa/AAA Amount: Eu233.062m (fungible with Eu766.938m issue launched 20/10/98) Hypotheken Pfandbrief series 780

n ABN Amro Bank NV Rating: Aa2/AA

The equity new issue pipeline is filling up fast after the summer lull, with bankers hopeful that this week's interest rate move in the US will provide a helpful boost to market conditions. Issuers and underwriters are eager to get their deals into the market as quickly as possible, conscious that the primary market is likely to shut down completely from late November because of Y2K concerns.

General Motors Acceptance Corp introduced a new structure to the US asset backed market this week with a $2.125bn securitisation of retail auto loans that offers soft bullet maturities for the first time. Credit card backed securities have long enjoyed an unchallenged position as the benchmark ABS class in the US, partly because of the huge volume of supply from reputable issuers, but also because the master trust structure allows deals to be structured with soft bullet maturities that make them convenient investments and good surrogates for Treasuries.

Market commentary: Compiled by Jim Webber,