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SOLE ARRANGER and underwriter Citibank is arranging an Eu800m facility for Heineken España, which is buying the Cruzcampo and El Aguila beer brands from Diageo. The transaction has two tranches. Tranche 'A' is a Eu330m term loan to finance the purchase of these brands. Tranche 'B' is a Eu470m revolver for general corporate purposes.

n European Bank for Reconstruction & Development Rating: Aaa/AAA

Credit Suisse First Boston pulled off a surprise victory this week when it scooped the sole bookrunner's role on the debut euro bond for Czech power company Cez - even though it was not among the original group of around a dozen banks invited to bid for the mandate. However, bankers from CSFB are understood to have persuaded Cez funding officials to consider their funding proposal, which beat off competition Deutsche Bank, Dresdner Kleinwort Benson, JP Morgan, Merrill Lynch and Salomon Smith Barney.

Ecuador cast yet more gloom over the beleaguered Latin new issue market this week as investors are remaining on the sidelines until the full ramifications of an Ecuadorean default are known. Concerns about the ability of Venezuela and the Russian region of Nizhniy Novgorod to meet their debt obligations also hit the emerging markets.

Ecuador cast yet more gloom over the beleaguered Latin new issue market this week as investors are remaining on the sidelines until the full ramifications of an Ecuadorean default are known. Concerns about the ability of Venezuela and the Russian region of Nizhniy Novgorod to meet their debt obligations also hit the emerging markets.

Czech Republic Vetropack Moravia Glass AS, a glass manufacturer owned via Vetropack Holding Austria by the Swiss Vetropack Group, has raised a Ck1.35bn facility via joint arrangers Raiffeisenbank Prague and Bank Austria Creditanstalt. It was signed on Wednesday.

Argentina n Republic of Argentina

SYNDICATION for the Elefsina-Stavros-Spata & Imittos Western Peripheral Motorway project financing will be restarted by the end of the month. Sell-down was stopped as a result of a number of changes made to the operation of the project in June. A revised information memorandum should be finalised within the next couple of weeks. Lead arrangers are Bank of Tokyo-Mitsubishi (syndication agent), Bayerische Hypo-und Vereinsbank, Commercial Bank of Greece, National Bank of Greece and SG.

Euroclear faced up to the challenges of the new landscape for the clearing and settlements business in Europe this week when it announced plans to sever its close ties to its founder, JP Morgan, and form a new bank owned by European market participants. The new reality of the European securities market, in which there is one currency but more than 30 different clearing and settlement systems, has prompted Euroclear to take over JP Morgan's operating and banking roles in the system.

A resurgence in Eurodollar issuance characterised the market this week as swap and bond spreads continued to widen, allowing prime issuers to tap the market at historically wide levels. Denmark provided investors with the rare opportunity to put pure sovereign debt onto their books with a $500m six year bond via Goldman Sachs. The deal benefited from the kingdom's recent upgrade to triple-A by Moody's.

n Argenta Nederland NV Guarantor: Argenta Spaarbanken NV, Argenta Société d'Investissements SA

Freddie Mac has adopted a new marketing strategy for its Reference Note programme in a bid to provide more transparency to its product and to expand its international investor base. Freddie Mac announced in July that it would adopt a regular issuance calendar for its five and 10 year reference note programme, with the 10 year deals to be issued in March and September. The first 10 year deal in the calendar will be launched shortly - a $4bn issue has been mandated to Credit Suisse First Boston, Merrill Lynch and Morgan Stanley Dean Witter.