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Morocco Signing of the Eu160m three year term loan for Banque Marocaine du Commerce Extérieur (BMCE) will take place today (Friday) at a celebratory lunch in Frankfurt.

POSITIVE sentiment toward emerging market debt product this week helped the Republic of Latvia to enjoy a highly successful debut in the public Eurobond markets. The Baltic sovereign's Eu150m five year offering proved a blow-out success with yield-hungry European institutional and retail investors, attracted by a new sovereign name.

A SOFTER Latin new issue market this week saw borrowers offer bonds at attractive prices to entice investors struggling to digest the heavy recent issuance. Pemex offered the biggest transaction, a $500m 28/put seven year 144A deal (led by Salomon Smith Barney) at 425bp -- the widest end of its 400bp to 425bp spread talk and at least 50bp over the sovereign curve.

THE BROADGATE office development at the heart of the modern City of London was securitised this week. The landmark transaction for the complex -- home to ABN Amro, Bankers Trust, the EBRD, Lehman Brothers and UBS -- took European property finance into new territory. The deal stands as an emblem of securitisation's arrival at the centre of the capital markets.

A DEBATE is brewing this week over the pricing of the $150m five year export financing for the Czech Export Bank. The deal is being arranged by ABN Amro and Commerzbank, and is split into two tranches. The first is a $100m revolver, and the second is a $50m term loan. The pricing is important -- this is the first bank deal to come out of the Czech Republic in 1999.

>* World Bank

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THE GERMAN government is to press ahead with Deutsche Telekom's Eu10.3bn ($10.95bn) capital increase, regardless of whether the German national operator pushes ahead with its jumbo

BBV, CITIBANK, Goldman Sachs, La Caixa, Merrill Lynch and Warburg Dillon Read are arranging a $16bn loan for Repsol to support its $13.4bn bid for Argentine oil and gas company YPF.

THE REPUBLIC of Argentina left no doubts about the renewed vigour in the Latin new issue market in euros this week when it issued a blow-out Eu500m 10 year deal -- the longest dated and largest Latin euro offering this year. The transaction, led by CSFB and Deutsche Bank, was increased from an initial Eu350m, then to Eu400m at launch and finally to Eu500m at pricing, after attracting a swarm of largely institutional investors with its 9% coupon and 520bp launch spread. The deal traded up to 99.60/65 on the break, from a reoffer of 99.55, taking its spread to 513bp.

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