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VALENCIANA de Cementos, the European arm of Mexico's Cemex, is tapping the market for a $1bn multicurrency term loan. The deal is being arranged by Argentaria, Banco Bilbao Vizcaya, Citibank and SG and has a maturity of seven years. The margin starts at 90bp, and will move between 60bp and 90bp on a pricing grid. The grid has two criteria: a total debt to net worth ratio and a total debt to Ebitda ratio.

PORTUGAL TELECOM and Swiss Re this week reignited a convertible market from which participants expect a busy few months before the summer lull sets in. The Portugal deal in particular had been eagerly anticipated by dedicated convertible and fixed income investors which, despite this week's uptick in bond yields, show little sign of losing interest in the market for equity-linked debt securities.

South Africa Signing takes place today (Friday) for the $130m 364 day term loan for Absa Bank. Demand for the credit was so strong that with $165m in commitments raised the borrower increased the deal from $80m.

AIRPORT Authority's HK$4bn two tranche deal -- due to launch next week -- is set to become one of the lowest pricings for a Hong Kong facility since the onset of the Asia crisis in July 1997. Original discussions started off at 120bp for the first tranche and 100bp for the second. However, the strength of demand from banks hungry for the quasi sovereign status and the non-property oriented core business of the borrower, has pushed the pricing down to 85bp over for the first tranche and 65bp over for the second.

THE REPUBLIC of Argentina will today (Friday) announce the results of its jumbo local debt exchange programme, which is expected to see two new bond issues exceed their original minimum targets. The government has called on holders of a range of local bonds, as well as holders of Brady FRBs, to swap those instruments for two new bond offerings due in 2001 and 2004.

THE REPUBLIC of Argentina this week launched an Eu150m deal fungible with a series of other Eurobonds -- creating the first Eu1bn benchmark in the new sector from an emerging market issuer. The five year deal, led by Paribas, was launched on Wednesday at a fixed re-offer price of 99.05 or 465bp over Treasuries. It is fungible with the Eu250m 2004 bond launched by Paribas two weeks ago at 481bp, which is in turn fungible in 2000 with Argentina's DM1.5bn, Asch1bn and Lit1.125trn issues.

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Hong Kong A number of banks are looking at providing a fundraising for Inchroy Credit Corp.

Europe

Australia Sponsor Visy Paper is tapping the market for A$300m after securing a site for its proposed Tamut Pulp and Paper Mill in New South Wales. ANZ Investment Bank, Citibank Australia, Commonwealth Bank of Australia and Westpac Banking Corp have been mandated to arrange the project.

* Export Finance & Insurance Corp

BRITISH Aerospace plc is poised to mandate Barclays Capital, Citibank, Deutsche Bank, Dresdner Kleinwort Benson, HSBC, Lloyds and Greenwich NatWest to arrange some £2bn of debt to support the £7.5bn acquisition of Marconi Electronic Systems from GEC. There has been speculation about the name coming to the market for some months as the consolidation and restructuring of the European defence sector gathers momentum. However, this week the talking began to take on a more definite edge.