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Market round-up Compiled by Gerard Perrignon, Hambros Bank Ltd, London. Tel: +44 171-865 1759

IN A decision reflecting the increasing move of the European fixed income market away from currencies towards credit and yield curve plays, Credit Suisse First Boston has restructured its government bond market making activities. The firm's core European government trading operation will now be structured by maturity, rather than by individual currency. The move will initially apply to five currencies -- Deutschmarks, French francs, Belgian francs, Dutch guilders and Austrian schillings -- as well as all strips (zero coupon bonds).

* Commerzbank AG Rating: Aa2/AA-

* Bayerische Vereinsbank Rating: Aa1/AA+

* Bank Austria AG Rating: Aa2/AAA

* Caisse Centrale du Crédit Immobilier de France (3CIF) Rating: AA-/AA-

* Bank Nederlandse Gemeenten Rating: Aaa/AAA

Brazil * ING Bank NV (Sào Paulo Branch)

Croatia In the largest borrowing by a Croatian corporate to date, Bayerische Landesbank has closed a $313m credit facility for Croatia Airlines.

France Banque Nationale de Paris, acting as sole arranger, is preparing to launch general syndication of a Ffr1bn five year credit facility for Aéroports de Paris. Sell down should begin at the end of next week. The loan carries EPIC status, triple-A ratings and a 20% risk weighting.

India National Thermal Power Corp's ¥18.34bn refinancing was signed on January 14 in Hong Kong with 15 international participants.

Argentina SBC Warburg has launched syndication of a $200m six month facility for Argentine national mortgage bank Banco Hipotecario Nacional.