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Argentina Standard Bank London has underwritten and funded a $25m secured six month bridge facility for the Argentine Post Office, Correo Argentino SA.

LATIN American sovereign issuers are taking advantage of the powerful rally in credit markets to plan an early return to international bond markets this year. The positive tone that has spread throughout fixed income markets since the Federal Reserve's three-fold interest rate cut in the fourth quarter has fed through into emerging market debt, undoing some of the damage inflicted on the sector by Russia's default.

Abu Dhabi The co-arranging and sub-underwriting phase of the $600m project financing for CMS Energy's Tawellah A2 independent water and power project is attracting strong support from the market and is heading for oversubscription with several banks still outstanding.

* Warburg Dillon Read has arranged a Eu1.5bn Euro-MTN programme for Banca Lombarda, rated A2. A Eu350m floating rate bond was launched this week under the programme. Further details are as yet unknown. For comment on the issue, see Bonds. * Deutsche Siedlungs- und Landesrentenbank has established a A$3bn Kangaroo MTN programme, co-arranged by Deutsche and Warburg Dillon Read. The bank immediately launched a A$750m five year bond issue following the signing. The dealer panel on the Aaa/AAA rated programme comprises the arrangers, ABN Amro, Commonwealth Bank of Australia, and Merrill Lynch. For details and comment on the debut issue, see Asian Capital Markets.

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BARCLAYS, Chase Manhattan, Citibank and Greenwich NatWest signed the $1.5bn (increased from $1.25bn) working capital facility for National Power plc on December 23, rounding off a successful-end-of year deal. Banks were offered one ticket in general syndication -- $50m for a 7.5bp fee giving them lead manager status. They are Banco Central Hispanoamericano, Fuji Bank, KBC Bank, Bank of Tokyo-Mitsubishi, Dai-Ichi Kangyo Bank and Sanwa. Arrangers report that Japanese banks make up much of the syndicate.

Côte d'Ivoire Joint arrangers of the senior debt for the $223m Azito independent power project -- the IFC and SG -- have closed syndication of the first privately financed independent power deal in sub-Saharan Africa.

The mandate for Sydney Airports has been awarded to Barclays Capital, Chase Manhattan Bank and Australian Mutual Provident Society (AMP). The arrangers launched the deal to between six and eight co-arrangers last week, asking for commitments of A$75m apiece. Presentations were held yesterday (Thursday) in Sydney.

GE Capital Australia Funding Pty Ltd Guarantor: General Electric Capital Corp

BAYERISCHE Landesbank and SEB Debt Capital Markets have won the mandate to arrange a $500m multicurrency revolving credit for Birka Energi AB. The loan has a five year maturity and carries a margin of 32.5bp over Libor for the first three years and 35bp for years and four and five.

* Bankers Trust will likely price its £230m securitisation for Tussauds Group, the UK company that operates theme parks, waxworks museums and other attractions, today (Friday). CIBC World Markets, Deutsche Bank, Morgan Stanley Dean Witter and West LB will act as co-managers. The 25 year Euro/144A deal will offer three single-A rated tranches and one rated triple-B, by Fitch IBCA and Moody's. The £50m class 'A1', with a 6.5 year average life, and £20m 'A2' bonds, with an average life of 11.4 years, will both be priced over three month Libor.