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MFK Renaissance is to target a $750m credit facility for Vnesheconombank at US investors, say eastern European specialists. The loan will have a short dated maturity -- possibly as short as 2-1/2 months. That MFK Renaissance is tapping the US investor market is a result of the worsening economic climate in Russia. The loan market for Russian borrowers is all but dead, with only a handful of deals closed this year. Those deals which have closed have been small and generously priced to attract lenders.

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Belgium Arrangers Banque Nationale de Paris and KBC are looking to sign the Bfr15bn non-recourse facility for Telenet Operaties' telecommunications project over the next 10 days.

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ABN AMRO this week raised $1.25bn in preference shares in the largest deal of its kind yet from a non-Japanese bank. Led by Merrill Lynch and Salomon Smith Barney (joint books) and ABN Amro as joint lead, the bond started as a domestic US transaction, but ended up as a larger, globally targeted trade.

ABN AMRO this week raised $1.25bn in preference shares in the largest deal of its kind yet from a non-Japanese bank.

THE FRENCH government will launch the next leg of its privatisation programme after the summer break with the sale of stock in insurance group Caisse Nationale de Prévoyance (CNP) through global co-ordinator ABN Amro Rothschild. The appointment is a coup for the Dutch firm and is a spin-off from its role as advisor to the Trésor. Although ABN is joined by CDC Marchés and Warburg Dillon Read as joint lead managers, this is the first time the French government has appointed a foreign bank as lead for a privatisation.

Ghana Citibank has won the mandate to arrange a $40m term loan for the Agricultural Development Bank of Ghana. The facility carries a margin of 140bp over Libor. Citibank is approaching co-arrangers, offering 48bp flat for $5m commitments.

THE REPUBLIC of Argentina, Latin America's neediest sovereign borrower, is developing a number of contingency measures to bolster its financial resources and ensure it can fulfil its borrowing requirements for the rest of the year and first quarter 1999, despite worsening market conditions. Argentina has already raised this year's funding target. However, it is seeking another $2bn through an issue of so-called "patriotic bonds" similar to those launched during the 1995 Mexican crisis. Those bonds would be sold to local and international banks with a vested interest in the financial health of the country.

China The general syndication of Fujian Pacific Electric Company's $526.39m project financing for its Meizhou Wan power project is going well, according to the arrangers -- BA Asia, Banque Paribas, Credit Suisse First Boston, and Tokai Bank -- who expect around 15 banks to sign up by the end of the month.