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* Crédit Local de France Rating: Aa1/AA+

Brazil * Brazil Synthetic Bond Co

* Ambroveneto International Bank Ltd Guarantor: Banco Ambrosiano Veneto

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

CREMONINI, Europe's largest privately owned meat producer is set to become the second European corporate to tap the Eurolira market with a high yield issue. Bankers Trust, which launched the Lit250bn issue for Standa, the first high yielder to hit the market, will also lead manage this deal, which is expected to be launched at between 125bp to 150bp over Libor in about two weeks' time.

CREDIT Suisse First Boston and Lehman Brothers are today (Friday) set to launch a £200m 25 year bond for CE Electric Funding Co, the highest UK holding company of regional electricity company Northern Electric. The deal will be guaranteed by triple-A rated monoline insurer Ambac and will pay 80bp over the 8% 2021 Gilt to its bullet maturity in 2022. It will be accompanied by a shorter dated, unwrapped Yankee bond arranged by the same joint bookrunner and for the same borrowing vehicle. "The roadshow in the US has produced some very positive signs, and we are building a book," said an official at one of the lead managers.

Bank of America has completed a $750m revolver for TRW Inc. Pricing for the 364 day loan is based on the company's debt ratings. The Libor margin range is 17.5bp to 50bp, the CD margin range is 27.5bp to 60bp and the commitment fee range is 4bp to 15.5bp.

Market rumours suggest that Lloyds Bank Capital Markets has closed an acquisition club deal for a European drinks-related company. France

Australia Arrangers Chase Manhattan Australia, Dresdner Australia and JP Morgan Securities Australia have extended the deadline for the A$1.925bn loan for Austran Holdings Ltd. A couple of banks are still seeking approval from their head offices.

BANKERS report that the final round of primary syndication on the jumbo $8bn facility for BAT Industries is already a phenomenal success. The strong reception suggests that, in spite of the Asian turmoil, it is still a case of business as usual for top rated names in the loans market.

Croatia Union Bank of Switzerland is syndicating $30m of the DM35m and $50m facilities put in place by Société Générale and UBS to support pharmaceutical company Pliva's acquisition of a majority shareholding in the Polish pharmaceutical group Krakowskie Zaklady Farmaceutyczne (Polfa).

India Arrangers National Australia Bank and Sumitomo Bank (Hong Kong) have launched a $100m Australian dollar equivalent fundraising for Export-Import Bank of India.