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THE LATIN new issue market this week began to recover from its recent bout of indigestion as Argentina cable company Multicanal took advantage of the boom in US high yield debt to launch the first 20 year issue for an Argentine corporate this year. It will be followed today (Friday) by a $150m five year FRN from Nafinsa, the Mexican development bank.

THE LATIN new issue market this week began to recover from its recent bout of indigestion as Argentina cable company Multicanal took advantage of the boom in US high yield debt to launch the first 20 year issue for an Argentine corporate this year. It will be followed today (Friday) by a $150m five year FRN from Nafinsa, the Mexican development bank. Multicanal succeeded in sidestepping the recent trough in emerging market bonds - which was caused by the deluge of sovereign dollar issues - by targeting its $150m 10.5% Euro/144A bonds at US high yield investors, most of whom are still clamouring for deals despite having already absorbed $50bn of new bonds this year.

Asset backed securities: * Collateralised Mortgage Obligations Denmark A/S

9573

* GECC Rating: Aaa/AAA

DEUTSCHE Morgan Grenfell and Bank Handlowy have launched general syndication of the non-recourse debt that will finance the build out of Polkomtel's GSM licence. The facility consists of a DM660m tranche priced at 127.5bp over Libor arranged by Deutsche and a Z300m term loan priced at 130bp arranged by Bank Handlowy. The Deutschmark loan comprises a DM585m amortising term loan and a DM75m revolver. Both the zloty loan and the Deutschmark term loan amortise to the end of 2005.

Croatia Syndication of DM100m to DM150m facility for Hrvatska Elektroprivreda (HEP) is to close today (Friday). The deal is arranged by Dresdner Bank Luxembourg, Société Générale, Chase Manhattan, Banque Nationale de Paris and Banca Commerciale Italiana. Bayerische Landesbank, Commerzbank, Crédit Agricole Indosuez, Erste Bank, Kredietbank and Sumitomo have joined as co-arrangers.

* Credit Suisse Financial Products Ltd Rating: A2/A+

Brazil * Banco da Bahia Investimentos

RUPERT Hume-Kendall, the former head of equity syndicate at UBS who lost his job - together with most of his colleagues - as a result of the merger with SBC Warburg Dillon Read, is to resurface at Merrill Lynch. He will join the firm in late May as a managing director in the equity capital markets group, principally covering the UK and reporting to Brad England, head of equity capital markets in Europe. Roberto Oggioni, another ex-member of the UBS team, is also joining Merrill as a vice president in equity capital markets to cover Italy.

RUPERT Hume-Kendall, the former head of equity syndicate at UBS who lost his job - together with most of his colleagues - as a result of the merger with SBC Warburg Dillon Read, is to resurface at Merrill Lynch. He will join the firm in late May as a managing director in the equity capital markets group, principally covering the UK and reporting to Brad England, head of equity capital markets in Europe. Roberto Oggioni, another ex-member of the UBS team, is also joining Merrill as a vice president in equity capital markets to cover Italy.

* Olsten Corp BV Rating: Baa1/BBB+ Amount: Ffr800m