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SWEDISH student housing company Statliga Akademiska Hus has established a $1bn Euro-MTN programme. Arranged by JP Morgan, the programme is the fourth funding facility set up by the government owned entity, following the establishment of domestic MTN and CP programmes and a Euro-CP facility. Driving the borrower's move into the international markets is the growing need to diversify funding sources in an increasingly competitive market.

OIL BUSINESS Conoco has begun the marketing for its planned $3.3bn IPO which, if successful, would be the largest US flotation so far this year. The fate of the deal will be closely watched; after the lull in the IPO market last month, there are a number of new companies lining up for launch in the coming weeks, prepared to risk the difficult market.

ARGENTINA this week lowered the desperation factor in its quest for $14bn of funds for 1999 by announcing its well anticipated $5.7bn package from multilaterals and private sector sources. The funds, announced by finance minister Roque Fernandez at the IMF meeting in Washington, will be enough to cover its needs until the second quarter of 1999 without having to go to the international bond markets.

China Crédit Lyonnais has been mandated as arranger for the $100m Chengdu build-operate-transfer water supply project by sponsors Compagnie Générale des Eaux and Marubeni.

Thailand * Electricity Generating Authority of Thailand

Australia BT Australia (HK) Financial Services is arranging a $100m five year transferable loan certificate for Suncorp-Metway.

Market commentary Compiled by Glenn Blackley, RBC DS Global Markets, London. Tel: +44 171-653 4557

THE STRONG regional support for Eurobond issuance from Lebanon was underlined this week as first Banque de la Mediterranée and then the Republic of Lebanon itself were able to successfully access the Euromarkets thanks to the traditional backstop bid for Lebanese risk from Middle Eastern investors. Because of Asian, Russian and, now, Latin American contagion most emerging market issuers are effectively barred from the international bond markets. Bankers said that the high level of liquidity within the banking sector in the Middle East and the Gulf had helped to ensure that the two B1/BB- rated Lebanese transactions were rapidly taken up. This was despite the fact that they offered launch spreads up to 1,000bp tighter than where similarly rated credits could hope to tap the Euromarkets.