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THE REPUBLIC of Argentina this week said it will wait until November if need be for markets to stabilise before issuing any more bonds internationally or locally. "We have announced that we will not be doing transactions internationally or locally while the markets are so unstable," Federico Molina, managing director of the Argentine national bureau of public credit told Euroweek.

China The underwriting group for New Century International Leasing Co's $260m four year equipment financing has been completed. A total of eight banks have joined mandated arrangers HSBC Investment Bank Asia and Hang Seng Finance, which underwrote $59m each.

Australia Deutsche Bank Australia is arranging a $40m eight year club loan for Western Bunkering Pty.

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* Cregem Finance NV Guarantor: Crédit Communal de Belgique

Israel The $650m senior secured credit facility for Partner Communications Ltd has closed oversubscribed.

UK MEDIA giant Pearson has mandated Deutsche Bank to arrange a $2bn MTN programme which looks set to be signed mid-October. The company is also planning a $1bn Yankee bond but it is not yet clear whether it will be documented under the facility. Issuance under the programme should refinance the recent $6bn facility taken out by the company to back Pearson's acquisition with Hicks, Muse, Tate & Frustra of Simon & Schuster, the US media firm that specialises in educational literature and which is being sold by Viacom.

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Market commentary Compiled by Glenn Blackley, RBC DS Global Markets, London. Tel: +44 171-865 1759

THE SPECTRE of a meltdown in Russia's financial markets loomed larger than ever this week after the Russian government lost its battle to maintain the stability of the rouble -- long the centrepiece of its economic policy. A proposed debt restructuring sparked an outcry, forcing the country to postpone announcement of its plans until next week.

Lousie Lomax has moved to the secondary sales and trading team at Greenwich NatWest under Chris Porter. Lomax was previously part of Greenwich NatWest's forfaiting team focusing on Russian business. Steve Perry has joined the syndications team at ABN Amro in London. He was previously at UBS for eight years where he worked in the agency credit administration department before moving to the execution and management structured finance team. His last role at UBS was in the bank's loan trading department.