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India American Express Bank has been mandated to arrange a $26.5m fundraising for Applicomp India Ltd, a manufacturer of compressor motors for refrigerators.

GOLDMAN Sachs and Mediobanca this week bowed to the uncertainty in global stockmarkets by setting a maximum issue price for the sale of shares in Banca di Roma at Lit1,450, the mid-point of the Lit1,200 to Lit1,700 indicated price range they announced last week. Demand for the deal has been building slowly until this week when several sizeable orders came into the book.

* European Investment Bank Rating: Aaa/AAA

Argentina The $600m two tranche facility being arranged by Chase Securities Inc, Credit Suisse First Boston and JP Morgan Securities Inc for Maxus Energy Corp was signed on November 25.

* Argentabank Lux SA Guarantor: Argenta Banque d'Epargne

The Indian government's determination to achieve a second successful privatisation this calendar year is said to have resulted in a strong book of orders for its sell-down in Mahanagar Telephone Nigam Ltd (MTNL). Despite the political crisis and pressure on the rupee, lead bankers Goldman Sachs, HSBC and Merrill Lynch, reported impressive and surprising levels of interest in the roughly $375m deal.

A DEFIANT Republic of Argentina took the bear market by the scruff of the neck this week and launched a Lit300bn three year Eurobond — the first from an emerging market issuer since the Asian currency crisis hit nearly five weeks ago.

Liberia Chase Manhattan plc has completed a $105m 10 year revolving/term credit facility for High Tide Shipping Corporation, High Seas Maritime Inc, High Challenge Shipping Corp, High Spirit Shipping Corp and High Wind Shipping Corp.

A potentially huge new asset class was opened in the US this week as Morgan Stanley brought the first securitisation of utility stranded costs for Pacific Gas & Electric Co. Encouraged by the federal government, US states are beginning to deregulate public utilities, particularly electricity suppliers. Many electricity companies incurred costs as a result of operating as regulated monopolies, which will put them at a disadvantage against new entrants to the market. Typically these liabilities are contracts to buy power at above market rates from nuclear and renewable generators.

US and overseas investors jumped at their first chance to buy a term debt securitisation of film revenues as Chase and Bear Stearns brought a $325m deal for Steven Spielberg's new DreamWorks studio two weeks ago. Details only emerged this week about the 144A private deal. A CapMAC guarantee lent the bond a triple-A rating. It pays 22bp over three month Libor with an expected average life of 3.3 or 4.3 years.

Comptoir des Entrepreneurs launched an innovative triple-A rated funding vehicle last Friday with Ffr2.1bn of bonds split between the French domestic and Euro-French franc markets. The vehicle, Vauban Mobilisations Garanties, is the first issuer of mortgage backed securities in France registered as a company rather than a fonds commun de créances (debt mutual fund).

ABBEY NATIONAL, one of Britain's leading high street banks, broke new ground in the yen markets this week with the launch of the first dual currency Uridashi bond to offer redemption in sterling. Abbey joined a handful of international banks that have taken advantage of deregulation in the Japanese retail sector this April, and the deal allowed Abbey to diversify its investor base and beat its usual funding target.