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Gazprom astounded the international capital markets this week by mandating Credit Suisse First Boston and Schroder Salomon Smith Barney for a Eurobond, touted for launch in early March. This would make the world’s biggest gas producer the first Russian Eurobond issuer since the 1998 crisis, preceding the sovereign. It would also be Gazprom’s inaugural approach to the international bond markets.

General Motors Acceptance Corp (GMAC) did a Sfr750 million ($ 456.15 million) public trade yesterday having avoided the currency for almost 16 months. Credit Suisse First Boston managed the four-year deal, the first time the bank has done a trade for GMAC since April 1998. The note pays a final coupon of 4%. And General Electric Capital Corp has issued its sixth Czech koruna note in three months. The one-year kr1 billion ($26.66 million) note pays a final coupon of 5.5%.

The entire US financial market watched with bated breath as Fed chairman Alan Greenspan briefed Congress yesterday (Thursday). At first the markets sold off sharply as Greenspan appeared to embrace the idea of tax cuts, a policy for which he has demonstrated only lukewarm enthusiasm in the past.

ndia The $100m five year term loan for Industrial Development Bank of India was signed on January 19.

Kerr McGee has set up a Euro-CP programme to replace its now cancelled $150 million facility. The replacement programme has a debt ceiling of $400 million and Citibank is the arranger. Citibank, Lehman Brothers and Deutsche Bank are the dealers. The issuer, rated A-2/P-2, makes industrial chemicals and produces oil and gas.

Kreditanstalt für Wiederaufbau (KfW) looks set to break with its long held flexible approach to the market by announcing a benchmark funding programme of at least Eu10bn next Wednesday when it outlines its funding plans for the year. The German development bank is expected to establish a programme similar to the European Investment Bank's EARNs and Freddie Mac's EuReference Notes, committing itself to two global issues of Eu5bn during 2001. A debut 10 year issue is likely in March after roadshows and a five year transaction later in the year.

Kommunalbanken has increased the debt ceiling off its debt instrument programme from euro2 billion ($1.88 billion) to euro4 billion. IBJ International has been dropped as a dealer. HypoVereinsbank, Mizuho and Merrill Lynch have been added to the dealer panel.

Landesbank Baden-Wurttemberg has added ING Barings as a dealer to its euro20 billion ($18.79 billion) Euro-CP and Euro-CD programme. The update was completed on January 2.

After intense speculation, the full details of the Eu765m buy-out of Lafarge Speciality Building Products from Lafarge SA are in the market. The buy-out is backed by Eu640m of financing divided into Eu540m senior debt facilities and Eu100m senior subordinated debt.

Chile Dresdner Kleinwort Wasserstein is arranging a $100m five year term loan for paper, pulp and packaging company Empresas CMPC.

Commerzbank has appointed Domenico Lellis and Anthony Brennan as directors of its structured aquisition team. The move boosts the German bank's presence in the European leveraged market, an area that is fast becoming one of the most active and lucrative in the financial markets. Lellis joins from BNP Paribas where he was head of loan sales and trading for Europe, Middle East and Africa, and reported to Julian van Kan. Before that, he headed the leveraged finance team for Paribas in Italy. At Commerzbank, he will work on the origination and structuring of leveraged buy-outs, but will be working closely with the syndication team.