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Roadshows for Novuspharma's Eu166m-Eu216m IPO have been well received by investors since the deal began marketing last week. The Italian biotech company set a price range of Eu66.50-Eu86.50 for the Nuovo Mercato listing and bankers said there is strong interest among dedicated funds. The company is selling 2.5m shares, of which 2.05m are new shares. There is a greenshoe of 375,000 shares. The deal will price on November 2, and the firm is due to list on November 9. Shares will be offered to US investors under Rule 144a.

"What on earth is Richard Li doing?" was the shocked exclamation from one corporate financier in Hong Kong last week as Pacific Century CyberWorks (PCCW) announced the overnight completion of a $1.1bn convertible bond issue and a $500m rights issue that will take place over the coming month. Li took $500m of the CB issue.

* Deutsche Genossenschafts-Hypothekenbank AG Rating: AAA/AAA (S&P/Fitch)

Hanna Gronkiewicz-Waltz is to quit as president of Narodowy Bank Polski, the national central bank of Poland, and will join the EBRD as its new vice president. She replaces Miklos Nemeth, a former prime minister of Hungary, who left the bank in April. She has been president of the central bank for eight years, overseeing the redenomination of the zloty and the move to a managed float of zloty exchange rates.

Interest in Deutsche Post's Eu5.5bn IPO has been strong throughout premarketing, but investors continue to question the valuation, asking for discounts of between 10% and 40% to comparable TNT Post Groep (TPG). Investor doubts focus on Deutsche Post's ability to restructure after a number of purchases - its most recent acquisition is a 26% stake in DHL, costing $745m. "In the US in particular," said a banker on the syndicate, "orders are often price sensitive because of the weak markets over there. But in every country interest is there."

Rabobank Nederland has increased the ceiling off its euro20 billion ($16.57 billion) global MTN shelf to euro30 billion. The issuer set the programme up in 1997 and is rated triple-A.

* Council of Europe Development Bank Rating: Aaa/AAA/AAA

Standard & Poor's (S&P) and Moody's revised their outlook on Telefonaktiebolaget LM Ericsson (Ericsson) from stable to negative this week, while affirming their A+/A1 ratings. S&P cited increasing levels of operating losses within the consumer products segment and weaker than expected cashflow generation during the first nine months of 2000.

Republic of Columbia has increased its $2.5 billion Euro-MTN programme to $3.5 billion. The programme was signed in 1995 via Goldman Sachs and has $2.22 billion outstanding off 12 trades.

Rheinboden Hypothekenbank has increased its debt issuance programme from euro3 billion ($2.46 billion) to euro5 billion. Since the German bank signed the programme in September last year, it has issued $1.01 billion off 15 trades, all denominated in either euros or yen.

celand Bayerische Landesbank has won the mandate to arrange a Eu12m term loan for Lysing hf. The facility has a tenor of three years and pays a margin of 75bp over Euribor. The borrower's last syndicated loan was a $21m term loan arranged by Danske Bank and RBS. The facility paid a margin of 35bp over Libor and a commitment fee of 17.5bp.

* European Bank for Reconstruction & Development Rating: Aaa/AAA