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LATE last week Nikko Europe sucessfully completed the $42m sale of shares in Nireus Chios Aquaculture in what will be arguably the last emerging market deal to be priced until after the summer break. Although the group is the largest Mediterranean producer of fish and has a well known brand name, analysts were surprised by the strength of demand generated by the sale. The deal was launched and priced during a week when other larger, more liquid deals from more developed markets foundered, with some postponed. But Nireus slipped through an open window, emerging just before investors exited the markets for the summer.

THE APPETITE for reverse convertibles seems insatiable, even amid the brutal climate of stockmarket volatility. A slew of small to medium sized deals was launched this week to the August 6,usual warm reception given August 6, to the bonds by the same continental European retail investors that have supported the growth in this market for the last few months. According to one specialist salesman: "Current yield is a particularly important factor in the success of these deals. Greater protection from downside is also of more significance than upside potential and that is exactly what is on offer here."

GERMAN software producer SAP chose an unfortunate week to list its shares in New York as the US market was rocked by nervous investors fearful of the combined impact of continued US dollar strength, a prolonged crisis in Asia and pessimism over corporate earnings. The listing was co-ordinated by Goldman Sachs and Morgan Stanley Dean Witter and, at $70bn, established the group as the largest software company by market capitalisation to reach the big board.

ABN AMRO Rothschild and ING Barings have been nominated as the lead managers of the $100m sale of shares in the Dutch computer software manufacturer and consultancy, TAS Groep. The company is privately owned and will be raising new equity to finance expansion, as well as a secondary sale of stock.

THE SPANISH government is preparing its next privatisation with the sale of 35% of Red Eléctrica (Redessa) in the final quarter of the year. BBV and Banco Santander are to lead manage the sale which should raise around $350m to $500m. No international firm has been appointed, suggesting that the deal will be skewed towards local retail investors. It also shows that the authorities are confident of BBV and Santander's ability to distribute Spanish equity outside the home market.

FOLLOWING last week's successful sale of stock in Egyptian investment bank EFG Hermes via Merrill Lynch, bankers say that investor confidence in the Middle East is growing. Although this week's stockmarket correction has added a general tone of caution, there should still be pockets of interest for the right story at the right price. A small trickle of new equity deals is set to emerge from the Middle East and North Africa in the coming quarter, with some transactions materialising after being postponed earlier this year.

Hungary * Pannonlizing Trading & Services Rt

THE SALE of stock in UK-based international satellite group, ICO Global Communications, was completed last Friday against a back-drop of an extremely nervous US market and a hi-tech sector in the throes of a rapid re-rating. Since the high point of May and June investors have begun to turn against growth companies, particularly hi-techs, becoming much more aggressive over the valuations they award stock prices.

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THE FIXED rate dollar market may continue in the doldrums next week, but the FRN sector will be enlivened by a $1bn five year global bond by GMAC. HSBC Markets and Lehman Brothers will be awarded the mandate today (Friday) and the issue should be launched early next week.

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