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  • Morgan Stanley Dean Witter and Nomura successfully completed the sale of $6bn of JR East stock this week. Bankers at the lead managers declined to comment on the deal, citing legal restrictions, but market observers believe the combined domestic and international tranches were around five times oversubscribed.
  • The Skr1.5bn debut for Hotellus International has achieved an oversubscription with a few more banks yet to come in, after what some banks believe was a difficult syndication. It should close by the end of August. SEB won the mandate in early May, with MeritaNordbanken joining as co-arranger, and has since been looking for a small club syndicate. This deal is not purely refinancing for bilateral lines, but also raises new money for property acquisitions.
  • BA ASIA has launched a further refinancing for a Chinese state company this year. The deal is a $200m 364 day L/C facility for COFCO Capital Corp, the window company for China National Cereals, Oils & Foodstuffs Import & Export Corp, which is providing a guarantee. BA Asia has attempted to dampen the negative sentiment displayed towards China credits by offering a massive hike in pricing from the deal completed in 1998.
  • Turkey Export Credit Bank of Turkey (Turk Eximbank) over the next few days should mandate a consortium of banks to arrange the refinancing of its $120m (increased from $100m) one year trade financing that was signed on July 16, 1998.
  • European retail investors looking for yield close to home have driven issuance in the Norwegian krone sector to record levels - the last week of July, for example, saw three new issues totalling Nkr1.3bn. The two other major Nordic currency markets, the Danish krone and the Swedish krona, have suffered from uncertainty over their governments' attitudes towards Emu membership.
  • The $121m sale of stock in Polish telecom group Netia has reached a successful conclusion after a difficult marketing period, demonstrating that investor sentiment to emerging markets remains fragile.
  • The advent of the single European currency has led to a surge in issuance from the Nordic region. Investors across Europe have lapped up the opportunity to buy the credits of leading industry players from the Nordic countries, adding new names to their growing corporate debt portfolios.
  • Market commentary: Compiled by Glenn Blackley,
  • n De Nationale Investeringsbank Rating: Aa3/AA+
  • Hungarian mobile phone operator Pannon GSM this week became the first Hungarian corporate to tap the international bond markets with the launch of a Eu125m five year issue via ING Barings. The Ba3/BB- rated high yield offering, for which Lehman Brothers was joint lead manager, was issued via the company's Dutch-registered financing vehicle Pannon Finance BV.
  • Hungarian mobile phone operator Pannon GSM this week became the first Hungarian corporate to tap the international bond markets with the launch of a Eu125m five year issue via ING Barings. The Ba3/BB- rated high yield offering, for which Lehman Brothers was joint lead manager, was issued via the company's Dutch-registered financing vehicle Pannon Finance BV.
  • Mark Vincent is leaving Bankgesellschaft Berlin to go to ABN Amro, from August 23. He had previously worked at Union Bank of Switzerland. His new role will focus on origination in UK and Ireland. In the ABN Amro team, Brenda Mills is head of syndications. She also worked at UBS. Lucy Konie has moved to the Libor salesforce in the fixed income division of ABN Amro, from the London based loan syndication team.