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Independence Day celebrations meant a quieter week on Wall Street, with few companies launching new issues and even fewer new registrations. Musicmaker.com grabbed the headlines, however, as the first online music company to take the plunge into the stockmarket.

Kazakhstan and Tunisia will complete roadshows in Europe today (Friday) ahead of euro denominated transactions next week which will provide further evidence of the increasing geographic diversity of issuers choosing to tap the single currency bond market. The Central Bank of Tunisia's planned Eu250m seven to 10 year transaction via Merrill Lynch and Morgan Stanley Dean Witter will be the country's first in euros as well as the first standalone issue in the currency from North Africa.

ING Barings and Lehman Brothers will shortly launch the sale of stock in VersaTel, the Dutch provider of telecommunications services to businesses. The deal comes shortly after the sale of Libertel by ING Groep and has much negative sentiment to combat as a result. ING's divestment was eagerly awaited by the local market and by international institutional investors, but has badly disappointed in the aftermarket.

FOUR LEVERAGED loan specialists at Deutsche Bank in London resigned this week, only a month after the German bank completed its merger with BT Alex Brown. The most senior defector is Iain McCarthy who was co-head of loans and previously a director at BT Alex Brown. He is leaving to go to Morgan Stanley where he will report to Kevin Adeson, executive director.

ARRANGERS Argentaria, Barclays, Chase Manhattan, Dresdner Kleinwort Benson, JP Morgan and Lehman Brothers have launched a Eu300m transaction for Jazztel. Early market reaction has been favourable. The deal has a tenor of eight years, with a 2-1/2 year grace period and a 5-1/2 year amortisation period. The borrower's drawdown pattern is dependent on it adhering to a forecast business plan.

Egypt Bank of New York, Bank of Tokyo-Mitsubishi and WestLB have wrapped up the co-arranging phase of the $150m three year term loan for Commercial International Bank (Egypt) SAE.

NESTLE SA is set to make its first foray into the Euroloan markets with a Eu600m 364 day back-up facility that is arranged by Citibank. The triple-A rated company will use the credit as a back-up for its new Eu4bn global commercial paper programme which will be launched in late July or early August.

Lead manager Donaldson, Lufkin & Jenrette has launched the $100m sale of stock in Netia Holdings, the Polish fixed line telecommunications operator. The company, which plans to list its shares on Nasdaq, will raise new capital through the flotation to finance expansion of its fixed line network. Some 5.5m ADSs will be sold to investors, which will push the free float of Netia's equity capital up to around 21%. DLJ set an indicated price range of between $22 and $25. At the mid-point of this valuation, the company will have a market capitalisation of around $650m.

NESTLE SA is set to make its first foray into the Euroloan markets with a Eu600m 364 day back-up facility that is arranged by Citibank. The triple-A rated company will use the credit as a back-up for its new Eu4bn global commercial paper programme which will be launched in late July or early August.

n Martin Cardoe has been appointed director of marketing, global corporate finance, at Arthur Andersen. He joins the professional services firm in London from Goldman Sachs where for the past six years he has been co-ordinating European corporate communications and media relations for the recently floated group.