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DESPITE secondary market volatility, there were a host of successful transactions this week from Germany and demand is likely to remain strong enough for a continued increase in new supply. Goldman Sachs, Commerzbank and Landesbank Hessen Thüringen this week completed the sale of stock in Jenoptik, the east German technology group. The deal was more than 26 times oversubscribed despite being priced at the top of the DM28 to DM34 indicated range at which shares were marketed to investors.

Guarantor: Philip Morris Companies Rating: A2/A

Brazil London Forfaiting and Finanz AG Zurich have signed a $30m loan for Banco Barclays e Galicia. The facility has a one year maturity and is priced at 150bp over Libor. Hamburgische Landesbank Girozentrale joined as a co-arranger. In general syndication, Baden-Württembergische Bank (Stuttgart), Banco de Chile (Miami), Dresdner Forfaitierungs (Zurich), Executive National Bank (Miami), Inter-Europa Bank (Budapest), Istituto Bancario San Paolo di Torino (London) and LBS Bank (New York) joined as lenders.

ING Barings has hired John Percival in its loans syndication team, reporting to Michael Clarke, head of syndications for Europe, the Middle East and Africa. Percival joins from UBS where he worked most recently as a member of the bank's asset sales and trading team focusing on loan sales.

China The $2.2bn Shandong Guangdong Power Company project, arranged by Greenwich NatWest, IBJ Asia and SG Asia and the $775m Fujian Pacific Electric Company project, arranged by BA Asia, Banque Paribas, CSFB and Tokai Bank are being well received in the market. The deals benefit from the paucity of other project financings in the region competing for bank debt.

Bahrain Arranger Gulf International Bank has closed and signed a $250m seven year loan for United Arab Shipping Company. Arab Banking Corporation and National Bank of Kuwait joined GIB as underwriters.

THE INTERNATIONAL Finance Corp this week opened up a new sector of the Euromarkets with the launch of the first Hansabond -- the first ever Estonian kroon denominated Eurobond. Lead managed by RBC DS Global Markets, the Eek100m 10% three year offering provides further evidence of growing investor demand for currency diversification in the run-up to European economic and monetary union in 1999.

* JP Morgan has won the mandate to arrange a Euro-MTN programme for the City of Rome. The programme, which will be denominated in euros, is the first to be established by an Italian municipal government. The size of the programme has yet to be decided, but it is likely to be around Lit500bn equivalent. The first issue to be launched off the programme, also denominated in euros, will come during the third quarter of this year. * SNS bank Nederland NV, the banking entity of Dutch all finance-institution SN Reaal Group NV, has launched a Eu2bn debt issuance programme. As a result of its growing activities in the Dutch retail market, together with the increased European scope of its traditional domestic investors, SNS has launched the programme to broaden its investor base. The total outstanding public debt of SNS Reaal Group and SNS bank amounts to over Dfl4.5bn. SNS bank Nederland has a A2 rating from Moody's.

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