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GLOBAL co-ordinators Salomon Smith Barney and Türkiye Sinai Kalkinma Bankasi this week successfully completed the sale of stock in Isbank, Turkey's leading private commercial bank, reinforcing hopes of the country becoming one of the most vibrant emerging market equity plays of 1998. At $651m (including a 15% greenshoe option yet to be exercised) the transaction was the largest international sale so far from Turkey. Coming on the back of successful private sector offerings during 1997 for the Sabanci industrial holding company and Yapi ve Kredi Bankasi, the deal has revived prospects for a privatisation programme that has been stalled since 1994. It also underlines the way in which international sentiment toward Turkey has turned since the election of a coalition government in 1997. Around 55% of the shares were sold internationally, with the overseas book more than four times oversubscribed.

Domestic issuance: * Istituto Mobiliare Italiano

* National Australia Bank Ltd Rating: Aa3/AA

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

* Landesbank Hessen-Thüringen Rating: Aaa/AAA

* De Nationale Investeringsbank NV Rating: Aa3/AA+ Amount: Sfr200m

* Banca Popolare di Brescia Rating: Baa2/BBB

Asset backed securities: * Huson Pty Ltd

OUT OF ALL the countries in the central and east European region, the Baltic states have been least affected by the downturn in syndicated loan activity. In 1997 they were the most active newcomers to the market; so far this year, the three countries -Estonia, Latvia and Lithuania -have provided arrangers and participants with a host of attractive transactions which have progressed smoothly through retail syndication. So why is the region one of 1998's success stories? Observers point to the fact that the loans required by Baltic borrowers are smaller than elsewhere in the region and therefore the deals are more manageable in syndication. The yields on offer are also higher than on central European loans -which has helped to push deals through general syndication.

WITH only two deals closing in Kazakhstan so far this year, compared with nine in 1997, observers might assume that lenders have pulled back from the country. But this is not the case. The two deals launched -Kazkommerts Finans's $20m one year term loan and Ispat Karmat's $250m project finance facility -were both extremely successful. The Kazkommerts loan, carrying a margin of 375bp, which is 75bp more than it was paying last year, was increased to $35m as a result of oversubscription in retail. According to participants, its success was down to two factors. "We like the country's economic situation -at least we prefer it to Russia's -and we like the borrower, which is one of Kazakhstan's most powerful banks and one which developed a good track record in 1997," says one.

Iceland Arrangers of the $200m five year revolving credit for Bunadarbanki Islands have closed general syndication after an impressive oversubscription was achieved. The borrower is yet to notify the arrangers of an increase. However if this happens -- some bankers think the facility could be raised to $220m -- arrangers Sumitomo (bookrunner and agent), BGB Bank, Den Danske, DG Bank, Enskilda Debt Capital Markets and ING Barings will have presided over the largest ever syndicated facility arranged for an Icelandic borrower.

GENERAL syndication of the $10.9bn loan facilities backing Texas Utilities' acquisition of the Energy Group has been launched by arrangers Chase Manhattan, Lehman Brothers and Merrill Lynch. The facilities consist of a £3.625bn portion and a $5bn portion. In retail, senior lead managers are invited to take $150m pro-rata for a fee of 22.5bp, lead managers $100m for a fee of 17.5bp if they commit pro-rata or 15bp if they don't and managers $50m for a fee of 12.5bp if they commit pro-rata and 10bp if they don't.