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THE SLOVAK Republic is to host roadshows in Europe and the US next week in preparation for a landmark $1bn equivalent multi-currency bond financing package to be denominated in US dollars, Deutschmarks and Japanese yen. The multi-tranche offering will provide a stern test of investor sentiment towards the country. Economic and political uncertainty over the last year has prevented Slovakia from tapping the public international bond markets.

Investors lapped up Telefónica Argentina's $400m 10 year offering this week, enabling the issuer to double the size of the deal and price it well inside the sovereign curve. The deal, led by Chase, was originally set to be $200m, but after receiving more than $800m of orders, the borrower increased the deal and launched at 340bp, the tight end of its 340bp to 345bp spread talk.

THE REPUBLIC of Turkey was forced to contend with the twin challenges of a weak emerging market debt sector and a strong US Treasury market on its return to the Eurodollar sector this week. The B1/B/B+ rated sovereign launched a $300m five year transaction via ING Barings and Merrill Lynch in an attempt to establish its credit more firmly with European fixed rate dollar investors in the run-up to Emu.

THE REPUBLIC of Turkey was forced to contend with the twin challenges of a weak emerging market debt sector and a strong US Treasury market on its return to the Eurodollar sector this week. The B1/B/B+ rated sovereign launched a $300m five year transaction via ING Barings and Merrill Lynch in an attempt to establish its credit more firmly with European fixed rate dollar investors in the run-up to Emu.

Argentinian gas and oil company YPF plans to become the first Latin private sector corporate to issue in euros in the next fortnight, with a debut Eu250m 10 year offering. Roadshows will begin on the deal in the week ahead with pricing early the week after. Chase is sole bookrunner and Paribas is joint lead.

CHASE Manhattan is set to launch the City of Moscow's debut Eurolira transaction on Tuesday. Under the Bank of Italy's queuing system for emerging market issuers, the Ba3/BB- rated transaction for the Russian capital was scheduled for launch this Wednesday or Thursday. Chase, however, has secured central bank permission to extend the issuance deadline to next week to give it more time to premarket the transaction.

KAZAKHSTAN's largest private sector bank, Kazkommertsbank, this week became the first financial institution from the central Asian republic to launch an international bond. The B2/B+/B+ rated issuer launched a well received $100m three year Euro/144A offering via its Dutch registered financing vehicle, Kazkommerts International BV.

* JP Morgan and Paribas will roadshow the Eu400m five to seven year debut euro offering for the Republic of Slovenia in Paris, Frankfurt, Milan and London in the first half of the week beginning May 11. Launch is expected shortly thereafter. Slovenia - central and eastern Europe's top rated sovereign at A3/A/A- - is widely expected to set a benchmark low for an emerging market credit in the burgeoning euro denominated bond markets.

THE Republic of Argentina is believed to be readying itself for another splash in the international markets, despite having already raised all its second quarter funding needs. With the markets having absorbed the recent barrage of Latin and Asian sovereign deals, attention switched firmly to the continent's favourite borrower, with Argentina said to be about to come to market, in either dollars or Deutschmarks.

THE PORTUGUESE privatisation programme moved up a gear this week when the government launched the sale of all but 10% of its stake in Cimpor, the cement producer floated last year by lead managers Morgan Stanley Dean Witter and BPI. The IPO was one of the most successful offerings from Portugal in 1997 and the two firms have been mandated for the new deal, which will be targeted at local and foreign investors. There will be a small tranche for domestic retail, who will be offered stock at a slight discount to institutions.

The sudden outbreak of weakness in Germany's DAX stockmarket index this week is unlikely to disrupt the flow of primary market deals, with a number of flotations of small to mid-cap companies due in the coming weeks. In addition, the slew of capital increases from major German corporates is continuing, with Mannesmann and Daimler-Benz scheduled to begin their long-awaited rights offerings shortly.

Wall Street underwent a rollercoaster ride this week - dropping by 150 points on Monday as fears of an interest rate rise spread, only to rebound back above the 9,000 level by the end of trading yesterday (Thursday). Bankers say sentiment is still bullish, although volatility looks set to become an ever larger feature in the weeks ahead, and that the broad strength of the market bodes well for the large volume of new issues that are on the way.