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FRAGILE AND VOLATILE global credit markets exacted a heavy price on the Federation of Malaysia's long awaited $1bn 10 year comeback bond this week. Priced well outside expectations, sliced in half, truncated to one tranche, and missing two syndicate members, the transaction managed to demonstrate Malaysia's ability to access the international capital markets.

GLOBAL co-ordinators Deutsche Bank and Enskilda are moving toward launch of the sale of stock in Perlos, the Finnish producer of plastic casings for mobile phones. The privately owned company is planning to make its debut on the Helsinki stockmarket in the second half of June and will offer international and local investors a free float of up to 49%. The two lead banks were mandated some time ago, after an extremely competitive beauty parade. They plan to launch the sale of Perlos shares during the week of June 7 and bookbuilding should lead to the release of an issue price during the third or fourth week of June.

* Lead manager Commerzbank scored a huge blow for the mid-cap sector of the German services industry this week with the launch of an IPO for Beate Uhse, Europe's leading retailer of sex goods, on to SMAX. Mid-cap corporate groups have largely been denied access to the equity capital market if they do not represent part of the country's high growth sectors or they choose not to obtain a Neuer Markt listing.

CREDIT Suisse First Boston has launched the sale of stock in Matav, Hungary's national telecom operator, which will raise Huf88.2bn ($370m) through the sale of the government's 60m shares. The sale will be the largest equity offering from central Europe since Estonia Telecom's flotation at the start of the year.

* World Bank Rating: Aaa/AAA

GERMANY's high growth Neuer Markt is set for its next stage of development following recent IPO tremors. After three weeks of correcting stock prices and many disappointing debuts by the country's hi-tech companies, the market looks in better shape. According to one specialist banker: "We have seen the end of the first phase of the Neuer Markt's growth.

Canada Bayerische Landesbank and CIBC Wood Gundy have wrapped up a $635m facility that will back AirCanada's purchase of eight Airbuses including six Airbus 330s and two Airbus 340s.

ARRANGER Den norske Bank has launched a Nkr700m revolver for Kongsberg Gruppen, the Norwegian defence group. The five year deal has a starting margin of 45bp over Euribor, rising to 47.5bp for the last two years. The margin is linked to an equity:debt ratio, so when equity rises to 30% to 35% of debt the margin falls to 42.5bp and 45bp. If it rises above 35% the margin becomes 40bp and 42.5bp.

THE DANISH market will host two of its largest corporate IPOs this summer with the Dkr3bn ($430m) sale of stock in International Service System (ISS) via Aros Securities, and the $390m sale of bio-pharma group H Lundbeck via Goldman Sachs, Den Danske and Gudme Raaschou. These deals dwarf anything previously completed from the Danish private sector and will provide welcome liquidity for investors in the absence of supply from privatisations.

Alan Westhead is to join Deutsche Bank's syndicated loans team and not Dresdner Kleinwort Benson as was reported in last week's Euroweek. At Deutsche Westhead has the mandate to set up a dedicated primary sales team. He will report to Richard Munn, head of syndicated loans at Deutsche's London offices.

BANK OF Piraeus SA is set to make its long awaited debut in the Euroloan markets with a Eu150m 364 day term loan with a margin which has surprised many bankers. The facility, arranged by Bank of Tokyo-Mitsubishi, Banca Commerciale Italiana, Bank of New York and Commerzbank, carries a margin of 15bp over Euribor and a co-arranging fee of less than 10bp, giving an all-in bankers believe is too tight for market conditions.

DEUTSCHE Bank has appointed John Ross, formerly chief executive of the bank's Asia Pacific operations, to the new position of president and CEO of the combined operations of Deutsche and Bankers Trust in the Americas. Ross will report to Ronaldo Schmitz, member of the board of managing directors with responsibility for the Americas, and will continue to report to Josef Ackermann, member of the board and co-chairman of the bank's global corporates and institutions division. Ross succeeds Barry Allardice, who will continue to manage key Bankers Trust integration projects at the group level.