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AYALA CORP has appointed Lehman Brothers as bookrunner and ING Barings as joint lead manager for its forthcoming sale of $300m of a new class of shares to international investors. The sale of the stock, labelled 'X shares', has already been passed by Ayala's board and is expected to be approved by shareholders today (Friday).

JP MORGAN is readying a second transaction from its new Sequils-Mincs structure, a state of the art form of cashflow arbitrage CLO. The bank declined to comment, but is believed to have inaugurated the structure earlier this month with an issue of $826.46m of bonds in two tranches, conveying exposure to a $712.46m portfolio of leveraged loans.

FOLLOWING the German state of Saxony-Anhalt last year, and Schleswig-Holstein earlier this year, Land Hessen has mandated Deutsche Bank to arrange a Eu5bn Euro-MTN programme, to be signed in September or October. "In former years the German public sector mostly tapped the domestic market," said Hans-Joachim Soll, head of funding at the state treasury.

Egypt The general syndication for the $220m international tranche of the senior secured facility for the Egyptian Company for Mobile Services (ECMS) was launched this week by international arrangers Chase Manhattan, Dresdner Kleinwort Benson, Paribas and WestLB.

* ABN Amro has arranged a Eu750m Euro-MTN programme for Interbanca. The programme, which is currently unrated, was signed on April 19. Interbanca is a commercial bank based in Milan, which is 99.5% owned by Banca Antoniana Popolare Veneta. Italian banks are increasing their Euromarket borrowing activity as the retail market has dried up. Public issuance in the first quarter of 1999, at Eu4bn, has already exceeded last year's total, according to ABN Amro.

THE GERMAN Neuer Markt has shrugged off last week's losses triggered by the worldwide sell-off in technology stocks, with new issue activity reviving this week. Last week the Nasdaq fell by around 7% as international and US investors became increasingly concerned with the earnings outlook for the technology sector.

* Warburg Dillon Read this week completed a fully underwritten equity placement in Fortis 'B' shares, the common stock representing the bank's Belgium business. The selling shareholder was a major Japanese shareholder which sold 5.24m shares at Bfr33.70 on a closing price of Bfr33.72. The stock was widely placed throughout Europe with one sizeable order coming from the UK market. The shares closed slightly weaker after the trade and settled yesterday around Bfr32.70.

Market commentary: Compiled by Glenn Blackley,

OLIVETTI has signed in the underwriters of its Eu22.5bn credit that is backing its Eu60.4bn bid for control of Telecom Italia (TI). Arrangers Chase, DLJ, Lehman Brothers and Mediobanca oversaw the signing that took place late last week. The banks are Abbey National, Banca Commerciale Italiana, Banca di Roma, Banca Monte dei Paschi di Siena, Bank of America, Bank of Nova Scotia, Banque Nationale de Paris, Barclays, Bayerische Landesbank, Caja de Madrid, Cariplo, Commerzbank, DG Bank, HypoVereinsbank, Industrial Bank of Japan, KBC, Royal Bank of Scotland and Toronto Dominion. One more bank joined, but has requested that its name be withheld. They receive a drop dead fee of 50bp.

David Rimmer has joined ABC International Bank as assistant general manager and head of syndications a little over a month after he retired from being head of syndications at Bank Austria-Creditanstalt. Rimmer was at Bank Austria Creditanstalt for two years. Before that he was a team leader in syndications at NatWest for 10 years.