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THE POLISH loans market is gathering strength of the back of deals for foreign owned banks, which are gradually making more lenders comfortable with eastern European names after the Russian crisis last year. The latest Polish bank with a large foreign owned stake to look at the loan market is Slanski Bank, and its foreign shareholder is ING Bank.

LEAD MANAGER Morgan Stanley Dean Witter has set the price range for shares in Spanish construction group Ferrovial at Eu20.75 to Eu22.95, giving the company a conservative valuation against comparable groups in its sector. The books on the $1bn flotation are due to close today (Friday), with strong demand indicating a top-of-the-range issue price. The success of Ferrovial's float is an important stepping stone in rebuilding confidence among Spanish corporates in the new issue market after last year's events.

THE INTERNATIONAL market for callable bonds sprang into life this week when Fannie Mae launched the first in a programme of jumbo issues which it hopes will establish the product as a liquid global asset class. The US agency aims to repeat the success of its similar bullet note programme with its latest innovation in the international bond markets -- the Callable Benchmark Note programme.

GOLDMAN Sachs and Lehman Brothers plan to launch the sale of stock in Cellcom, the Israeli cellular phone group, in June. The deal has been eagerly awaited among sector investors keen to get exposure to the Israeli market. The lead managers had hoped to launch the deal last year, but it was postponed in the wake of the markets' volatility.

AMEV LEVEN, a subsidiary of Fortis Group, this week launched the first non-cumulative capital securities issue by an insurance company, a three tranche Eu650m transaction led by Merrill Lynch. Modelled on bank tier 1 capital, the structure enabled Fortis to raise tax efficient, non-dilutive capital, refinance acquisition related short term debt, and ensure favourable accounting and rating agency treatment.

* Commerzbank AG Rating: Aa3/AA-

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THE GERMAN state of Hessen this week launched a blow-out Eu1bn July 2009 benchmark issue, winning plaudits from the underwriting community for its investor driven approach to pricing and marketing. Successfully tapping the Euromarkets has long been a goal of several German states, but previous attempts to access the European investor base have often failed as states have stubbornly refused to compromise on the funding levels they achieve in domestic markets.

THE REVIVAL of the international dollar bond market during the past month will be tested next week with three high grade jumbo corporate deals slated for launch. Sprint Corporation will next week launch $3bn of senior unsecured globals bond via Salomon Smith Barney and Warburg Dillon Read. A multi-tranche transaction is expected targeting short, medium and long maturities following roadshows in Milan and London.

HAVE THERE BEEN some significant changes within the debt capital markets group of Merrill Lynch in London, where overall fixed income supremo, Kelly Martin, and his head of European operations, Steve Bellotti, are calling some clever shots?

India Lead arranger and coordinator ANZ Investment Bank has launched general syndication of the $165m 10 year limited recourse shipping facility for the Enron Mitsui OSK Lines LNG carrier. The launch follows a series of well attended roadshows held in London, Paris, Singapore and Mumbai.

IRELAND'S ministry of public enterprise this week launched the first phase of a marketing campaign to attract retail investors for the I£1bn privatisation of Telecom Eireann. Led by Merrill Lynch and AIB Capital Markets, the share offering will take place by early July. Registration forms have been sent to some 2.8m potential retail investors, offering incentives for early applications. After one month of local campaigning, the company will release its full year financial results. This will be followed by a four week pre-marketing and institutional bookbuilding exercise.