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* The Republic of Lebanon is to sign a Euro-MTN programme on March 8. The programme's documentation was used last week to launch euro and dollar issues raising approximately Eu478m ($538.3m). The ceiling on the debt programme is only Eu550m, for reasons of budgetary authorisation, but arranger Merrill Lynch expects it to be increased with the new budget. The programme, which has no 144A option, will largely be used as a public debt shelf, but the borrower may use it for private placements as well. The dealer group consists of the arranger, ABN Amro, Chase, Commerzbank, CSFB, Nomura and Paribas.

Market commentary: Compiled by Glenn Blackley, RBC DS Global Markets, London. Tel: +44 171-865 1759

THE ANNOUNCEMENT of the largest ever syndicated loan for a European corporate -- a $25bn credit facility backing Olivetti's audacious $58bn bid for Telecom Italia -- triggered intense debate among bankers this week about the Euroloan market's capacity.

THE ANNOUNCEMENT of the largest ever syndicated loan for a European corporate -- a $25bn credit facility backing Olivetti's audacious $58bn bid for Telecom Italia -- triggered intense debate among bankers this week about the Euroloan market's capacity.

David Rimmer, director and head of syndications, is to leave Bank Austria Creditanstalt International by the end of March, after completing his two year contract with the Austrian bank. Helmut Bernkopf, assistant director of syndications, will become head of the department, but it is unlikely that the bank will add to the team.

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* European Investment Bank Rating: Aaa/AAA

THE EASTERN German port of Rostock provided a new type of asset for Europe's high yield market this week when it launched a Eu50m 10 year deal via Merrill Lynch. The issue, which paid a coupon of 9.875% to yield a spread of around 620bp over Bunds, provided welcome diversification to the media and telecoms related financings that have been the mainstay of the non-investment grade corporate market.

WARBURG Dillon Read had the sale of William Hill, the UK's second largest bookmaker, pulled from out of its hands last weekend in a move that threw a shadow over prospects for mid-cap UK stocks. The bank had tried to float the company publicly on behalf of Nomura Principal Finance, but instead the vendor decided, after rejecting a reduced offer price, to switch to a sale to two private

RAILTRACK Plc has returned to the Euroloan market with a £1bn deal that will refinance its £2.35bn pre-privatisation capex facility that was lead arranged by Barlcays in 1996. Its latest foray is being arranged by Barclays, Dresdner Kleinwort Benson, HSBC and JP Morgan.

A STRONG rally in the US markets early in the week made conditions more favourable for new offerings as investors returned to the market with renewed appetite after last week's lull. Salomon Smith Barney got off to a good start when it completed the IPO for consultancy firm The Corporate Executive Board on Monday. The bank priced the offering at $19, the top of its $17-$19 indicated range. A total of 8,187,200 shares were sold to investors -- 1.6m of those outside the US. All the stock was offered by existing shareholders.

Sweden Expect news next week of the winners of the mandate to arrange a Skr800m facility for Modern Times. Proceeds will be used to roll in existing facilities. However, part of the loan will be new money. Most bankers expect Nordbanken to be one of the arrangers.