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GLOBAL co-ordinator Deutsche Bank has completed the sale of new stock for Securitas, the Swedish security group. The deal was helped by the recovery in most of the major equity markets these past few days after the sell-off the previous week.

THE REGION of Sicily puts its budgetary woes behind it this week thanks to the successful completion of its Eu878m financing package arranged by Merrill Lynch.

* Commerzbank AG Rating: Aa3/AA-

THE SUCCESSFUL sale of stock in Soporcel, Portugal's pulp and paper group, has provided encouraging signs of a revival in international investors' interest in the Iberian markets. Global co-ordinators Banco Cisf and BES Investimento closed the books on the deal earlier this week, offering the 8.84m ordinary shares at Eu8.305 (Esc1,665).

THE REPUBLIC of South Africa will today (Friday) make its long-awaited debut in the euro denominated bond markets with the launch of a Eu500m seven year offering. The Baa3/BB+ rated sovereign mandated Credit Suisse First Boston and JP Morgan to bring the transaction in 1998, and the two banks completed a European roadshow last June.

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THE LINE-UP of large new issues from top German companies is starting to loom larger, with bankers arguing that the stockmarket volatility of recent days could prove helpful. Several jumbo capital increases are already on the way --

* Aggregate Industries plc Guarantor: Aggregate Industries Inc, Aggregate Industries UK Ltd

* Österreichische Kontrollbank AG Guarantor: Republic of Austria

GLOBAL co-ordinators Creditanstalt and Nomura will today (Friday) complete the sale of stock in Synergon, the Hungarian hi-tech group. By last night, the book looked to be extremely well covered with keen interest from a number of top accounts. As a result of a roadshow campaign in the US and Europe, investors are reported to have been very interested in the company's story and its potential for growth. Following last week's corrections in hi-tech stocks, however, sector funds were understandably less keen on the shares than emerging market specialists.

THE ESTONIAN capital Tallinn has become the first central and eastern European municipality to tap the euro denominated bond markets, with the launch of a Eu17.5m (DM35m equivalent) five year floating rate note last Friday (April 16). Lead managed by Dresdner Kleinwort Benson, the Baa1 rated transaction featured an issue/fixed re-offer price of par and a coupon set at six month Euribor plus 180bp -- equivalent to a yield of 4.4% at launch.

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