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THE MALAYSIAN government yesterday (Thursday) appointed Salomon Smith Barney as financial adviser for a sovereign borrowing programme and to its bank recapitalisation agency Danamodal Nasional Berhad.

THE MALAYSIAN government yesterday (Thursday) appointed Salomon Smith Barney as financial adviser for a sovereign borrowing programme and to its bank recapitalisation agency Danamodal Nasional Berhad.

Denmark ABN Amro, Citibank and Bank of Tokyo-Mitsubishi plan to close the co-arranging phase of the $500m credit for Borealis, the Danish petrochemicals company, by the end of next week.

LAND Schleswig-Holstein has mandated Deutsche Bank and Merrill Lynch to arrange a DM6bn Euro-MTN programme in a move signalling its intention to expand its borrowing operations into the international capital markets. The state will become the second of the German Länder to set up a debt issuance programme following the establishment earlier this year of a similar facility for Land Sachsen Anhalt.

South African rand

HSBC HAS won the mandate to act as lead manager for the Turkish government's sale of stock in Erdemir, the government controlled steel group. By launching the deal in the next few weeks, the firm is attempting to revive international investors' appetite for Turkish stocks which was in evidence during the second quarter of the year. At that time, international buyers were grabbing at the wide variety of Turkish (and some Greek) stocks on offer from many of the region's highest quality corporates.

* Caisse d'Amortissement de la Dette Sociale

ARRANGERS of the $300m (increased from $250m) one year facility for Isbank will sign the transaction tomorrow (Friday). The borrower has taken an increase, as a result of the loan being well supported in general syndication and oversubscribed. The facility, at $300m, equals the record for the largest credit facility for a Turkish bank -- Isbank raised a $300m facility in late August 1997 (that was also increased from $250m) and Türkiye Garanti Bankasi $300m deal in early 1997.

* Great Belt AS Guarantor: Kingdom of Denmark

* Nederlandse Waterschapsbank NV Rating: Aaa/AAA

ISMA, LCH pencil agreement

LEAD managers ABN Amro Rothschild and Goldman Sachs launched a Dfl 1.3bn to Dfl 2bn convertible bond on behalf of the acquisitive Dutch supermarket group Koninklijke Ahold as foreshadowed in Euroweek last week. The deal forms part of a Dfl 4bn capital increase with between Dfl 2bn and Dfl 2.7bn to be raised in the form of common stock. The securities will be offered simultaneously to investors, who were this week marketed with convertible terms which include a coupon of 2-1/12% to 3% and a conversion premium of 22% to 27%. The five year bonds have hard call protection for three years.