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AN END to the political and economic limbo in Russia looks in sight after president Boris Yeltsin on Thursday nominated Yevgeny Primakov as prime minister. Primakov replaces Viktor Chernomyrdin, whose candidacy had twice been rejected by Russia's parliament. News of Primakov's nomination helped to boost investor sentiment towards Russia and by Thursday's close in London the rouble had recovered to trade at Rb13.25/$ -- having slumped to a low of Rb23/$ on Tuesday after the Duma rejected Chernomyrdin's candidacy for a second time.

THE BOND markets were rocked by another week of volatility, with professionals viewing the markets not so much as unpredictable, but almost as unfathomable. The health of the bond markets now appears to be inextricably linked to movements on the Dow. On Monday and Tuesday, a sharp rise in US equities brought swap and bond spreads in by several basis points, creating a firmer tone for the primary market, and prompted a number of issuers to seek access to the market.

CIBC Wood Gundy and Chase Manhattan have launched general syndication of the £215m senior secured credit for Dolphin Telecom. The launch of retail follows a highly successful co-arranger phase. Banks joining at this level are Bank of Nova Scotia, Bayerische Vereinsbank, Export Development Corporation of Canada, JP Morgan, MeesPierson and SG.