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Investor presentations began in Singapore yesterday (Thursday) for what may prove to be the only public debt transaction out of Asia during the second half of the year - a $300m World Bank guaranteed deal for the Electricity Generating Authority of Thailand (EGAT). With ABN Amro as lead manager, separate ratings for the issue and borrower should be released today (Friday), the former potentially piercing the Kingdom of Thailand's BBB-/Ba1 rating by several notches. Fixed income analysts said that the prospective 10 year deal has been given a boost by the news that the World Bank has strengthened the structure with the provision of a rolling coupon guarantee.

Hopes that some stability may return to the international bond markets built up early in the week but were snatched away again yesterday (Thursday) by yet another sharp fall on the world's equity markets. This time, the reasons for the short lived nature of the confidence were two-fold: first, concerns reappeared about Brazil's ability to withstand a potential withdrawal of international capital; second, Fed chairman Greenspan and the UK monetary policy committee dampened hopes that imminent rate cuts would be introduced to help ease the global financial and economic crisis.

France The syndicated loan market was buzzing last night with reports that Carrefour has mandated three banks - Paribas, Citibank and Banque National de Paris - to arrange a Ffr19bn jumbo facility to finance the purchase of the remaining shares in Comptoirs Modernes.

* Nomura Global Funding plc Guarantor: Nomura Securities Co Ltd

Global financial markets took their cue this week from the increasing uncertainty in Brazil, as fears that Latin America’s bellwether economy would be the next to succumb to the flight of international capital from the emerging markets brought yet another sudden correction.

Dresdner Kleinwort Benson and Banque Paribas this week successfully floated shares in Brokat Infosystems, defying recent market volatility with an offer that was many times oversubscribed. "The deal shows all the signs of the old days when the second tier markets throughout Europe were roaring ahead," said one salesperson on the Continent.

* Tractebel Invest International BV Guarantor: Tractebel SA

Czech Republic Bankgesellschaft Berlin has closed general syndication of the $37.5m three year term loan for Ceska Sporitelna, the Czech savings bank.