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GOLDMAN Sachs and IMI have been appointed as global coordinators on the forthcoming offering of stock in Saipem, the oil exploration arm of Eni. The nomination is not due to be announced until next week, but Euroweek has learnt that the two banks have snapped up the top spots in the spin-off from the Italian oil and gas giant, which is still partially owned by the country's government.

BANKERS are working until year end to prepare for a flood of new issues and equity linked debt securities due to emerge from the primary equity markets of central Europe and Russia. These offerings, in many cases, represent deals already due to reach the markets by the end of 1997 but which have become side-tracked as a result of the volatility which has afflicted emerging and developed stockmarkets. One of the first two mandates to be awarded will be for the lead slot in the Polish government's sale of stock in Poland Telecom and Estonia Telecom. Bankers are pitching their credentials in beauty parades over the next week or so and the winning firm will be announced in the new year.

* Credit Suisse First Boston completed the flotation for Dollar Thrifty Automotive this week. A total of $461m was raised with $51m of that going to the company. Credit Suisse priced the shares at $20.50 -- the mid point of the indicated price range of $19-$22. Some 22.5m shares were offered with 3m of those going to international investors. The shares traded up to $21.50 on the first day of trading, opening today (Thursday) at $21.5625. According to the bookrunner it was an accomplishment to place a deal of such size in the current volatile market and so close to the holiday period. Several smaller IPOs have already been postponed this week.

First Chicago Capital Markets Inc has launched a $1.3bn facility for MascoTech Inc. The loan is split into a six year $800m revolver and a $500m six year term loan. Pricing is based on the company's leverage ratio. The Libor margin range is 22.5bp to 100bp and the facility fee range is 15bp to 25bp.

Market report Compiled by Gerard Perrignon, Hambros Bank Ltd, London. Tel: +44 171-865 1759

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* The International Finance Corp will sign its Pta200bn domestic peseta MTN programme via Banco Santander de Negocios next week. Although the dealer group has not been officially confirmed it is likely to include the major Spanish banks and a few international houses which are active in the peseta market. A regular issuer in the Matador market, the IFC is following in the footsteps of other frequent issuers in the peseta market such as the EIB, the EBRD, SEK and the Council of Europe.

RAILTRACK HAS signed a $750m Euro-CP paper facility in a bid to further widen its sources of funding. The company hopes to start issuing under the programme early next year and plans to maintain a regular presence in the market. "The facility is part of an ongoing programme to diversify Railtrack's funding base and to support the long term investment programme," said Norman Broadhurst, finance director at Railtrack. "The commercial paper programme completes the calendar year funding strategy unveiled to the company's relationship banks in September."

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