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COMMERZBANK has launched a DM15m ($9.1m) share buyback for Kogel, the German automotive components company. The bank has indicated a range of prices that investors can use to sell their shares to the company using a reverse bookbuilding system. The deal size may be small, but the transaction marks the first time such a method has been employed to achieve a buyback price and bankers in the local market expect it to be used by other companies seeking to enhance shareholder value through a stock re-purchase.

AGAINST a background of a slowdown in the rest of Europe, the Netherlands has experienced a rally in equity activity over the past couple of weeks. In a still a less than perfect environment for small cap companies, high tech stocks are well up the list of favourites for small cap funds. Rabo Securities completed the IPO for computer services company KSI International late last week, raising some Dfl 55m. Investors were offered a total of 3.666m shares, a third of those sold by the company.

Chile Argentaria Banco de Negocios SA, Chase Securities Inc, Citicorp Securities Inc, Dresdner Bank Luxembourg SA, NationsBanc Montgomery Securities Inc and JP Morgan Securities Inc have completed their $500m two tranche facility for Enersis SA.

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MERRILL Lynch showed its determination to remain the leading firm in international fixed income when it introduced a radical shake-up to the senior management of its global debt markets division this week. Reporting lines have been simplified across the operating structure of the debt markets division following a comprehensive review undertaken by the new head of global debt markets, Kelly Martin, since his appointment in October.

Egypt Arranger Greenwich NatWest has closed oversubscribed the $260m offshore limited recourse tranche funding the construction of a steel mill being developed by Ezz Heavy Industries.

* The Province of Naples has mandated Merrill Lynch to arrange a Eu250m Euro-MTN programme. The programme is rated Aa3 by Moody's, and Naples becomes the first Italian province to be rated. The facility is the first Euro-MTN programme from an Italian province.

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THE NATIONAL Bank of Hungary this week returned to the fixed rate segment of the Euro-Deutschmark sector for the first time since 1995. The DM500m seven year offering was joint lead managed by Bayerische Landesbank and Deutsche Bank, which fought off stiff competition from Dresdner Kleinwort Benson and Commerzbank to secure the eagerly awaited mandate. The Baa2/BBB-/BBB rated issue featured a 4.625% coupon to give a launch spread of 100bp over the 6.5% October 2005 Bund at the re-offer price of 99.81.

* Croatian pharmaceutical company Pliva is diversifying its funding sources with the establishment of a $100m Euro-commercial paper programme. The Euro-CP facility, arranged by Bank Austria Creditanstalt, is believed to be the first to be set up by a central and eastern European corporate. The programme allows for issuance in all major global funding currencies as well as Croatian kunas. Said one German banker: "This is an efficient and clever thing for Pliva to do as they don't have the funding needs to justify the cost involved in setting up an MTN programme, but a Euro-CP programme will still help them up their investor profile internationally."

General Motors Acceptance Corp Rating: A2/A