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THE REPUBLIC of Lebanon's $400m 10 year Euro/144A offering -- its longest stand-alone issue in the international bond markets to date -- this week became a victim of the spread volatility which has dogged emerging market issuance as economic turmoil in south east Asia scales new heights. Launched on to the screens on Thursday morning in London at an indicated spread of 235bp-245bp over the 6.125% August 15, 2007 US Treasury, the B1/BB- rated issue was eventually priced in the afternoon by lead managers Credit Suisse First Boston and SBC Warburg Dillon Read at a spread of 250bp over on a 8.625% coupon on an issue/fixed re-offer price of 99.61.

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* ABN AMRO Hoare Govett has been awarded the mandate to arrange a $2bn Euro-MTN programme for French railway operator Société Nationale des Chemins de fer Français (SNCF). The dealer group has also been selected and includes ABN AMRO Hoare Govett, Paribas, Deutsche Morgan Grenfell, JP Morgan, Morgan Stanley, Nomura and UBS. The programme will include an option for reverse enquiry.

NEW York City will launch bonds in three different sectors of the capital markets next week, raising a total of $1.2bn of general obligation debt. Goldman Sachs' London office will launch a $200m floating rate deal on Monday, with a five year maturity and 2.5 year average life.

RAILTRACK this week provided UK investors with an asset that they had not seen for several months -- a well priced corporate bond at the long end of the sterling market. The £300m transaction, lead managed jointly by Barclays and HSBC, came at the 2022 maturity at a spread of 78bp over the 8% 2021 Gilt.

THE RUSSIAN Federation this week confirmed its status as one of the world's pre-eminent emerging market issuers with the launch of a $400m increase to its $2bn 10% 10 year Euro/144A offering launched in June. Despite volatile market conditions the bonds sold smoothly.

THE RUSSIAN Federation this week confirmed its status as one of the world's pre-eminent emerging market issuers with the launch of a $400m increase to its $2bn 10% 10 year Euro/144A offering launched in June. Despite volatile market conditions the bonds sold smoothly. Bankers said the transaction, which completes Russia's international bond funding programme for the year, established the $2.4bn issue as the leading non-Latin American emerging market benchmark.

ARGENTINE steelmaker Siderar plans to become the first corporate non-holding company to issue in Argentine pesos, with a Ps100m deal lead managed by ING Barings. News of the deal emerged this week as Chase confirmed that Banamex has postponed plans to issue the equivalent of about $150m worth of two year Mexican peso denominated Eurobonds.