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BRAZIL'S capital outflows slowed to a comparative trickle this week as the country reached agreement with the IMF on its fiscal plan and $30bn support package. The government announced it would release details of its long awaited three year fiscal plan in the middle of next week, after state governors go to the polls for the second and final time on Sunday.

LEAD managers Deutsche Bank and Banco Cisf will next week begin bookbuilding for the Esc158bn ($940m) sale of stock in Portugal's partially privatised toll-motorway operator, Brisa. This will be the second stock offering in Brisa, which was floated last year, and is regarded as one of the most defensive deals to be launched in the fourth quarter. Having been floated at Esc4,850, the shares were trading this week at around Esc8,250. "Not only have they doubled in the past year but the company is not from an over-sold sector and has pretty visible earnings streams," said one analyst in Lisbon.

CANADA will launch its debut French franc issue today (Friday), in the form of a Ffr3bn April 2009 bond. Lead managed by JP Morgan and SG, the deal is expected to emerge at 18bp to 20bp over OATs.