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* European Bank for Reconstruction & Development Rating: Aaa/AAA

SWISS cement giant Holderbank became the latest issuer to take advantage of the buoyant market demand for equity linked debt this week, launching a Sfr419m convertible. The financing was run by SBC Warburg Dillon Read, which last week launched a successful offering for Swiss Life which raised more than $2bn through a multi-tranche, multi-currency series of exchangeable bonds.

WHY ARE passengers arriving at Marylebone Station being given free croissants and flagons of fine Bordeaux served by alluring ladies wearing little more than a discreetly positioned Tricolore? Have the French reversed the result of Waterloo? No, the celebrations are to herald the arrival of legendary City moneymaker David Morrison and his pal Jeremy Hale at the house of Paribas. You will all remember David Morrison as the better looking half of the combination with the whiskery Gavyn 'Cap'n Birdseye' Davies who is being tipped by men with white sticks as a future governor of the Bank of England.

India SBI International Merchant Banking Group is bidding for a ¥2.5bn refinancing for Gas Authority of India.

SBC WARBURG Dillon Read this week ran the books on a well received debut Eurobond from Russian electric utility, Irkutskenergo. The DM125m three year deal featured an optically attractive 12.5% coupon to yield 825bp over Bunds at the issue/fixed re-offer price of 99.75 - at the top of the 775bp-825bp indicated spread range.

SBC WARBURG Dillon Read this week ran the books on a well received debut Eurobond from Russian electric utility, Irkutskenergo. The DM125m three year deal featured an optically attractive 12.5% coupon to yield 825bp over Bunds at the issue/fixed re-offer price of 99.75 - at the top of the 775bp-825bp indicated spread range. Syndicate members welcomed what they regarded as generous pricing and said that the pick-up the issue offered over outstanding Russian Eurobonds had been a major factor behind its warm market reception.

Eurobond syndicate practices have come under increasing pressure in recent months as a number of issuers and syndicate desks have cavilled at what they see as the indiscipline and lack of motivation involved in the traditional process. For most of those critics, importing elements of the US syndication process provides some of the answers. Eden Riche, head of debt syndicate at Morgan Stanley and Co International, argues that it is time for change.

ROADSHOWS began this week for the secondary offering of stock in Isbank, a transaction which participants hope will break the logjam of Turkey privatisations. The Privatisation Administration has formally announced details of the sale of its 12.3% stake in Isbank, Turkey's leading private commercial bank.

* Crediop Overseas Bank Guarantor: Crediop SpA

KAZKOMMERTSBANK, Kazkhstan's largest private sector bank, will next week host investor presentations in London and the US for a debut Eurobond which promises to be the first of a series of international bond issues from the Central Asian republic this year. Kazkommerts, which is rated B+ by S&P and Fitch IBCA, and B2 by Moody's, is to launch a $100m three year issue via ING Barings in the week beginning Monday, April 27.

KAZKOMMERTSBANK, Kazkhstan's largest private sector bank, will next week host investor presentations in London and the US for a debut Eurobond which promises to be the first of a series of international bond issues from the Central Asian republic this year. Kazkommerts, which is rated B+ by S&P and Fitch IBCA, and B2 by Moody's, is to launch a $100m three year issue via ING Barings in the week beginning Monday, April 27.