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* Ina, Italy's third largest insurance company, is to spin off its Lit5tr property portfolio into a separate company which is expected to be floated in an international public offering and listed in New York and Milan. The insurer is also searching for a strategic partner to take a stake in the company and take over the management of the assets.

GLOBAL co-ordinators Credit Suisse First Boston, Merrill Lynch and Creditanstalt this week defied extremely turbulent equity market conditions to complete the landmark $773.8m flotation of Matav, Hungary's national telecoms operator. The deal marks the largest share offering yet from central and eastern Europe, by a margin of some $250m, and represents the first listing by a Hungarian company on the New York Stock Exchange.

Robert Fleming is to join forces with Daiwa Europe to run the books on the $50m international sale of stock in Kredyt Bank PBI, one of Poland's top 10 financial institutions. Despite the volatility in world stockmarkets, and in emerging markets in particular, bankers believe there should be robust demand from investors for one of Poland's few privately owned banks.

DEUTSCHE Morgan Grenfell this week successfully sold a Dfl 110m convertible for Dutch manufacturer Schuttesveld as investors lapped up a rare opportunity to buy quality equity-linked debt. The deal was launched early this week and was well placed with convertible and equity investors. The coupon was set at 2.75%, compared to indicated terms of 1.5% to 3%, and the bonds are convertible into Schuttesveld common stock at a premium of 21% versus an indicated range of 18% to 22%.

UBS AND ERSTE Bank have launched the sale of shares in Erste Bank of Austria, the largest ever international equity issue from the Viennese market. The deal will involve the sale of 11,525,000 shares at an indicated price range of between Asch590 and Asch660 and could raise as much as Asch8bn ($660m).

Croatia Syndication of the DM18m five year at 95bp over Libor term loan arranged for Vrbobec Mesna Industrija dd by RZB has closed oversubscribed but will not be increased. There are nine banks joining the arrangers. Signing is set for early December.

THE PORTUGUESE government this week increased the privatisation sale of Brisa Auto Estradas de Portugal, the national motorway operator, in the face of overwhelming demand from domestic retail investors. Although the deal was launched only last week, individual investors have already registered for more than 1.18bn shares compared to the 21m shares on offer.

SWISS metal company Alusuisse Lonza will today (Friday) sign its $1bn Euro-MTN programme arranged by Credit Suisse First Boston. The facility signals the internationalisation of the company's funding. With the exception of a US dollar convertible bond offering launched last year, Alusuisse has confined its borrowing to the Swiss markets.

THE EUROPEAN Investment Bank again demonstrated its ability to raise funds in dire market conditions with the launch of a second jumbo floater in many weeks as it tempted investors to come out of their early winter hibernation. Last week the supranational braved an ailing sterling market by issuing a £500m five year bond at Libor less 18.75bp via lead manager Salomon Brothers. This week, it raised $1bn of five year money at Libor less 20bp re-offered, less 17bp at full fees. Salomon was joint books on the dollar transaction together with Barclays.

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