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* Robert Fleming this week completed the $81m offering of shares in Lebanon's Banque Audi. The shares were offered as GDRs, and the deal was oversubscribed by four times. Some 40% of the stock on offer was allocated to investors in the UK, 20% to the US, 5% to Europe and 35% to the Lebanon. The deal was priced at $27, which represents a discount of 5% to the five-day average price of the locally listed 'C' shares.

THE GERMAN government's final sale of stock in Lufthansa was completed this week, despite continued volatility in the domestic stock market following last week's European interest rate rises. Global co-ordinators Dresdner Kleinwort Benson and SBC Warburg Dillon Read priced the deal at DM33.30 to raise DM4.7bn ($2.65bn) in the largest German privatisation share offering since last year's sale of stock in Deutsche Telekom.

SBC WARBURG Dillon Read and Merrill Lynch have completed the sale of shares in regional newspaper publisher Newsquest, marking a rare IPO in the subdued UK primary equity market. With stockmarket conditions volatile, institutional investors are sitting on the sidelines. Many are divesting equity holdings in favour of cash or derivatives and are reluctant to buy new paper other than the top pharmaceutical, oil or bank stocks.

LEAD managers Merrill Lynch, Goldman Sachs and BBV Latinvest Securities jointly opened the way for Spanish corporates to access preference share capital in the US and international markets this week with a $700m offering from oil and gas group Repsol. The company, which became a fully privatised company earlier this year, became the first of its country's corporates to raise this type of finance. So far the market has been dominated by banks and other financial institutions using preference shares to boost capital ratios.

AS foreshadowed in Euroweek several months ago, Rhône Poulenc has launched a Ffr7bn capital increase to fund the 100% acquisition of its US subsidiary, Rhône-Poulenc Rorer (RPR). Société Générale is global co-ordinator in the sale of units in a global offering, with each unit representing one share with one warrant attached.

TELEFONICA del Perú will shortly launch the first ever sol denominated Eurobond transaction in a major step forward in the development of international markets in local Latin American currencies. The move, announced this week, will likely come on top of Mexican commercial bank Banamex's Mexican peso denominated debut.

THE PEOPLE'S REPUBLIC of China will next week launch its long awaited global bond in the first sovereign vanilla bond from Asia since currency turmoil swept through the region earlier this year.The deal was mandated to Merrill Lynch and JP Morgan in July with launch scheduled to coincide with the IMF/World Bank's September meeting in Hong Kong. However, the landmark financing has since been on hold as the finance ministry waited for spreads to contract. Bankers said the decision to go ahead in a still nervous market had largely been prompted by a growing list of borrowers that hope to access the 144A market by the end of the year.

THE PEOPLE'S REPUBLIC of China will next week launch its long awaited global bond in the first sovereign vanilla bond from Asia since currency turmoil swept through the region earlier this year.The deal was mandated to Merrill Lynch and JP Morgan in July with launch scheduled to coincide with the IMF/World Bank's September meeting in Hong Kong. However, the landmark financing has since been on hold as the finance ministry waited for spreads to contract.

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