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LUCK was on the Republic of Argentina's side this week when the sovereign issued two successful bonds in lire and Deutschmarks just days before both markets plunged on negative political and interest rate news. Argentina launched a DM1bn 12 year offering led by ABN AMRO Hoare Govett shortly before the Bundesbank announced a rise in interest rates.

LEBANON's Fransabank kicked off its newly established $300m global deposit programme in style this week, launching a $150m five year transaction -- the largest non-sovereign Eurobond from the country to date. The Euro/144A offering was lead managed by Merrill Lynch, which is also the arranger of Fransabank's debt issuance facility.

ISRAEL'S largest and most profitable financial institution, Bank Hapoalim, this week launched the first issue off its recently established global MTN programme. The $200m five year floating rate note issue was lead managed by Merrill Lynch, which also arranged the debt issuance facility.

LUKOIL, Russia's premier oil company, is poised to return to the Euro-convertible bond market for a new financing, Euroweek has learned. Market sources say syndicate invitations have been received from SBC Warburg Dillon Read for the issue, whose details will be publicly announced next week.

* Russia' s Avtobank is due to start roadshowing an inaugural Eurobond offering in Asia, Europe and US next week via Crédit Agricole Indosuez. The expected $100m fixed rate issue will be the first off Avtobank's $50Om Euro-MTN programme arranged by Crédit Agricole. Launch is likely to take place shortly after the final round of investor presentations in New York on October 23. The bank is rated Ba3 by Moody's Investors Service.

CONCERNS over interest rate movements in Germany and the US failed to dampen international fixed income investors' enthusiasm for Turkish risk this week, with a debut dollar issue for Türkiye Garanti Bankasi and a benchmark Deutschmark transaction for the Republic of Turkey both drawing strong demand. First to come to market was Euromarket debutant Türkiye Garanti Bankasi, which launched a $350m five year Euro/144A offering via its Cayman Islands-registered special purpose vehicle Pera Financial Services Co.

STRONG investor interest enabled Banco Rio de la Plata to boost the size of its initial public offering on Thursday night to raise $719m -- the biggest Argentine IPO so far in 1997. The deal was priced at $15 per ADR, in the middle of its $14 to $17 price range. Rather than push the market for a higher price, global coordinators Merrill Lynch and Santander suggested the selling shareholder increase the stock up for sale from an original 34.5m ADS and ADS equivalents to 42.32m.

THE LEAD managers' decision to price the latest instalment of the Portugal Telecom privatisation at a discount was immediately vindicated yesterday (Thursday) as the Bundesbank's interest rate caused widespread falls on European bourses. Following a highly successful marketing campaign, the sale of a further 18% of Portugal Telecom -- the third stage of the government's privatisation of the telecom operator -- closed earlier this week heavily oversubscribed.

* Morgan Stanley completed two successful IPOs this week, for American Italian Pasta Company, one of the largest pasta producers in the US, and the electronics company Stoneridge. The shares were priced Wednesday for American Italian at $18, a dollar above the pricing range of $15-17, raising a total of $142m. The amount of shares offered was also increased from 5.9m to 7.9m shares to satisfy demand for the stock. Demand was reported equally strong from both international and US investors, with the success of the issue attributed to the relative lack of high-quality good food names in the US stock market. Shares were trading well yesterday, opening at $21.25 and closing at $22. Co-lead managers for the issue were BT Alex Brown, Goldman Sachs and George K Baum.

* French theme park Parc Astérix will shortly be floated on the Nouveau Marché when over 63 per cent of the company will be sold. The offer price, to be announced on October 16, will be set between FFr145 and FFr165, and trading will start on October 24. The issue will comprise an offer of up to 345,000 new shares and 1.8m old shares, to be sold by existing shareholders.

* Robert Fleming is poised to complete the global offering of GDRs in Banque Audi, the Lebanese retail and commercial bank. Bankers said the marketing period has gone very well, with the syndicate confident as the books are set to close today (Friday). The offer price will be announced on Monday 13 October but lead manager Flemings expects to price the GDRs at the top end of the indicative pricing range of $25-27. Syndicate members reported good orders coming in from the UK and Europe, with particularly strong interest shown by US investors. The primary shares, listed on the Beirut and Luxembourg stock exchanges, are being offered to international investors only and are 144a eligible. Each GDR will represent one share. Flemings also had the books for the successful flotation of the bank in October 1995, when they offered 2.7m GDRs at $12.60, raising a total of $34m.

THE DM5bn privatisation of German airline Lufthansa is moving into its final stages, with syndicate members confident of a smooth reception despite this week's falls in European stock markets. Yesterday's 30bp rate rise by the Bundesbank sent Frankfurt's Dax stock index tumbling by more than 2%.