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US FINANCIAL guarantor MBIA Insurance Corp has become embroiled in a legal dispute with SLC Leasing Co, which was until recently the servicer of the $83m Sitcars Funding securitisation of Thai auto loans, guaranteed by MBIA. On August 14 MBIA terminated SLC's contract as servicer, and on Monday this week the monoline insurer won an injunction from a Thai court to compel SLC to pay any more money it collects to the trustee account.

Market commentary Compiled by Glenn Blackley, RBC DS Global Markets, London. Tel: +44 171- 653 4557

Richard Griffiths has joined the loan syndications team at Bayerische Landesbank in London as head of origination. Griffiths will work alongside Anne Brett, head of distribution and will report to Oliver Graham, head of structured finance.

GLOBAL co-ordinator Schroders is set to defy the turbulent eastern European equity market conditions to bring TPSA to the international equity markets. The Polish national telecom operator is being sold by the government in the region's largest and most important privatisation, which could raise as much as $2bn. The firm plans to launch the deal towards the middle of next month with a view to pricing at the start of November. The analysts' briefing has taken place and most participants seemed impressed by the company's prospects.

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SOUTH African Breweries (SAB) is to seek a London listing this year as a prelude to an international expansion programme. This follows last week's news that Robert Fleming and Dresdner Kleinwort Benson will launch the sale of stock in SanLam, the country's second biggest life assurance group, in the third or fourth quarter of 1998. However, the sales may not have a smooth passage to the market. Emerging market salesmen bemoan the current instability in world stockmarkets, which is likely to inhibit, or even derail the flow of South African equity to international investors.

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THE MALAYSIAN government yesterday (Thursday) appointed Salomon Smith Barney as financial adviser for a sovereign borrowing programme and to its bank recapitalisation agency Danamodal Nasional Berhad.

THE MALAYSIAN government yesterday (Thursday) appointed Salomon Smith Barney as financial adviser for a sovereign borrowing programme and to its bank recapitalisation agency Danamodal Nasional Berhad.

Denmark ABN Amro, Citibank and Bank of Tokyo-Mitsubishi plan to close the co-arranging phase of the $500m credit for Borealis, the Danish petrochemicals company, by the end of next week.

LAND Schleswig-Holstein has mandated Deutsche Bank and Merrill Lynch to arrange a DM6bn Euro-MTN programme in a move signalling its intention to expand its borrowing operations into the international capital markets. The state will become the second of the German Länder to set up a debt issuance programme following the establishment earlier this year of a similar facility for Land Sachsen Anhalt.