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SALOMON Brothers and SBC Warburg Dillon Read/Brunswick have won the mandate to lead manage the forthcoming offering of convertible bonds for Russia's giant electricity concern UES, after a contest which dramatically illustrates the fast-shifting nature of the Russian corporate finance battlefield. A group including DMG/ Goldman Sachs and Renaissance had looked certain to have the deal. However, the victorious firms emerged after a low key invitation to advise the company and the government was transformed into an intense bidding war between six international investment banks.

LEAD manager Commerzbank has launched the DM1.2bn capital increase on behalf of the German steel group Thyssen. The transaction involves the sale of 2.7m ordinary shares without pre-emption rights -- only the second time that a large German issuer has been able to access new equity capital without going first to existing shareholders.

Endowed with a wealth of natural resources and a marketplace of 150m people, the Russian Federation has all the economic potential to rival its military might during the Cold War period. With some estimates of the cost of moving from a centrally planned Communist economy to a free market capitalist one running as high as $400bn over the next 30 years the country will also be the source of the bulk of the debt funding from central and eastern Europe over the coming decades.

The break-up of the Soviet Union and its replacement by a much looser grouping of countries, the Commonwealth of Independent States, has been a mixed blessing for many of its members.

As the most unwilling members of the Soviet Union the three Baltic states - Estonia, Latvia and Lithuania - were consequently the most eager to reassert their independence following the break-up of the USSR.

JUST ONE year ago, one of the biggest threats to the success of the Real plan was the shaky state of the country's banking industry.

BRAZILIAN corporates are lining up to tap the international debt markets on an unprecedented scale, hoping to capitalise on the buoyant sentiment towards Brazil and the hunt by investors for high-yielding assets.

BRAZILIAN borrowers are set to capture centre stage in the booming market for Latin American syndicated credits over the next few months.

WHILE THE world's debt markets were focused on the Republic of Brazil's $3bn 30 year global bond in June, local Brazilian pension funds were being treated to a roadshow of a different kind by the federal government.

JULY MARKS the third anniversary of Brazil's Real plan and there is plenty to celebrate, not least the fact that it has survived this far.

THE YEARS of debt crisis and exile from international financial markets have left an unwelcome legacy for Brazil in the form of a universe of restructured bonds.

BRAZIL HAS fast become Wall Street's biggest Latin equity obsession. Given the size of the country's privatisation programme, it is not hard to see why.