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* North East Finance of Japan Guarantor: Japan

THE BRAZILIAN government will announce the winners of the fiercely contested Telebras privatisation advisory mandate on Monday, following a Lehman-led consortium's decision to withdraw a complaint about another consortium led by Salomon Smith Barney and Morgan Stanley Dean Witter. The government had been facing a three week delay on the process -- which does not even include any guarantees for equity underwriting mandates -- because the Lehman-led Telebrasil 2000 consortium was worried that Salomon and MSDW would snatch the mandate away by bidding next to no fees for the business.

SBI International Merchant Bank is in the market with a ¥3.16bn nine year refinancing for Gas Authority of India. SBI will underwrite the whole amount and syndicate a portion at a later date. State Bank of Mauritius is believed to have joined the facility.

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FEARS THAT Latin American banking is heading for a shakeout were fuelled this week when ING Barings announced it was sacking 200 of its staff in equity and fixed income. The retrenchments, which ING prefers to call "performance improvements", is primarily targeted at the considerable Latin American equity staff it inherited from Barings, but also spans Latin American fixed income and includes equity staff in India and Pakistan.

INTERNATIONAL demand for east European equities rebounded this week with the successful Z150m ($43m) sales of shares in Polish construction company Exbud. The deal was three times oversubscribed and lays the foundations for several larger offerings from the region. Lead manager Nomura priced and executed the sale at Z30 ($8.48 per GDR) through a combined offer of shares and global depository receipts. Some 5m new shares were sold, representing around 33.3% of the company's enlarged capital.

* European Investment Bank Rating: Aaa/AAA

THE REPUBLIC of Italy took the markets by storm this week when it launched a breathtaking Eu4bn deal, at $4.4bn equivalent the largest fixed rate Eurobond ever.

THE REPUBLIC of Italy took the markets by storm this week when it launched a breathtaking Eu4bn deal, at $4.4bn equivalent the largest fixed rate Eurobond ever.

Mexico Arranger BT Alex Brown, BancAmerica Robertson Stephens and Citicorp Securities have launched syndication of the $100m term loan at 87.5bp over Libor for Tubos de Acero de Mexico SA (Tamsa).

* Banque Générale de Luxembourg Amount: Lfr2bn subordinated debt