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* The Polish government has announced its intention to sell 55% of Grupa Pekao to a strategic investor, rather than a 35% stake as originally planned. According to sources at the Polish finance ministry the stake will be sold in the first half of next year, although the news was not enough to support the group's ailing share price which lost 2.4% to Z61 this week.

LATE last week Nikko Europe sucessfully completed the $42m sale of shares in Nireus Chios Aquaculture in what will be arguably the last emerging market deal to be priced until after the summer break. Although the group is the largest Mediterranean producer of fish and has a well known brand name, analysts were surprised by the strength of demand generated by the sale. The deal was launched and priced during a week when other larger, more liquid deals from more developed markets foundered, with some postponed. But Nireus slipped through an open window, emerging just before investors exited the markets for the summer.

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

ARRANGERS of the $6bn credit facilities for Pearson -- Goldman Sachs, HSBC, Barclays and Deutsche -- will shortly wrap up general syndication. The four were expecting to raise $600m from retail. However, one bank reports that as much as $800m has been committed by the banks and that the provisional sell down targets have been reached.

Tim Elliott has moved from his post as head of loans and private financing at JP Morgan in London to the bank's advisory group. Fergus Elder and Berthe Latreille will assume joint responsibilities for JP Morgan's loans business. Sumitomo Bank has hired Leong Ann Keet in Hong Kong as senior manager, international finance department, Asia.

* Landesbank Sachsen Girozentrale Rating: Aa2/AAA (Moody's/IBCA)

THE APPETITE for reverse convertibles seems insatiable, even amid the brutal climate of stockmarket volatility. A slew of small to medium sized deals was launched this week to the August 6,usual warm reception given August 6, to the bonds by the same continental European retail investors that have supported the growth in this market for the last few months. According to one specialist salesman: "Current yield is a particularly important factor in the success of these deals. Greater protection from downside is also of more significance than upside potential and that is exactly what is on offer here."

GERMAN software producer SAP chose an unfortunate week to list its shares in New York as the US market was rocked by nervous investors fearful of the combined impact of continued US dollar strength, a prolonged crisis in Asia and pessimism over corporate earnings. The listing was co-ordinated by Goldman Sachs and Morgan Stanley Dean Witter and, at $70bn, established the group as the largest software company by market capitalisation to reach the big board.

Iceland Den Danske and Landesbank Kiel have launched general syndication of the $75m facility for Islandsbanki. The five year multicurrency revolver carries a margin of 16.5bp over Libor and a commitment fee of 8.25bp.

* Helaba Finance BV Guarantor: Landesbank Hessen-Thüringen Girozentrale

* Alliance & Leicester Group Treasury plc Guarantor: Alliance & Leicester plc