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* Nomura International has been mandated to lead manage the second Euromarket offering by the Estonian capital Tallinn, expected to emerge for DM30m over a five year tenor. The Japanese securities house ran the books on the city's first international bond issue -- a DM60m 6% three year transaction priced to yield the equivalent of 175bp over Libor at launch in April 1996. By this week the issue had traded in to 60bp over Libor.

NOMURA this week launched roadshows for its global offering of shares for Mitsui Marine & Fire, a deal that will raise up to ¥40bn and could signal a major increase in Japanese issuance in the international equity markets. The company is one of the largest and most diversified insurers in Japan. It will use ¥17bn of the proceeds to redeem an outstanding convertible bond issue, a further ¥10bn will be injected into its Mitsui Life Insurance subsidiary while the balance of the funds will be invested in new systems technology.

* The German primary equity market is gearing up for another record year with a deluge of stock offerings on the way from many of the country's corporates. Many equity linked deals are expected as well from companies and banks. One deal likely to be launched in next few months is the sale of stock in Technotrans, a maker of machinery for printing. The deal will raise around DM100m and will be run by Dresdner Kleinwort Benson.

* SüdWestLB Capital Markets

* Norddeutsche Landesbank

United States

PORTUGAL is set to launch simultaneous Deutschmark and French franc "Euro-OTs" early next week, Eurobonds that will be fungible with a recently launched domestic government bonds at the start of Emu. The move will make the sovereign the latest EU country to launch foreign currency denominated government instruments in a bid to broaden its investor base ahead of Emu.

* Morgan Stanley Dean Witter Discover

ISSUANCE prospects for Russian borrowers seeking access to the Euromarkets looked gloomier this week with the announcement by Moody's Investors Service that it had placed its Ba2 sovereign ceiling for Russia on review for possible downgrade. In December Standard & Poor's revised the outlook on its BB- Russia rating from stable to negative. Spreads on outstanding Russian issues weakened on the news on Tuesday, but regained some ground later in the week on the back of comments from president Yeltsin that he remained committed to keeping economic reformists such as first deputy prime ministers Anatoly Chubais and Boris Nemtsov in his cabinet.

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THE ITALIAN government will launch the latest wave of its privatisation programme in March with the sale of shares in Saipem, the oilfield services division of national oil and gas group Eni. The deal will be a secondary stock offering with shares divested by Eni, whose stake will fall from 66% to between 40% and 45%.