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GOLDMAN Sachs is to launch the sale of stock in United Pan Communications (UPC), Europe's biggest provider of private cable television services. The flotation will raise around $650m, ranking as one of the largest of this year's deals to be hosted by the Amsterdam stock exchange. The market is expecting a wide range of small to mid-cap deals from a variety of sectors, with UK investors particularly keen on rebalancing portfolios in favour of some of the sectors on offer.

* Bremer Landesbank Capital Markets plc Guarantor: Bremer Landesbank Kreditanstalt Oldenburg Girozentrale

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THANK YOU for all the calls saying that we should be awarded a golden lollipop for our story a fortnight ago saying that a palace revolution was taking place at Goldman Sachs. Before you could say, "Bring back Bob Rubin soonest", Jon Corzine had been sidelined in a nice office in the basement. The immediate effect on the stockmarket following Jon's fall from grace was a sharp decline in the value of hair restorer shares in a company which had considered using the great man's 'curate's egg' look in a nationwide advertising campaign.

AN EASING of investor concerns over the economic situation in Brazil -- for the time being at least -- looks set to smooth the Eurobond funding path for central and eastern European sovereign borrowers. By Thursday's close in London, JP Morgan's Emerging Market Bond Index had tightened to 1,300bp over Treasuries from nearly 1,500bp a week ago, reflecting the gradual improvement in investor sentiment.

Market commentary: Compiled by Glenn Blackley, RBC DS Global Markets, London. Tel: +44 171-865 1759