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Croatia Commerzbank has signed the DM25m three year facility for Varazdinska Banka.

ATTENTION shifted away from Russia to central and eastern Europe this week as the syndicated loan market took a step back to analyse the impact that the Russian crisis is having on the rest of the region. To most bankers, the impact is so severe that they have cut nearly all credit lines and postponed transactions that were unfortunate enough to be in the market.

* Kingdom of Denmark Rating: Aa1/AA+

Lebanon * Republic of Lebanon

THE REPUBLIC of Lebanon this week became the first emerging market sovereign to brave the international bond markets since the onset of the Russian financial crisis. The B1/BB-/BB- rated issuer launched a seven year offering that was quickly upped from $250m to $350m on the back of strong Middle Eastern demand. Lead managed by Merrill Lynch, the transaction featured a 8.75% coupon and 99.04 issue/fixed re-offer price to give an interpolated spread of 390bp over the 5.25% August 2003 and 5.625% 2008 US Treasuries.

THE REPUBLIC of Lebanon this week became the first emerging market sovereign to brave the international bond markets since the onset of the Russian financial crisis. The B1/BB-/BB- rated issuer launched a seven year offering that was quickly upped from $250m to $350m on the back of strong Middle Eastern demand.

* The political and financial crisis in Russia has forced the government to consider delaying the sale of stock in Rosneft, the last major state owned oil group. Fearing that foreign and domestic investors would shun the opportunity to purchase stakes in the group Victor Ott, a Rosneft director, said this week that any attempt to proceed with the privatisation should, for the moment, be scrapped.

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THE FLOTATION of stock in Bodegas Paternina, the Spanish maker of fine wines, is proving an important test of strength for international and local investors. The deal is being run by Banco Santander, with M&G as joint lead. As the offer enters its final week, the book looks well subscribed, especially by buyers in Spain and the UK. The roadshow schedule will see the company and its bankers travel through continental Europe, and the preliminary levels of interest have been encouraging.

* Caisse Autonome de Refinancement Rating: Aaa/AAA

THE TRÉSOR has launched the first of this year's French privatisations with the sale of stock in insurer Caisse Nationale de Prévoyance (CNP). The deal is run by ABN Amro Rothschild with CDC Marchés in charge of the local sale. The government has indicated in recent weeks that it would seek to defy turbulent market conditions by proceeding with the disposal of state owned assets. But the French authorities are expected to adopt a sensitive approach to pricing the equity on offer.