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LAND SACHSEN-ANHALT is looking to set up a Euro-MTN programme in the first six months of 1998, which would make it the first German state in the market. The plans form part of the state's wider strategy to increase its investor base and raise its profile in the international debt markets.

11703

Finland Lead arrangers Chase Manhattan, Merita Bank and Postipankki Bank have arranged a $150m multicurrency revolving credit for Pohjolan Voima, the Finnish power company. Pohjolan Voima will use about two thirds of the loan to pay off debts with the remainder to be used to finance development of a power station.

Market report Compiled by Mark Goddard, Hambros Bank Ltd, London. Tel: +44 171-865 1087

* World Bank Rating: Aaa/AAA

* European Investment Bank Rating: Aaa/AAA

* Esprit Telecom Group plc Amount: $230m Euro-144A

Corporates Standard Bank London Ltd signed an innovatively structured one year syndicated pre-payment facility for Solo Industries Ltd (SIL) on December 18 in London.

First Chicago Capital Markets Inc has launched a $1.3bn facility for MascoTech Inc. The loan is split into a six year $800m revolver and a $500m six year term loan. Pricing is based on the company's leverage ratio. The Libor margin range is 22.5bp to 100bp and the facility fee range is 15bp to 25bp.

* Credit Suisse First Boston completed the flotation for Dollar Thrifty Automotive this week. A total of $461m was raised with $51m of that going to the company. Credit Suisse priced the shares at $20.50 -- the mid point of the indicated price range of $19-$22. Some 22.5m shares were offered with 3m of those going to international investors. The shares traded up to $21.50 on the first day of trading, opening today (Thursday) at $21.5625. According to the bookrunner it was an accomplishment to place a deal of such size in the current volatile market and so close to the holiday period. Several smaller IPOs have already been postponed this week.