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ALFA BANK is breaking new ground for Russian commercial bank borrowers with an innovatively structured $50m US commercial paper facility being arranged by Bank of America International Ltd. The deal, which was launched earlier today (Friday), is the first use of the US-CP market by a Russian borrower. Alfa is likely to be followed by other Russian institutions keen to diversify their funding sources and lock in the cheap money available in the US markets.

Swiss francs * TPP

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A CLASH OF the Latin American giants will take place next week when Argentina and Venezuela each launch $1bn+ 30 year Brady bond exchange offers and Pemex comes to market with its $750m 10 and 30 year offering.

Tim Taylor has joined BZW Syndications & Loan Distribution. Taylor, who was previously with Dresdner Kleinwort Benson, will be working on origination of management and leveraged buy-outs alongside Andrew Golding. Paul Rivers, most recently at Bank of Tokyo-Mitsubishi Ltd, has returned to his former firm Bank of New York after two years away. Rivers has been appointed a managing director and head of loan syndications.

* European Investment Bank

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MORGAN STANLEY Dean Witter has launched a Lit350bn ($200m) capital increase for Banca Popolare di Brescia in the form a sale of new shares without pre-emptive rights. Existing shareholders have approved the move at the latest general meeting.

MARKET SOURCES in London point to ING Barings as the winner of the beauty parade to lead manage the offering of stock in Jordan's Arab Potash, one of a number of offerings planned from the region. The firm has been competing with Nomura and HSBC to lead the deal, which should reach the markets in the next two months.

DRESDNER Kleinwort Benson and SBC Warburg Dillon Read will shortly launch the German government's sale of stock in its national airline, Lufthansa, after the government this week launched a marketing campaign aimed at retail investors in the local market. The authorities will use the now established methods of offering greater allocations to reward early commitments from retail investors. These buyers will also

MITSUI TRUST this week took advantage of the swelling appetite for Japanese bank convertible issues with a ¥100bn offering via Goldman Sachs and Mitsui. Launched for MTI Capital on behalf of Mitsui Trust, the deal was one of the most popular yet to emerge. The offering is the latest in a line-up that so far this year has included issues from Toyo Trust, Asahi Bank and Sumitomo Trust.

SALOMON Brothers and SBC Warburg Dillon Read/Brunswick have won the mandate to lead manage the forthcoming offering of convertible bonds for Russia's giant electricity concern UES, after a contest which dramatically illustrates the fast-shifting nature of the Russian corporate finance battlefield. A group including DMG/ Goldman Sachs and Renaissance had looked certain to have the deal. However, the victorious firms emerged after a low key invitation to advise the company and the government was transformed into an intense bidding war between six international investment banks.