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Market report Compiled by Gerard Perrignon, Hambros Bank Ltd, London. Tel: +44 171-865 1759

The Banco Sentral ng Pilipinas (BSP) built on the success of its innovative Libor/T-Bill pass-through note with the launch this week of a second transaction via ING Barings. Completed on a private placement basis, the bank raised a further $250m via a two year issue with a modified structure reducing foreign exchange rate risk.

* The Region of Lazio is to make its international capital markets debut through a global MTN programme in a pioneering move that will make it the first public authority in Italy to enter the MTN market. Under the facility, arranged by Merrill Lynch, Lazio plans to raise approximately Lit400bn per year. The details of the region's first issue, which will probably be launched next year, are yet to be determined but it is expected to be a long dated bond with an amortising structure.

LEAD managers Merrill Lynch, Credit Suisse First Boston and Nordbanken this week launched the $800m international sale of shares in Nordbanken Holding, expected to be the last major international offering from Europe this year. The deal looks set to succeed, despite its size and poor conditions in global stockmarkets, as it offers institutional investors that are still participating in the new issue market the type of high quality stock they are seeking.

Syndication is expected to be closed early next week on the State of Qatar's third loan facility of the year, a $200m seven year facility arranged by Sumitomo Bank, Arab Banking Corp and Gulf International Bank. Bankers report that the transaction has been well received, but as yet there is no word on whether the market's reception will allow for an increase in the facility's size.

Finland The DM100m seven year club deal being arranged by Handelsbanken Markets for Nokian Tyres has been oversubscribed. The borrower has opted to increase the revolving credit to DM125m.

Reseau Ferré de France (RFF) opened its borrowing programme in grand style this week with a Ffr10bn multicurrency revolving credit and a Ffr6.5bn bond package. Bankers involved in both transactions said their success highlighted the demand for high quality, low risk-weighted assets. RFF is a new établissement public industriel et commercial (EPIC) created by hiving off the railway network infrastructure previously owned by SNCF. In future, RFF will manage the rail tracks and the stations, while SNCF will be responsible for the rolling stock and operating the rail network.

* World Bank Rating: Aaa/AAA

* Colt Telecom Group Rating: B3/B

* European Investment Bank Rating: Aaa/AAA

Corporates Arrangers Deutsche Morgan Grenfell and Citibank International have launched syndication of their £975m five year multicurrency revolving credit, guarantee and sterling acceptance facility for Amersham International plc.

* European Investment Bank Rating: Aaa/AAA