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THE SEPTEMBER flood of mainstream Eurodollar transactions failed to materialise this week. Investors remain cautious about US inflation figures and an earlier than anticipated rise in interest rates, and potential

DAIWA AND Robert Fleming have been jointly mandated to lead manage a domestic and international offering of stock in Kredyt Bank, one of the few privately owned banks in Poland. Unlike many of the country's banks, which have essentially been spun-off from the National Bank of Poland, Kredyt Bank -- which was founded in 1991 -- started from scratch to build up a comparatively aggressive loan business for consumers and businesses.

* Crelan Overseas Ltd Guarantor: Crédit Agricole Indosuez

THE United Mexican States looked to European investors while its Latin peers looked to jumbo Brady exchanges this week by launching the first emerging market offering denominated in euros with a Eu400m seven year issue. Priced at 230bp the deal, led by Paribas and SBC Warburg Dillon Read, was snapped up by European investors thirsty for yield.

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* Russian foreign trade bank Vneshtorgbank (VTB) will today (Friday) become the first Russian public sector bank to launch an international bond offering. VTB's transaction is expected at a minimum of $100m and a maximum of $200m over two years. Price talk on the floating rate issue via Chase Manhattan is 225bp-240bp over Libor, with the margin expected to be set towards the lower end of the range following positive feedback from investor presentations in Frankfurt and London this week.

Egypt Chase Investment Bank is in the initial stages of launching the general syndication phase of the $250m borrowing base facility for first time borrower Apache Corp Egypt.

NEW YORK City has opened a new chapter in the history of US municipal debt with the first securitisation of a whole revenue stream. The New York Transitional Finance Authority is authorised to issue $7.5bn worth of bonds, secured on a first call over the city's entire personal income tax take. The new authority will also be the first municipal funding arm to borrow at a higher rating than the parent government. Its debt will be rated AA by Standard & Poor's, A2 by Moody's, AA+ by Fitch and AAA by Duff & Phelps.

THE REPUBLIC of Panama is the latest Latin sovereign to catch Brady buyback fever, announcing that it too will launch a 30 year global bond in exchange for its old Brady debt in the coming week. As foreshadowed by Euroweek last week, JP Morgan and BancBoston Securities have been mandated to underwrite the deal -- to be at least $500m in size.

* Bayerische Vereinsbank Rating: Aa1

ITALIAN FOOD group Parmalat this week unveiled plans to launch a Lit200bn to Lit300bn floating rate private placement and a Lit400bn convertible bond involving an increase in the company's share capital of a maximum Lit150bn. UBS has been mandated to arrange the floater while Paribas has been mandated as global co-ordinator for the convertible bond.

BANQUE PARIBAS has won the mandate to act as lead manager for a Lit400bn convertible bond issue for the Italian diversified food producer, Parmalat. The group is no stranger to the equity capital markets, having executed a right issue to raise new capital last year that included an international offering led by UBS.