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The Russian government's patience was vindicated on Wednesday when it raised $775m from a long-awaited disposal of part of its stake in oil group Lukoil. The deal is Russia's largest ever equity offering and the third equity issue from the country this year, providing further evidence of the growing attractiveness of Russian assets for international investors.

The $250m 364 day bridge financing for National Power Corp, arranged by Citigroup/SSB, Crédit Lyonnais, Standard Chartered and Sumitomo Mitsui Banking Corp, has been closed oversubscribed but was not increased. The arrangers held $30.5m apiece. Co-arrangers are Chinatrust Commercial Bank (offshore banking branch), DZ Bank (Singapore) and UFJ Bank (Singapore) with tickets of $20m each.

Pemex, the Mexican oil major, issued a blowout $1bn 12 year bond this week at aggressive levels, taking advantage of increased US cross-over investor demand for high grade emerging market securities. The 144A deal, led by Goldman Sachs and Lehman Brothers, was increased from $750m, and priced at 98.332 to yield 7.589% or 335bp over Treasuries.

Development Bank of Japan (DBJ) added a new dimension to the global yen market this week with a ¥75bn 20 year transaction, the first 20 year issue to be launched by a Japanese government guaranteed borrower in either the domestic or international yen markets. The deal, lead managed by Nikko Salomon Smith Barney and UBS Warburg and priced at 5bp over the JGB 58 with a coupon of 1.70%, was twice oversubscribed by a list of top quality investors.

The mandate to arrange the $200m 2-1/2 year facility for Polish Oil and Gas Company (PGNIG) has still not been awarded. The two remaining bidding groups are optimistic of an award next week. For details of the bidding groups see EuroWeek 781.

EuroWeek hears that Royal Bank of Scotland and Caja Madrid have quietly syndicated a Eu550m five year loan facility for Electricidade de Portugal. Bank of Tokyo-Mitsubishi (facility agent), ING, Sanpaolo IMI and Crédit Agricole Indosuez joined the club deal.

Powszechny Bank Kredytowy SA (PBK) and Bank Przemyslowo-Handlowy (BPH) approached their relationship banks this week to secure refinacings for between Eu70m and Eu100m. Activity by Polish banks in the syndicated loan market has been limited this year. However, appetite for Polish risk has been strong with corporates securing low margins in line with many other eastern European countries.

Supranational issuance continued apace this week, with 24 notes issued for $539.83m. Citigroup/SSSB was the most active bookrunner in this sector. The US firm placed three trades for the World Bank. The largest of these was for ¥1.3bn and goes out to March 2, 2032. Morgan Stanley was the lead dealer on the European Bank for Reconstruction and Development's (EBRD) $25m 10 year note. The range issue pays interest of 8% x N/365, where N equals the number of calendar days in the coupon period on which six month Libor falls within range.

Trades over 10 years dominated this week by volume with over $2.4bn closed from 140 trades. Sixteen financial repackaged deals were issued in the 10 year-plus range, totalling $912.84m. Banco BBVA's Atlanteo Capital was the most active repackaged entity, issuing 10 notes for $188.45m. The biggest SPV trade came through JP Morgan's Cosair (Jersey) entity. The ¥5bn note reaches out to March 22, 2021, and carries a coupon of 2.045%.

Single-A borrowers closed $350m more than double-A names, despite issuing just 36 trades. Single-A issuance was boosted by some large euro trades. Banque Fédérative du Crédit Mutuel issued a Eu250m note that matures in July, 2013. The note pays a coupon of 6.5%. The same borrower also closed a Eu150m issue that matures on June 13, 2004.