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Compiled by Richard Favis, RBC Capital Markets, Johannesburg Tel: +27 11 784 5065

UK asset manager Schroders posted a 50% drop in first half profits this week, but analysts saw signs that the group's performance was turning around. After making a loss last year, Schroders made £20.5m profit in the first six months of 2002, compared with £41.5m in the same period last year.

The City of Prague, which has an A- long term rating from Standard & Poor's, is scanning the EuroMTN market to find an arranger for its planned $1bn MTN programme. The funds will be used to help finance infrastructure building plans, but the borrowings will not be part of those needed to rebuild the city following last month's floods.

Rating: Aaa/AAA Amount: $250m

Dutch chemicals group DSM has squashed rumours that it will tap the loan market to fund its recent acquisition of Roche's fine chemicals and vitamins division. DSM has bought the Swiss pharmaceuticals company division for Eu2.25bn. According to bankers, DSM has more than Eu2bn in cash on its balance sheet to finance the acquisition.

Bahrain The Kingdom of Bahrain has issued an $80m five year bond, the third in a series of Islamic compliant leasing transactions.

Germany Bertelsmann, the German media group, confirmed this week that it still plans to float the company in 2005. A spokesman for the company confirmed that Gunther Thielen, the new chief executive, would continue preparing them for the IPO.

Mandated arrangers BNP Paribas, Crédit Lyonnais, Citigroup/SSSB, Mediocredito and WestLB are preparing to launch general syndication of the $800m of international debt facilities for the $1bn Nigeria LNG project within the next few weeks. So far the deal has received strong support at the sub-underwriting level where the transaction was oversubscribed. As such, the amount of debt needed to be raised in retail is less than originally planned.

Syndication of the Nkr2.38m five year multi-tranche facility for Fjord Seafood has not yet been launched and the deal has suffered some delays. Mandated arranger Nordea will launch the deal into syndication in two weeks' time.

Dutchman Maarten Pronk has become one of the most senior international figures at a Russian financial institution. He has been named first vice president of Nikoil Group, one of Russia's premier financial groups, as well as first deputy chairman of Nikoil investment banking group. In his new role Pronk will play a leading part in the integration of Industrial Insurance Company (PSK) and retail banking specialist Avtobank into Nikoil Group which already includes commercial and investment banking as well as asset management operations. "With the addition of PSK and Avtobank we are aiming to be the first true Allfinanz group in Russia," said Pronk, adding: "My role will be to efficiently manage the integration process."

Amount: Sfr300m (fungible with two issues totalling Sfr900m launched 14/11/01) Maturity: January 19, 2009