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THE FLOTATION of China Telecom looks set to break all Asian equity capital market records as the company and its advisers prepare to begin pre-marketing the share offering in Asia next week.The Hong Kong-listed IPO, one of the most eagerly awaited new equity issues from the Asia-Pacific region yet, will be China's largest international share offering and a bellwether of investor sentiment towards the country. Despite the current turbulence in Asian financial markets, Chinese officials hope the deal will focus global attention on the country's remarkable recent economic development. Led by joint bookrunners Goldman Sachs and China International Capital Corp (CICC), the 2.2bn share flotation has been shrouded in secrecy following threats by the Hong Kong Stock Exchange (HKSE) to dismiss syndicate members caught disseminating unauthorised information.

DEBUT Euromarket issues for two of Russia's leading banks this week proved that the bid for Russian assets remains as strong as ever with both transactions emerging for larger than expected amounts. First to hit the screens was a $200m two year FRN for trade finance bank Vneshtorgbank (VTB).

* European Investment Bank Rating: Aaa/AAA

THE EURO-MTN market's rapidly growing telecom sector was boosted this week with the establishment of a $1bn Euro-MTN programme for Belgacom and the announcement by Deutsche Telekom that it had mandated Deutsche Morgan Grenfell to arrange its forthcoming Ecu3bn Euro-MTN facility. Belgacom follows Telenor, Telefónica de Espa¥a, KPN and most recently Telia into the market. Belgacom's programme was arranged by Merrill Lynch, which is joined in the dealer group by Deutsche Morgan Grenfell, JP Morgan, Morgan Stanley Dean Witter, Salomon Brothers, SBC Warburg Dillon Read and UBS.

* Generale Bank Nederland NV Amount: Dfl 250m subordinated debt

Croatia The recently syndicated DM35m five years at 95bp over Libor term loan for Dalmatinska banka being arranged by Bayerische Landesbank and Bayerische Vereinsbank AG was signed on Tuesday in Zadar.

NEW EURODOLLAR issues again struggled to get off the ground this week, leaving debt syndicate managers increasingly concerned about the state of the sector.

NEW EURODOLLAR issues again struggled to get off the ground this week, leaving debt syndicate managers increasingly concerned about the state of the sector. Issuers such as KfW and SEK suffered, while others such as SNCF postponed their launch plans. Some bankers say in current market conditions it is almost impossible to launch successful transactions. Few can see an immediate end to the difficulties.

Belgium First Chicago is quietly arranging a rare foray into the syndicated loan market for Crédit Professionnel. The five year facility is understood to carry pricing of 25bp over Libor and is being organised on a confidential private placement basis.

Swiss francs * Nippon Toyama Corp

* DePfa Bank Rating: Aa3