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Russian pharmacy chain 36.6 is set to break the European IPO deadlock after bookbuilding started this week on its partial flotation that could raise up to $30m. The company, which takes its name from the optimal temperature for the body in degrees celsius, intends to sell 1.6m shares at $11-$16 each. ING, which is leading the sale, will retain a greenshoe of 280,000 shares, which could increase the size of the offering to around 23% of the company. MDM Bank is a co-lead manager.

Rating: A+ Amount: Eu250m

Mandated arranger RZB will launch the $20m 'B' loan for BankTuranAlem to a limited number of banks in the next 10 days. Once the information memorandum is completed syndication will start. The loan pays a margin of 330bp over Libor in the first year and 305bp in the second year. The loan is part of a $30m dual tranche facility provided with the EBRD, which will provide the remaining $10m 'A' loan.

One of Europe's largest issuers in the asset backed market came under fire this week as rating agency Standard & Poor's questioned the Republic of Italy's use of securitisation and placed the country's credit on negative outlook. The rating action, threatening Italy's double-A credit rating, coincides awkwardly with the republic's planned three year dollar global issue, which was to be priced this week. According to a London sovereign banker Italian foreign currency bonds widened by 1bp-2bp on news of the rating action, despite the very remote probability of a downgrade.

Guarantor: Federal Republic of Germany Rating: Aaa/AAA/AAA

Guarantor: Federal Republic of Germany Rating: Aaa/AAA/AAA

Guarantor: Federal Republic of Germany Rating: Aaa/AAA/AAA

Three agencies were in the market this week with very different deals. Kreditanstalt für Wiederaufbau priced a $3bn five year dollar benchmark that, while not offering the keen funding levels it might have achieved elsewhere, cemented the German government guaranteed borrower's reputation as a responsible and responsive issue.

Guarantor: Federal Republic of Germany Rating: Aaa/AAA/AAA

Rating: Aaa/AAA/AAA Amount: $130m

Rating: Aa1/AA/AAA Amount: Eu1bn

Rating: Aa1/AAA (Moody's/Fitch) Amount: Eu850m