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Romania A shortlist of banks to lead the Republic of Romania's Eu500m-Eu750m 10 year Eurobond is expected to emerge today (Friday). The Romanians had been promising bankers word by late yesterday (Thursday), but has made them wait one more day. Bankers in London said that judging by past record, Romania may not decide until next week or later.

Trading in other currencies is picking up. Fifteen trades were closed in other currencies after the return of the Hong Kong dollar market. Bank Nederlandse Gemeenten issued one of the largest trades in the sector: a Nkr400 million ($44.95 million) five-year note that pays a coupon of 6.5%. The trade was led by Deutsche Bank and was issued at a price of 101.815%. Deutsche Bank was also busy for Vorarlberger Landes- und Hypothekenbank and led the issuer's Kr750 million ($20.56 million) MTN that reaches out to March 2007. The note offers a coupon of 5% and was issued at a price of 100.995%. Eksportfinans closed the day's only South African rand trade: a Z100 million three-year note that will be issued on March 5 2002. The note, which was led by Toronto Dominion Securities, was issued at a price of 97.935% and offers an annual coupon of 10%. NIB Capital Bank found opportunities in Swedish krona. The issuer closed a Skr130 million ($12.37 million) six-month trade that will be issued on February 21 2002.

* World Bank Rating: Aaa/AAA/AAA

The credit market's reaction to Enronesque accounting risk is lunacy, because the risks have always been there. This is the sanguine view of John Lupton, European high yield fund manager at WestAM. "If you can't understand a company, you shouldn't lend it money," he said. "If unfounded nervousness over accounting leads to weakness in a good credit, this provides a much sought-after buying opportunity."

* Westfälische Hypothekenbank AG Rating: Aaa

Only two trades were closed in the other currencies sector today. The largest was a Nkr500 million ($55.68 million) six-year trade from European Investment Bank that pays a coupon of 6.50%. The note was led by Fortis Bank and was issued at a price of 101.705%. The day's other trade was also a six-year offer. Credit Lyonnais Finance's Sfr5.50 million ($3.25 million) MTN pays an annual coupon of 5% and will be issued on February 22 2002.

Republic of Cyprus has increased the debt limit off its Euro-MTN programme from $1 billion to $1.5 billion.

Siemens has dropped Citibank International and Deutsche Bank as dealers from its Euro-CP facility. The shelf has also been upped and redenominated to euro3 billion ($2.61 billion) from $1.5 billion.

Saint-Gobain, the French building materials group, finally completed its much anticipated Eu920m convertible bond issue late last week via lead managers BNP Paribas and Citigroup/SSSB. Investors had much longer than usual to prepare themselves for the issue because of the unfortunate error that two weeks ago led to the terms of the issue accidentally being sent to the International Insider screen service before the deal had formally launched.

* Nederlandse Waterschapsbank NV Rating: Aaa/AAA

Sweden The $743.676 multi-tranche debt facility for Ericsson was launched into syndication at a bank meeting in Stockholm on Friday February 8.

Despite concern among investors that share prices are overvalued after their rise at the end of last year, Ned Riley, chief investment strategist for global active equity at State Street Global Advisors (SSGA), said this week that there is substantial room for upside surprises. Since the beginning of the year, European stocks have floundered in the wake of the Enron collapse, and there have been fears that the momentum generated from October to December may have been lost.