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Poland is planning a Yankee bond to follow up on its Eu750m 10 year benchmark earlier this year. It sent out RFPs to banks on Wednesday for a $500m 10 year bond. The banks invited were a handful of US houses plus Deutsche Bank and CSFB. A decision is expected by next month, with the deal to be launched in late May or early June.

Alfa Bank, Russia's largest private sector bank, this week reported record profits for 2001, boosting the bank's chances of accessing the international bond markets this year. Profits last year rose to $85m, from $77m in 2000. Alfa Bank's assets at year-end totalled $2.7bn, compared with $1.9bn at the end of December 2000. Shareholder equity also rose, climbing to $278m, from $125m in 2000.

Rating: Aaa/AAA/AAA Amount: R150m (fungible with two issues totalling R150m first launched 06/03/01)

Guarantor: Kingdom of Spain Rating: Aaa/AA+/AA+

Rating: Aaa/AAA Amount: $250m (fungible with $2bn issue launched 07/01/02)

Rating: AA+ Amount: Eu100m (fungible with Eu200m issue launched 04/04/02) Landesschatzanweisung series 398

Rating: Aa2/AA+ Amount: $150m (fungible with two issues totalling $750m first launched 23/10/01)

Rating: Aaa Amount: Sfr302m (fungible with two issues totalling Sfr511m first launched 07/01/98)

Rating: A- Amount: Eu50m (fungible with two issues totalling Eu150m first launched 17/01/02)

Koçbank's $100m one year facility will be closed next week with a healthy oversubscription and is due to be increased to $200m. Arrangers are Bank of Tokyo-Mitsubishi, Standard Chartered, WestLB, Bank of New York and Sumitomo. The deal pays a margin of 80bp over Libor. Four tickets have been offered: co-arrangers have been offered 140bp takes of $7.5m-$10m; lead arrangers 130bp for $5m; managers 125bp for $3m; and participants 122.5bp for $2.5m.

The Republic of Turkey has mandated BNP Paribas and UBS Warburg for what is expected to be a Eu500m five year bond, its first new euro denominated benchmark since a three year issue last October marked its return from the wilderness. The bond may be priced as soon as today (Friday), according to one of the lead managers, and indicative pricing is of a yield of 9.9%. The book will be kept open until this morning to allow retail intermediaries in Italy and elsewhere to place orders. However, by Thursday evening, EuroWeek heard that the deal was already twice oversubscribed.

UBS Warburg completed one of the few pieces of ECM business this week with the Eu88m sale of stock in Spanish IT services company Indra. The bank sold 9m shares at Eu9.70 on behalf of Thales, the French defence electronics firm. The deal was launched on Wednesday morning and was twice covered three hours later.