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Bulgaria The Republic of Bulgaria's debt management head, Krassimir Katev, has flatly denied speculation of an imminent tap of its recent Eu250m 2007 dated bond, launched in November by JP Morgan and Morgan Stanley.

Salomon Smith Barney has retuned its Asia Pacific equity management structure, appointing John Nicolis as head of pan-Asian equities and a member of Salomon's equity management committee. His appointment means that both the Asia Pacific and Australia/New Zealand equities businesses will now report to him in Tokyo, rather than each business separately reporting to New York. Nicolis keeps his role of co- head of Japanese equities at Nikko Salomon Smith Barney.

Dutch retailer Royal Ahold this week capitalised on strong demand for non-cyclical credits by launching highly successful long dated transactions in both euros and sterling, achieving heavily oversubscribed books and pricing well through initial price talk. The company issued a Eu600m 10 year bond and a £500m 15 year bond through Ahold Finance USA, via bookrunners JP Morgan and Morgan Stanley. Both tranches were heavily oversubscribed, the euro issue attracting a book of over Eu2bn and the sterling book close to £1.25bn.

Dutch retailer Royal Ahold this week capitalised on strong demand for non-cyclical credits by launching highly successful long dated transactions in both euros and sterling, achieving heavily oversubscribed books and pricing well through initial price talk. The company issued a Eu600m 10 year bond and a £500m 15 year bond through Ahold Finance USA, via bookrunners JP Morgan and Morgan Stanley. Both tranches were heavily oversubscribed, the euro issue attracting a book of over Eu2bn and the sterling book close to £1.25bn.

South Africa Banks will be signed into the $100m one year deal for BoE Bank today (Friday).

Alpha Credit has increased and redenominated its Euro-MTN programme to euro3 billion ($2.68 billion) from $1 billion. Deutsche Bank and JPMorgan have been added to the dealer panel.

Brunei Launch of the $250m five year credit facility for the ministry of finance of the Sultanate of Brunei will be delayed until the new year.

Australia Barclays Capital is preparing to launch an $85.5m two year term loan for Qantas Airlines. Proceeds are for the purchase of new aircraft and for working capital.

Asia * Korea Credit Guarantee CBO Ltd

* Bayerische Landesbank Girozentrale Rating: Aaa/AAA/AAA

Axa Investment Managers on Wednesday launched four new funds as part of its institutional pension funds range. The funds, which are designed to complement Axa's existing range of 15 funds, are long dated gilts, long dated AA corporate bonds, and UK and global equities funds.