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Müller Logistik will have the difficult task at its Eu22m-Eu26m IPO of differentiating itself from its comparables on the Neuer Markt. The logistics company, which is offering 2.45m shares at Eu9-Eu10.5, must persuade investors who are already nervous to take a chance and buy its shares. "Investors are, given the circumstances, very interested but certainly very cautious," said a banker close to the deal. Müller looks to set itself apart from competitors such as Thiel Logistik and Microlog by providing a service based more on advice and consultancy than assets and goods. "Explanation is able to replace inventory," said the banker. "It is a very lean company. They do not invest in assets."

Nasdaq has acquired a 58% stake in Easdaq, the Brussels-based pan-European exchange, in the third leg of its global expansion and its first step into Europe. The new entity will use the name Nasdaq Europe. Frank Zarb, Nasdaq's chairman, speaking at a press conference yesterday (Thursday), said: "We will continue to fill up the global platform, and this is a very important piece of it."

Nederlandse Waterschapsbank has upped the limit off its Euro-CP programme from euro3 billion ($2.66 billion) to euro10 billion.

Societe Nationale des Chemins de fer Francais has concluded a four-year $13 million trade to be issued on March 28. Mizuho International acts as the lead dealer on the trade. The note pays semi-annual interest and has a final coupon of 5.000%. The note is traded off the issuer's euro3 billion ($2.68 billion) Euro-MTN programme, signed in January 1998.

South Africa is proving to one of the busiest emerging loan markets, with Afreximbank mandating a group of arrangers for a new facility and Absa signing up its own deal as well as a financing for Harmony Gold Mining. WestLB, Citibank, KBC Bank, Natexis Banque, RZB, Standard Chartered and WGZ Bank have won the mandate to arrange a $100m one year term loan for the African export and import bank. The facility will be used for trade financing.

Standard&Poor's (S&P) has created a new team of analysts to expand its coverage in southeast Asia. The rating agency said it expects the region's capital markets to grow as a result of a stronger credit culture.

Spintab has increased the level off its Euro-CP programme from euro2.5 billion ($2.22 billion) to euro4 billion. The programme was signed in July 1999 and has $2.44 billion outstanding off 57 trades.

Spintab has increased the level off its Euro-CP programme from euro2.5 billion ($2.22 billion) to euro4 billion.

Sun Kai Properties has increased the level off its debt issuance programme from $1.5 billion to $2 billion. In addition, Standard Chartered Bank has been added to the dealer panel. The programme was signed in February of last year and has $590 million outstanding off 15 trades. Morgan Stanley Dean Witter arranged the facility.

Domestic issuance: * Pfandbriefzentrale der Schweizerischen Kantonalbanken

The Republic of South Africa enhanced its reputation as a canny borrower this week with its first tap of the European bond market for two years in what was described by bankers and investors as a prudent deal in difficult conditions.

Corporate treasurers speaking at Euromoney’s Euro Capital Markets forum in Amsterdam today (Monday) highlighted the difficulties of marketing their paper to investors in a volatile credit market, saying that investors often fail to differentiate adequately between sectors and issuers.