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The Royal Capital City of Krakow has become only the sixth Polish issuer to tap the international market this year, with a Eu34m seven year floater launched through Bank Austria and WestLB on Tuesday The bond, rated BBB+ by Standard & Poor's (S&P), was issued at par and paid a coupon of 75bp over six month Euribor.

This week the Neuer Markt plunged to new depths as the Nemax 50 index hit its all time low and the Nemax all-share broke through the 3,000 mark. As the market has fallen, new equity has become almost impossible to sell. Over the last seven days, five Neuer Markt issues have had to price at or below the bottom of the range, four have been postponed and two have been pulled.

Belgium Interbrew's Eu3bn-Eu3.8bn Merrill Lynch led-IPO is already oversubscribed, with a week of bookbuilding to go. The subscription period ends on Wednesday, with trading scheduled to start on Friday. The company is offering 88.2m shares, plus a greenshoe of 13m, at Eu30-Eu38.

Luxottica, an Italian eyewear maker, which was expected to raise over $550m with a secondary issue at the same time as a listing on the Bolsa Italiana, may only raise about $135m. The company has reduced its offering from between 10% and 12% of its share capital to 2.3%. In October the company had said that it would sell shares to retail and institutional investors in Italy as well as international investors. Now, however, it will only sell shares to retail investors. UniCredito Banca Mobiliare is managing the sale.

Croatia The EBRD has made loans to two Croatian corporates. Slavonska Banka is the recipient of a Eu20m credit, with 7.2% annual payments over seven years.

Sara Lee launched a Eu200m two year FRN on Monday through subsidiary Sara Lee/DE Antilles. ABN Amro and Rabobank were bookrunners, with no further syndicate. The notes were guaranteed by Sara Lee Corp (A1/AA-), which holds a 100% equity interest in its Dutch subsidiary. Sara Lee/DE is responsible for all Sara Lee activities in the Asia Pacific region, while also managing the coffee and tea and household products divisions globally.

Repsol successfully negotiated difficult rating news this week when it sold Eu1.5bn of two year floaters only days after Standard & Poor's (S&P) had revised the outlook on its A- rating from stable to negative. The company had been planning to launch its offering late last week, but after S&P's action last Thursday (November 16), Repsol - alongside lead managers BBVA, Invercaixa, Merrill Lynch, Schroder Salomon Smith Barney and UBS Warburg - decided to wait until Monday to launch its floater.

Oxford Glycosciences, a UK listed biotechnology company, will attempt to raise £150m over the next 10 days despite appalling market conditions. The issue will introduce the company on to Nasdaq, and will offer new shares in the form of American Depository Shares (ADSs). Lehman Brothers is leading the deal, with Cazenove and Credit Suisse First Boston as co-managers. The company will sell 7.6m new shares, representing 20% of the company's share capital.

Uruguay broke new ground in the capital markets this week by becoming the first Latin American borrower to launch a bond in another Latin American country's currency, issuing a Chilean peso inflation linked transaction. As part of a larger objective of developing domestic capital market alternatives to the international markets, Uruguay took up Chase Securities' proposal to issue a Ps82bn ($142.46m) 6.5 year Euro/144A deal, priced at 100bp over the November 2008 government benchmark yielding 7.123%. The deal pays a semi-annual coupon of 7% over Chilean inflation, which now stands at 5%.