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Denmark JP Morgan and ArosMaizels began marketing Novozymes at the end of last week. A total of 4.75m shares are due to be priced at Dkr125-Dkr160 on November 16. Trading will begin the following day.

* AIG SunAmerica Institutional Funding II Rating: Aaa/AAA

Croatia DAB, the Croatian state agency for bank rehabilitation and deposit insurance, has announced it will issue up to Ck2.5bn ($286m) of bonds to fund reimbursement of depositors at failed banks.

Novuspharma's stock lost 1.25% on its first day of trading (Thursday) closing at Eu79, from an issue price of Eu80. The stock started trading after a 5.4% fall on the Nasdaq. "We picked quite a day," said a banker close to the deal. The stock lost more than Eu3.5 in its trading debut to Eu76.50 before rebounding to Eu79.

* Dexia Municipal Agency Rating: Aaa/AAA/AAA

Optiva Bank of Estonia has issued an Eu30m FRN, though it is still awaiting word from Moody's on a possible upgrade. The one year note, issued at par and lead managed by Deutsche Bank, gives a coupon fixed at 110bp over three month Euribor.

Romania launched its five year Eurobond, joint lead managed by ING Barings and Schroder Salomon Smith Barney, on Monday - but reduced it to Eu150m from the intended Eu200m. Secretary of state at the Romanian finance ministry, Valentin Lazea, said the reduction was a hard choice: "We had to choose between pushing to the Eu200m upper limit, or sacrificing demand while ensuring a stable price," he told EuroWeek. "Given the 11.5% coupon, we certainly did not want pricing to go below 98." Pricing has remained stable at the 99.09 launch/reoffer price, he added, vindicating the decision.

* Deutsche Finance Netherlands BV Guarantor: Deutsche Bank AG

Rolls-Royce plc, the aerospace, marine and energy power systems company, today (Thursday) announced plans for restructuring its business. The plans include concentrating its energy business large gas turbine operations in Montreal, consolidating its naval marine business for surface vessels in Bristol, and keeping the nuclear marine business in Derby. "The re-organisation of Rolls-Royce will continue as we shape the business to meet market demands," said John Rose, chief executive of Rolls-Royce.

San Paolo IMI defied turbulent market conditions to last Friday (November 3) produce a competitively priced Eu1bn tier one trust preferred deal, the largest euro denominated tier one transaction ever. Joint bookrunners JP Morgan, Morgan Stanley Dean Witter and Schroder Salomon Smith Barney were able to achieve a 20% oversubscribed book and pricing at the tight end of a 295bp-300bp range.

Denmark LB Kiel will launch a financing for Danish bank Amtssparekassen Fyn in the coming week.