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SLOVAK state railways company ZSR provided this week's only emerging market action with a Eu125m seven year issue on Monday, which left bankers wondering whether any deal is worth doing in such dire market conditions. ZSR had to reduce the issue from a planned Eu200m and had to increase the spread by 15bp-25bp from the early pricing talk to execute the deal.

MERRILL Lynch, Schroder Salomon Smith Barney and Mediobanca will unleash Finmeccanica's Eu6bn equity and Eu760m convertible offering a week on Monday with pricing due to take place over the weekend of June 3. The deal began premarketing this week with broad interest - not least due to the scale of the deal. The issue will increase the freefloat of the company from 17% to 65%, should the greenshoe of 15% for both deals be exercised.

MERRILL Lynch, Schroder Salomon Smith Barney and Mediobanca will unleash Finmeccanica's Eu6bn equity and Eu760m convertible offering a week on Monday with pricing due to take place over the weekend of June 3. The deal began premarketing this week with broad interest - not least due to the scale of the deal. The issue will increase the freefloat of the company from 17% to 65%, should the greenshoe of 15% for both deals be exercised.

Halifax Group plc launched a £479m equivalent issue of upper tier 2 paper in euro and sterling tranches yesterday (Thursday), achieving competitive pricing in soft credit markets. The Aa3/A issue, led by Goldman Sachs, was sold in £300m fixed rate and Eu300m floating rate tranches. The sterling issue steps up after 15 years and was priced at 245bp over the December 2015 Gilt. The perpetual non-call 10 year euro tranche pays a coupon of Euribor plus 120bp, but was priced at 99.27 to give a margin of Euribor plus 130bp.

Halifax Group plc launched a £479m equivalent issue of upper tier 2 paper in euro and sterling tranches yesterday (Thursday), achieving competitive pricing in soft credit markets. The Aa3/A issue, led by Goldman Sachs, was sold in £300m fixed rate and Eu300m floating rate tranches. The sterling issue steps up after 15 years and was priced at 245bp over the December 2015 Gilt. The perpetual non-call 10 year euro tranche pays a coupon of Euribor plus 120bp, but was priced at 99.27 to give a margin of Euribor plus 130bp.

India BA Asia has received a verbal mandate to arrange a US dollar fundraising for Indian Oil Corp. BA is syndicating two other Indian transactions - a $180m one year transaction for Oil & Natural Gas Corp which pays 25bp all-in and a $75m five year deal for Industrial Credit & Investment Corp of India which pays 89bp all-in.

BOOKBUILDING for the Eu233m-Eu287m IPO of film financing and distribution company Internationalmedia got off to a strong start this week. The deal was already oversubscribed before the roadshow left its first stop of Frankfurt, bankers said. The company is offering 8.97m shares to investors across Europe at a price range of Eu26-Eu32. Including the greenshoe of 1.17m shares, 72% of the shares sold will be primary.

The Republic of Italy will today (Friday) price the first sovereign floating rate note to be marketed and distributed over the internet, adding to its reputation for innovation while offering investors protection from hostile fixed rate credit markets.

The Republic of Italy will today (Friday) price the first sovereign floating rate note to be marketed and distributed over the internet, adding to its reputation for innovation while offering investors protection from hostile fixed rate credit markets.

Euroweek has uncovered further details of the loans for British Telecommunications (BT) and Vodafone Airtouch. Both are tapping the European loan market for self-arranged club deals, to make the most of their strong sway over relationship banks and the narrow pricing this can bring them. BT has assembled a group of seven banks to provide it with a Eu16bn CP backstop facility. The deal is not intended to be drawn down, but will give BT easy access to the deep liquidity of the US and European CP markets.