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Czech Republic The Eu50m facility for Ceska Sporitelna was launched into syndication on October 20.

THE POLISH government has launched the sale of stock in Polski Koncern Naftowy (PKN), the national oil and gas group owned by the state-owned group, Nafta Polska. Nafta plans to sell up to 30% of PKN's equity capital in a deal which could raise as much as Eu825m. The divestment will be the largest central European deal of 1999. The two tranche deal will target investors in both the local and international markets. Joining Dresdner Kleinwort Benson on the international sale will be Deutsche Bank, Lehman Brothers and Salomon Smith Barney as co-lead managers, with Crédit Lyonnais, CAIB and ABN Amro Rothschild as co-managers. The deal will be priced on November 19. A small retail sale will be targeted at local investors. The domestic tranche will be run by BRE Securities.

Argentina ? Republic of Argentina

Irish telco Esat Telecom has priced a Eu175m high yield bond through its indicated price talk in an impressive demonstration of the demand generated by the deal. Lead managed by Chase Manhattan and Credit Suisse First Boston the offering was more than four times oversubscribed with orders totalling over Eu800m.

Irish telco Esat Telecom has priced a Eu175m high yield bond through its indicated price talk in an impressive demonstration of the demand generated by the deal. Lead managed by Chase Manhattan and Credit Suisse First Boston the offering was more than four times oversubscribed with orders totalling over Eu800m.

Fannie Mae took the ultimate step this week in establishing its Benchmark Securities as US Treasury surrogates by announcing a monthly calendar for its year 2000 issues of bullet benchmark notes and bonds. In an unprecedented move, the company has scheduled the announcement, pricing and settlement dates for all of the stated maturities in the calendar.

Fannie Mae took the ultimate step this week in establishing its Benchmark Securities as US Treasury surrogates by announcing a monthly calendar for its year 2000 issues of bullet benchmark notes and bonds. In an unprecedented move, the company has scheduled the announcement, pricing and settlement dates for all of the stated maturities in the calendar.

THE DEBT package backing the long mooted leveraged buy-out of Friedrich Gröhe finally emerged this week, as lead arrangers Dresdner Bank Frankfurt and HypoVereinsbank at last took the plunge and launched the deal to co-arrangers. Banks are offered tickets of DM125m for a fee of 87.5bp or DM75m for a fee of 67.5bp. Compared to the Ineos Acylics and the Accordis deals in the UK, the fees appear light.

There was significant dollar denominated issuance this week, but it had little impact on swap spreads. At the end of the week, 10 year spreads were at about 89.5bp over the August 2009 Treasury - exactly where they had been last Thursday. The five year mid market was at 75.75bp and the three year was at 71.5bp.