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Procter&Gamble pounced on an unexpected lack of corporate dollar bonds this week to launch a blow-out $1bn global offering of 10 year notes and confirm the return of demand for dollar assets.

GLOBAL CO-ORDINATORS Mediobanca and Merrill Lynch have filed registration statements with the Italian stock exchange authorities for the privatisation sale of stock in Enel, the country's electricity utility. The deal has been expected for over six years and the two banks have been preparing the company for privatisation for at least that long.

Romanian government officials will host a series of investor presentations next week to drum up support for a debut euro issue for the cash-strapped sovereign. Visits to Milan, Frankfurt and London between September 15-17 will be followed by a final roadshow in New York on Monday, September 20.

Finland About 20 institutions attended the bank presentation of the Eu500m acquisition financing for Huhtamaki Oy. The arrangers are Citibank (books) and MeritaNordbanken (documentation and facility agent).

n European Investment Bank Rating: Aaa/AAA

Market commentary: Compiled by Vusi Mhlanzi,

Slovakia's gas transit monopoly Slovensky Plynarensky Priemysel (SPP) this week received sovereign ceiling Ba1 and BB+ ratings from Moody's and Fitch IBCA ahead of a Eu150m five year debut euro offering via Paribas. The deal is the latest in a series of planned transactions by Slovakian entities designed to capitalise on positive investor sentiment towards Slovakia.

n Bank Nederlandse Gemeenten NV Rating: Aaa/AAA

THE refinancing for Cofco Capital Corp's $200m 364 day L/C facility signed in September 1998 has been completed. Mandated arranger BA Asia invited nine banks to sign up as joint arrangers and underwriters before launching the deal into general syndication. Arrangers are BA Asia, Banca Commerciale Italiana (New York), Banca Monte dei Paschi di Siena, Bank of China (New York), Banque Nationale de Paris (Beijing), First National Bank of Chicago, Rabobank and Standard Chartered Bank (Beijing) pledging $18.5m apiece, and Bank Brussels Lambert (Hong Kong) and Development Bank of Singapore committing $13.5m each.

n Cregem Finance NV Guarantor: Crédit Communal de Belgique

n ABB International Finance NV Guarantor: keepwell agreement from ABB Asea Brown Boveri Ltd