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Investor presentations for the Republic of Lebanon's second multi-tranche, multi-currency bond issue start in Switzerland today (Friday). Following visits to Geneva and Zurich, the marketing focus will move on to London and Frankfurt next week before finishing in New York on Wednesday, September 15. An unofficial investor presentation for French accounts was held last Friday in Paris.

Bahrain The margin on the $60m three year term loan for Bahrain International Bank has emerged as 75bp. Co-arrangers earn 90bp for taking $5m tickets.

THE SUPPLY of primary equity from the Amsterdam stockmarket is to soar in the coming weeks as a number of the country's corporate names ready stock offerings. In addition to well known names, such as Koninklijke Ahold, a number of newly listed groups plan to raise funds while markets are strong.

National Westminster Bank will embark on the broadest ever bank capital raising exercise in the global debt markets in the coming weeks as part of its £10.75bn takeover of UK life insurance and pensions group Legal&General.

National Westminster Bank will embark on the broadest ever bank capital raising exercise in the global debt markets in the coming weeks as part of its £10.75bn takeover of UK life insurance and pensions group Legal&General.

THE GERMAN equity market is to host record levels of new equity issues, with between 45 and 50 transactions due to be launched on the Neuer Markt alone in the next few weeks. Bankers say this could raise up to Eu3.5bn for the country's high growth companies seeking to raise equity capital and for others wishing to augment their early growth by widening their shareholder base.

n Underwriters are hoping to revive the plan vanilla dollar market for Latin issuers in the next few weeks with a trio of deals from blue chip names. Cemex, Mexico's Banamex and multilateral CAF are all looking at possible dollar deals, according to bankers.

The Eurodollar market saw a wave of issuance in the early part of the week, while swap spreads gradually tightened. Although swaps remain close to all-time highs, secondary corporate spreads are trading wider still. This means that arbitrage is extremely elusive, and getting even harder to find. In fact, borrowers are often having to accept funding at levels less attractive than those to which they are accustomed, while others determine that current market conditions are simply too hostile (see box below).

Market commentary: Compiled by Glenn Blackley,

DePfa took its latest step away from the traditions of the Pfandbrief market this week when, through nimble swap operations that ensured Euribor minus funding, the mortgage bank priced its Eu3.5bn global superjumbo at an intended 52bp over Bunds - despite a 2bp to 3bp swap spread tightening between launch and pricing. German mortgage banks have always been among the most sensitive borrowers to any move in swap spreads and subsequent changes in the funding levels they can achieve. Such an arbitrage driven approach has in the past given jumbo issuers the reputation of being aggressive borrowers, as they have sought to ensure the finest possible pricing.

Arrangers ABN Amro and Merrill Lynch have successfully completed the co-arranging phase of the $3bn credit backing VNU's acquisition of Nielson. When the deal was first launched two weeks ago, certain market players derided its terms, saying they were too low. Some predicted the deal would crash ignominiously, leaving the arrangers with a large amount of low paying, albeit short term, debt on their balance sheets.