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* The Philippine National Power Corporation (Napocor) has sent out invitations to bid on a dollar bond offering for the second time this year. Having previously sought proposals in June, the state-owned group has asked banks to update pricing guidelines for a minimum $300m 10 year transaction for launch next year. Replies are due by December 20, but many bankers doubt whether a transaction is any more likely to see the light of day than it was in the summer when the group said it was considering a third quarter deal.

The Islamic Republic of Pakistan has achieved a far higher level of acceptances than originally anticipated for the exchange offer of its three Eurobonds which closed this Monday (December 6). However, while the country managed to get 90% of bondholders to agree to the terms of the exchange, observers said that the key question centres on what will happen to the remaining 10% that did not participate.

* Province of Nova Scotia Rating: A3/A-

Responses are due in two weeks for a HK$2bn five year fundraising for Cheung Kong Finance Co. Co-ordinating arrangers BA Asia, BOCI Capital, CEF Capital, Industrial & Commercial Bank of China, KBC Bank and SG Asia have launched general syndication, having underwritten the entire amount.

WARBURG DILLON Read has overseen the signing of the popular Eu300m senior debt package backing the leveraged buy-out of Clondalkin, the Irish paper and packaging company. Some 10 banks joined at retail level, resulting in a 20% oversubscription.

The equitY capital markets were buzzing this week with the news that Deutsche Bank and Goldman Sachs had won the mandate to lead manage the sale of stock in Lycos Europe, the joint venture between US internet company Lycos and Bertelsmann. The offer is likely to be structured as an international public offer with a listing on Frankfurt's Neuer Markt. The top positions in distributing the shares have been fiercely contested by a number of US and European firms.

Deutsche Bank this week completed one of the largest bought deals of the final quarter with a Sfr1bn ($639m) sale of shares in Charles Vögele, the Swiss clothing retailer. The placing was executed on behalf of Schroder Ventures, which bought control the company in a management buy-out and whose attempted flotation of the group earlier this year ran into a degree of investor resistance.

Lead arranger Dresdner Bank Luxembourg and senior co-arranger HypoVereinsbank have signed in lenders to the DM1.55bn debt package backing BC Partners' buy-out of Friedrich Grohe, the sanitary fittings manufacturer. Over DM2.8bn was raised for the deal - the largest LBO to emerge from Germany. Due to the massive oversubscription, lenders were severely cut back. However, other banks are still in the final approval stage and may join the syndicate before the signing of the transfer agreement. This could lead to a further reduction of the final allocated amounts.

THE EUROPEAN Investment Bank is set to announce plans for the creation of a sterling dealer group before the end of the year in a move the supranational hopes will place it in pole position to take advantage of the Gilts shortage.