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n International investment banks have been pitching to the UK Treasury to bid for the lead slot in the flotation of British Nuclear Fuels Ltd (BNFL). The government is considering the sale of stock in the nuclear fuel disposal group and, although the deal is unlikely to reach the markets for at least 18 months, the government's decision should be made public in the next few weeks.

Market commentary: Compiled by Glenn Blackley,

A new benchmark bond offering by Malaysian oil company Petroliam Nasional Berhad (Petronas) became the most high profile casualty of turbulent markets yesterday (Thursday), with the Baa3/BBB- credit struggling to salvage some form of a transaction in the face of widening swap and bond spreads. Long regarded as Asia's benchmark corporate issuer, the company ended up with a smaller than expected $650m transaction that was a far cry from the resounding success of its last $1.9bn benchmark offering of 1996.

n Deutsche Bank -DB Ireland plc Guarantor: Deutsche Bank AG (London)

ABN AMRO, Bayerische Landesbank, Caixa Geral, Greenwich NatWest, WestLB and DePfa have won the mandate to arrange a Eu1.5bn standby revolving credit for the Republic of Portugal, Euroweek can exclusively reveal. The number of banks in the arranging group is surprising - Portugal has tended to work with a small group of arranging banks in the past.

ABN AMRO, Bayerische Landesbank, Caixa Geral, Greenwich NatWest, WestLB and DePfa have won the mandate to arrange a Eu1.5bn standby revolving credit for the Republic of Portugal, Euroweek can exclusively reveal. The number of banks in the arranging group is surprising - Portugal has tended to work with a small group of arranging banks in the past.

A recent proposal for a single European agency to issue bonds on behalf of Emu member states was this week dismissed by market participants as premature at best and probably unworkable. Outgoing EU monetary affairs commissioner Yves-Thibault de Silguy floated the idea, arguing that by creating such an agency Emu governments could reduce their cost of funding through providing liquidity on a par with the US Treasury market.

El Salvador and Brazil's Banco Itaú braved difficult conditions in the international debt markets this week to launch new issues, while several billions dollars worth of Latin American deals remained on the sidelines waiting for better market conditions. El Salvador made its international bond market debut with a $150m seven year offering led by Salomon Smith Barney. The deal was priced at a spread to Treasuries of 500bp, which was considered fair by bankers given the state of the market, but the deal was slimmed from an initial $200m.

Royal Bank of Scotland has begun marketing a £480m securitisation to finance up to 53 new high speed tilting trains for West Coast Trains Ltd, which operates the London to Manchester and Glasgow rail routes. The trains are being built by Alstom and Fiat Ferroviaria, and will be bought for £593m by Angel Leasing Company Ltd, a subsidiary of Angel Train Contracts, one of the three UK rolling stock leasing companies, which is owned by RBS.

Norway The Nkr200m term loan for Totens Sparebank was signed on August 4 in Oslo after a slow syndication.

n European Investment Bank Rating: Aaa/AAA

KOREA French Banking Corp (Sogeko) is tapping the market with a $30m FRCD. The deal is the first transaction for a Korean merchant bank - commercial banks have tapped the sector already - since the financial crises of 1997 and marks yet a further rehabilitation of the country. Commercial banks Korea Exchange Bank and Hanvit Bank have recently completed successful dollar deals. Shinhan Bank is wrapping up a $100m transaction which was also well received.