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THE POLISH government and Dresdner Kleinwort Benson will this weekend execute the privatisation sale of stock in Polski Koncern Naftowy (PKN), the Polish integrated oil company. The deal has been carefully marketed amid growing signs of investor worry over central European markets. Bankers say that the quality of the company has overcome any doubts about the region.

n DePfa Rating: Aa3/AA (Moody's/Fitch IBCA)

GLOBAL co-ordinators Merrill Lynch, Banco Essi and Banco Mello Investimento have completed the successful flotation of PT Multi-Media, a subsidiary of the privatised national telecommunications operator, Portugal Telecom. Interest in the deal was particularly strong, with international and local investors viewing it as one of the year's last chances at a growth story from a hot sector. Even in pre-marketing the offer was well subscribed, and by the time the books closed the institutional sale was 50 times covered, with the retail tranche reporting an impressive 70 times oversubscription.

Amount: Eu150m (fungible with Eu100m issue launched 05/02/99) Öffentlicher Pfandbrief series 970 Maturity: February 9, 2001

Norway The $100m five year term loan for Sparebanken Rogaland, now known as Sparebank 1 SR-Bank, has closed and was signed on November 11, with Commerzbank as the arranger.

n WestLB Finance Netherlands BV Rating: Aa1/AAA

n European Investment Bank Rating: Aaa/AAA

n 3i Group Rating: Aa3/AA-

The Eu2bn facility for rare borrower Suez Lyonnais des Eaux signs today (Friday), after a notable success. It raised a heavy oversubscription and has been increased to Eu2.5bn, despite competition for lenders' attention from other French credits such as Vivendi. The borrower will use the proceeds partly to back its takeover of Nalco Chemicals.

n Cregem Finance NV Guarantor: CCB

Domestic issuance: n Emissionszentrale für gemeinnützige Wohnbauträger