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THE REPUBLIC of South Africa this week made a well received return to the dollar markets for the first time since June 1997 with the launch of a $500m 10 year SEC-registered global bond. Lead managed by Merrill Lynch and Morgan Stanley Dean Witter the Baa3/BB+/BB rated issue had a 9.125% coupon to yield 9.18% or a spread of 370bp over the W/I 10 year US Treasury, on an issue fixed re-offer price of 99.645.

* European Investment Bank

SPANISH companies are expected to launch a flood of corporate equity in the coming weeks. The Madrid market has yet to recover from last summer's financial crisis, with the IPO market effectively remained closed since then. Analysts had hoped that a period of calm in the early months of this year would repair market confidence, but continuing stockmarket volatility has jolted the confidence of many potential issuers.

* Halifax plc Rating: Aa1/AA

THE PORTUGUESE government has launched the sale of shares in Brisa, the national toll motorway operator.

Domestic issuance: * Swiss Reinsurance

EARLY stage telecom credits appeared to have lost none of their appeal for high yield investors this week, with the successful pricing and placement of a dual tranche transaction for Sweden-based competitive local exchange operator, Tele1 Europe. Lead managed by Lehman Brothers, the size of the deal grew during the two week roadshow and was finally launched at the larger end of expectations as a dual currency issue comprising $150m and Eu100m tranches.

DEN DANSKE Bank has raised the fees on its $75m multi-currency revolver for Sparebanken Nord-Norge after a difficult syndication. But the deal is heading for an oversubscription and closes today (Friday). Fees on all participation levels have been increased by 5bp. Senior managers now take 12.5bp for committing $10m, lead managers 11bp for $7.5m and managers earn 10bp for $5m. The margin remains at 17.5bp and the commitment fee is 8.5bp.

MANILA Electric (Meralco) formally asked for proposals to underwrite the company's debut bond issue this week. Having previously relied almost exclusively on concessional funding to meet its financing needs, the Lopez-owned group has only ever turned to the loan markets on three occasions over the past 20 years. Specialists said that the group is hoping to award a mandate, secure a rating and launch before the summer break in August, with a deadline for initial submissions set for next Wednesday.

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AS FORESHADOWED in Euroweek, the Republic of Turkey has launched a third tap of its 9.5% March 15, 2004 transaction to take the total issue size up a landmark Eu1bn -- making it the largest emerging market issue in euros this year. Launched for Eu500m via Deutsche Bank and Paribas at the end of February, Turkey's debut euro transaction was first upped by Eu150m on April 22, by another Eu150m on April 28 and by Eu200m this week.

NOMURA has completed a Eu30m three year floating rate note for Eesti Ühispank (Union Bank of Estonia or UBE). The Baa3/BBB- (Moody's/Fitch IBCA) rated issue, puttable annually from the end of year one had a coupon set a 312.5bp over three month Euribor and an issue/fixed re-offer price of 99.75 to give a launch spread of 338bp over three month Euribor to the first put on May 13, 2000. This week's issue follows a Eu50m three year puttable FRN issued via Lehman Brothers at the end of February -- the first central and eastern European bank issue in euros and the first public Euromarket issue by a bank from the region since before the Russian financial crisis in August 1998.