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Investor presentations in support of the Republic of Kazakhstan's debut euro offering begin next week. Starting in London on Monday the roadshow will move on to Frankfurt and Paris before ending on Friday (July 9) in Geneva. Launch of the likely Eu250m minimum size five year issue for the B1/B+/BB- rated central Asian sovereign, and its first foray into the international bond markets since October 1997, is scheduled for the week beginning July 12.

KOREA Exchange Bank is tapping the market for funds for its biggest facility since a $130m one year loan which was completed in October 1997. Arrangers BA Asia, Standard Chartered Bank, Natexis Banque and SGZ-Bank (Singapore) launched the $100m 364 day loan on June 25.

Peru ABN Amro Bank NV (Chicago), ANZ Banking Group (New York), Bank of Montreal, Barclays, CIBC Wood Gundy Securities Inc, Citibank NA, Deutsche Bank AG (New York) and Bank of Nova Scotia have completed syndication of the $535m project finance facilities for Compañía Minera Antamina (CMA). The deal was signed on June 29.

The Republic of Lithuania yesterday (Thursday) took advantage of favourable market conditions for emerging market borrowers to launch a Eu50m fungible increase to its Eu200m 8% March 29, 2004 euro bond. News that the US Federal Reserve had moved to a neutral bias on monetary policy, following a 25bp rate hike on Wednesday, provided fuel for an emerging market rally on Thursday morning in London.

Citibank this week completed the first collateralised loan obligation backed by pan-European corporate loans, as Salomon Smith Barney sold Eu280m of bonds in a Eu4bn synthetic securitisation. "The target customer base for our global relationship bank is the top 1,800 corporates in the world - about 40% of those are in Europe," said Marcus Giancaterino, head of new asset classes in Citibank's London securitisation group, which structured the deal with the bank's credit derivatives team. "We have freed up regulatory capital on a very high quality portfolio of loans."

THE FRENCH Trésor's privatisation sale of stock in Crédit Lyonnais has received an exceptional response from institutional and retail investors. The flotation of the bank, which has undergone a remarkable revival since its virtual bankruptcy a few years ago, was more than 20 times oversubscribed.

THE FRENCH Trésor's privatisation sale of stock in Crédit Lyonnais has received an exceptional response from institutional and retail investors. The flotation of the bank, which has undergone a remarkable revival since its virtual bankruptcy a few years ago, was more than 20 times oversubscribed.

Credit Suisse First Boston has won the mandate for a euro-denominated private placement for Estonian power utility Eesti Energia, likely to be the first in a series of international bonds for electricity companies in the region in the coming months. The offering, Eesti Energia's first in the international bond markets, will be marketed to investors in mid-July for completion at the end of July.

Roadshows for an inaugural euro-denominated bond by the Korea Electric Power Corporation (Kepco) will begin in Zurich next Tuesday. The company has finally been given the go-ahead by the Ministry of Finance and the Economy (MoFE), but only on condition that proceeds must not be immediately swapped out of euros.

n GMAC Canada Ltd

In a move away from its previously retail oriented issuance strategy, auto group DaimlerChrysler will launch its first institutionally targeted transaction later this month via ABN Amro and Deutsche Bank, a five to seven year issue of Eu1bn or more. DaimlerChrysler's change of tack highlights the diminishing role retail investors are playing in frequent issuers' funding programmes. Even last year borrowers such as TMCC began targeting institutions - partly because of the increasing institutionalisation of retail, partly because of institutions' desire for more liquid transactions.

THE SUPPLY of large, blue chip stocks from the German equity market is set to maintain momentum in the next six months as industrial consolidation continues. This week DaimlerChrysler announced its intention to spin off DASA, its aerospace division, in a stockmarket listing as part of its programme of streamlining its business and selling non-core assets.