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Market commentary:

The Republic of Panama pulled a $500m 20 year bond issue this week when investors, questioning its pricing and choice of lead manager, demanded a higher premium to comparable bonds. "Today, having filled orders to complete its issue, the Republic of Panama announced it decided not to price its 20 year offering because the rates offered were considered too high," the republic said in a statement.

Croatia's fledgling corporate debt markets are set for a major boost over the coming months with a number of new products set to be launched. They follow the establishment of a groundbreaking Hrk400m domestic commercial paper programme by Croatian pharmaceutical company Pliva last year - the first of its kind in the country. The programme's arranger Privredna Banka Zagreb is looking to add to the range of debt products currently available in Croatia, with the launch of index linked and euro denominated instruments.

Donaldson Lufkin & Jenrette has appointed Alex Graham as managing director and head of European equity capital markets. He will join DLJ next month from BT Alex Brown, where he was head of global syndication and European equity capital markets. His career at BT Alex Brown was a brief one, having joined two years ago from Salomon Brothers where he was head of European equity capital markets and syndicate in London.

Czech Republic The City of Prague has requested bids for a Eu200m financing plan, due by March 18, with a maturity of no less than 10 years.

Argentina

* Canadian Imperial Bank of Commerce

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* European Investment Bank

GERMAN finance minister Oskar Lafontaine's surprise resignation late Thursday heralded a new dawn for the euro as financial markets were quick to reassess the outlook for the currency and for interest rates. The euro jumped over two cents against the dollar and the Bund future rose a full point in the heady atmosphere, before falling back. The yield on the 3.75% January 2009 Bund briefly dipped below the 4% threshold, signalling renewed optimism in the European project.

South Africa Absa Bank, Barclays, Nedbank and Standard Bank London Limited (facility agent) have closed the club-style syndication of the $55m three year term loan for LTA International.