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SHINHAN Bank has become the latest Korean bank to tap the market for funds with a $100m 364 day facility through co-ordinating arranger BA Asia. The borrower is following the lead set by Korea Exchange Bank and Hanvit Bank as Korean banks slowly filter back into the international markets after a prolonged absence due to the Asian financial crisis.

n International Finance Corp Rating: Aaa/AAA

MORGAN Stanley Dean Witter has broken the run of disappointing Spanish IPOs with the Eu600m sale of stock in Sogecable, the local media group subsidiary of Canal Plus. The Madrid stockmarket has been unimpressed by a number of mid-cap flotations and although investors welcomed Repsol's jumbo Eu4.8bn capital increase, other deals have not lived up to their promising expectations. With Sogecable, however, the book of demand was more than 20 times covered with an exceptionally high quality of buyers involved. This allowed the lead firm to price the shares at Eu23.50 - the top end of the indicated price range - and still see the stock trade well in the aftermarket.

Market commentary: compiled by Vusi Mhlanzi,