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Dresdner Kleinwort Benson has completed the sale of stock in Mannheim electricity group MVV Energie, the first flotation of a municipal utility to be hosted by the Frankfurt market. Investors appreciated the scarcity value of the shares and put in strong orders, resulting in a book of demand three times covered. "This deal appealed to investors that are not interested in the deluge of inflated Neuer Markt stocks that is flooding the Frankfurt market," said one salesman. "This share offers a defensive sector with some growth opportunities from the industry's deregulation."

HONG KONG conglomerate Hutchison Whampoa this week successfully launched non-Japan Asia's first euro denominated bond, a Eu500m deal which could open a new and important source of funding for Asia's top credits.

Sole arranger Barclays Capital is approaching potential co-arranging banks to join it on the $575m project financing for Flag Atlantic. The seven year facility is split between a $550m construction loan and a $25m revolving credit. The margin is set at 275bp over Libor.

* Fannie Mae Rating: Aaa/AAA

tephen West is believed to be close to taking a senior job at Credit Suisse First Boston, in what would be one of the most high-profile moves in international debt capital markets so far this year. CSFB spokesmen did not return calls seeking clarification, and it is not known exactly what the role under discussion is - nor how West would fit in with existing management such as John Walsh, CSFB's co-head of global debt. But any move would be at a senior level, and may be based in New York.

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MORSE, the UK computer systems retailer and services group, has been valued at around £336m, according to the pathfinder prospectus published this week for the group's flotation. Merrill Lynch is global co-ordinator for the deal, which should be completed in the next few weeks.

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India BA Asia has joined State Bank of India to launch a $120m five year term loan for National Thermal Power Corp. The two banks have fully underwritten the loan.

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Argentina Syndication of the $200m 364 day L/C facility being arranged by BankAmerica for Banco Rio de la Plata SA has closed oversubscribed and the deal increased to $300m.

Central and eastern Europe's top rated sovereign, the Republic of Slovenia, this week completed the roadshow for its planned Eu400m 10 year offering. The A3/A rated issuer, one of five central and eastern European states negotiating fast track entry in to the European Union, visited Zurich, Frankfurt, Milan, Paris and London. Joint leads Credit Suisse First Boston and Morgan Stanley Dean Witter reported a positive reception from the target audience of European fund managers.