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COLT TELECOM, the UK high growth alternative telephony provider, is taking advantage of the telecom stock fever to raise £500m ($800m) in straight equity and convertible debt. The group is one of the most financially innovative groups in its industry and last year raised over £650m through highly successful financings in a variety of markets.

THE REPUBLIC of Croatia launched its largest ever international bond this week, issuing a debut offering in the single European currency. Premarketed at a Eu250m issue size and a five to seven year maturity range, the landmark transaction for the Baa3/BBB- rated sovereign emerged for Eu300m at the longer maturity following a well attended series of European roadshows last week.

COMPETITION in the UK power finance retail market heated up last Friday with the launch of the £499.5m financing for the second UK independent power project (IPP) of the year Dam Head Creek sponsored by Entergy Development Corporation -- by arranger Warburg Dillon Read. A bank presentation will be held today (Friday) at the arranger's London offices with around 40 to 50 banks expected to attend.

LEAD MANAGER Rabo Securities has launched the IPO for Detron Group NV, the largest independent telecom services business in the Netherlands. The flotation will involve the sale of 4,532,840 ordinary shares. Institutional investors have been given an indicated price range of between Eu13 and Eu15.

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Croatia The telecoms consortium VIP-net Croatia is obtaining a project finance loan for $100m. VIP-net plans to close the deal by the end of June and to invest the proceeds in improving and expanding its network. An un-named bank is acting as arranger and lead manager.

THE EUROPEAN Investment Bank is poised to announce details of a euro benchmark issuance programme which, the supranational hopes, will cement its position as the leading non-government borrower in the single currency. Euroweek understands that the EIB has appointed ABN Amro and Paribas as lead organisers of the programme, which will be called EARNs -- Euro Area Reference Notes. There will also be a dealer group of around 10 banks.

THE EUROPEAN Investment Bank is poised to announce details of a euro benchmark issuance programme which, the supranational hopes, will cement its position as the leading non-government borrower in the single currency.

DRESDNER Kleinwort Benson will today (Friday) close the IPO of stock in MVV Energie AG, the Mannheim energy utility. The flotation of stock has generated strong interest from a wide variety of investors keen to buy shares in a defensive industry that has some potential for growth.

* The Republic of Lebanon is to sign a Euro-MTN programme on March 8. The programme's documentation was used last week to launch euro and dollar issues raising approximately Eu478m ($538.3m). The ceiling on the debt programme is only Eu550m, for reasons of budgetary authorisation, but arranger Merrill Lynch expects it to be increased with the new budget. The programme, which has no 144A option, will largely be used as a public debt shelf, but the borrower may use it for private placements as well. The dealer group consists of the arranger, ABN Amro, Chase, Commerzbank, CSFB, Nomura and Paribas.

Market commentary: Compiled by Glenn Blackley, RBC DS Global Markets, London. Tel: +44 171-865 1759