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THE REPUBLIC of South Africa will today (Friday) make its long-awaited debut in the euro denominated bond markets with the launch of a Eu500m seven year offering. The Baa3/BB+ rated sovereign mandated Credit Suisse First Boston and JP Morgan to bring the transaction in 1998, and the two banks completed a European roadshow last June.

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THE LINE-UP of large new issues from top German companies is starting to loom larger, with bankers arguing that the stockmarket volatility of recent days could prove helpful. Several jumbo capital increases are already on the way --

* Aggregate Industries plc Guarantor: Aggregate Industries Inc, Aggregate Industries UK Ltd

* Österreichische Kontrollbank AG Guarantor: Republic of Austria

GLOBAL co-ordinators Creditanstalt and Nomura will today (Friday) complete the sale of stock in Synergon, the Hungarian hi-tech group. By last night, the book looked to be extremely well covered with keen interest from a number of top accounts. As a result of a roadshow campaign in the US and Europe, investors are reported to have been very interested in the company's story and its potential for growth. Following last week's corrections in hi-tech stocks, however, sector funds were understandably less keen on the shares than emerging market specialists.

THE ESTONIAN capital Tallinn has become the first central and eastern European municipality to tap the euro denominated bond markets, with the launch of a Eu17.5m (DM35m equivalent) five year floating rate note last Friday (April 16). Lead managed by Dresdner Kleinwort Benson, the Baa1 rated transaction featured an issue/fixed re-offer price of par and a coupon set at six month Euribor plus 180bp -- equivalent to a yield of 4.4% at launch.

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The co-arranging and sub-underwriting phase of the $600m project financing for CMS Energy's Tawellah A2 independent water and power project will be closed and signed next week by arranger Barclays Capital. Around 10 banks will come into the deal including Abu Dhabi Commercial Bank, Abu Dhabi Investment Corporation, ANZ Investment Bank, Gulf International Bank, National Bank of Abu Dhabi, NordLB, Paribas, SG and WestLB.

Joint lead arrangers De Nationale Investeringsbank (DNIB), Bankgesellschaft Berlin and Dexia Project & Public Finance have closed the financing backing the construction of a new district general hospital at the county site in Hereford, UK, for Mercia Healthcare Limited. The 25 year financing totals £79.6m of bank debt facilities including a £66.4m senior term loan, a £7.4m equity bridge loan and a £6m standby facility.

* Asian Development Bank Rating: Aaa/AAA

* Bremer Landesbank Rating: Aa1