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* European Bank for Reconstruction & Development Rating: Aaa/AAA

* Tractabel Invest International BV Guarantor: Tractabel SA

INVESTORS were offered a novel play in the South African bond markets last Friday (April 16) with the launch of the first sub-sovereign floating rate note. Development Bank of Southern Africa Ltd (DBSA) was the pioneering issuer, launching a R500m five year transaction via joint lead managers Merrill Lynch (books) and Rand Merchant Bank.

MANDATED ARRANGER Deutsche Bank has launched the long awaited deal for Swedish media company Modern Times Group. The deal has emerged as a Skr800m (nearly Eu90m) five year revolver, split into two tranches. Tranche 'A' is a Skr200m bullet revolver, and tranche 'B' is a Skr600m amortising revolver.

Slovenia Nova Ljubljanska Bank has awarded a mandate to Banca Commerciale Italiana, Erste Bank der Österreichischen Sparkassen and WestLB, to arrange a Eu35m three year transaction.

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THE EUROPEAN Investment Bank took a major step towards positioning itself among the leading European sovereign borrowers this week with the launch of the first new issue under its newly formed EARNs programme. Lead managed by ABN Amro and Paribas, also arrangers of the programme, the Eu2bn 10 year transaction will be fungible with an outstanding Eu2bn April 2009 bond to become one of the largest and most liquid in the euro markets.

Argentina * Republic of Argentina

BMW, one of the true European corporate blue chips, is set to return to the Euroloan market with a $2.5bn revolving credit (split between a $1.25bn 364 day facility and a $1.25bn seven year facility) that will refinance existing debt, including bilaterals, through arrangers Barclays, Chase Manhattan, Deutsche and Dresdner. However it comes back to the market paying nearly 100% more than it did on its previous visit in 1997, when it mandated Deutsche, Dresdner and Credit Suisse First Boston to arrange a $2bn revolver that paid 5bp over Libor for the first five years and 6.25bp for years six and seven.

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SEVERAL billions dollars worth of Latin sovereign, semi sovereign and corporate debt will flood the international bond market in the coming weeks as issuers take advantage of the stampede of cross-over investors into an asset class they shunned earlier this year. Spurred on by Chile's and Brazil's blow-out deals this week, Costa Rica will price a $300m 10 year bond led by Credit Suisse First Boston, with a rumoured 240bp to 260bp spread talk, to yield at least 7.52%.