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Bulgaria Expect news in the next weeks of a small deal for First Investment Bank of Bulgaria, which is looking at the market to raise between $10m and $15m. Before the war in Kosovo it was considering a slightly larger facility, perhaps $20m, but has dropped the amount as raising capital may be difficult for the region.

THE SURPRISE resignation of US Treasury secretary Robert Rubin and the shock sacking of Russian premier Yevgeny Primakov failed to dent yield-hungry investors' enthusiasm in what proved the biggest week for emerging markets since the Russian meltdown of August 1998.

THE SURPRISE resignation of US Treasury secretary Robert Rubin and the shock sacking of Russian premier Yevgeny Primakov failed to dent yield-hungry investors' enthusiasm in what proved the biggest week for emerging markets since the Russian meltdown of August 1998.

Argentina * Republic of Argentina

Hypothekenbank in Essen provided the highlight of jumbo issuance this week with the launch of its latest global. Elsewhere, Rheinhyp launched a Eu500m five year jumbo and DePfa tapped the short end with a Eu1bn deal. Having been talked in the market for some time, Essenhyp's 4.25% July 2009 deal emerged on Monday via Commerzbank, HypoVereinsbank and Morgan Stanley Dean Witter. Bankers suggested that the deal could have hit the market earlier, had it not been for Golden Week in Japan and the uncertainty that has hit the long end of the curve.

* Bancaja International Finance Guarantor: Caja de Ahorros de Valencia Castellon y Alicante

* Republic of Austria

Market commentary:

10226

IN ONE OF the fastest, one of the largest, and certainly the smoothest of stock offers this year, bookrunner HSBC and joint lead managers Merrill Lynch, Cazenove and JP Morgan this week completed the $3bn sale of shares in HSBC Holdings. The deal was executed in under 12 hours.

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