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Hungary * Republic of Hungary

Poland Bayerische Landesbank has quietly signed a DM30m two year facility for Powszechny Bank Kredytowy.

POLISH MEDIA company @Entertainment has become the first Eastern European corporate to tap the high yield bond markets since the Russian crisis, with the launch of a $257m deferred coupon 10 year transaction lead managed by Merrill Lynch Priced last Friday at a spread of 1,285bp over Treasuries, the issue is the second by the Polish borrower in the high yield market and came some 35bp back from where the issuer's previous deal was trading.

THE ESTONIAN government has launched the sale of shares in Estonia Telecom, marking the country's first privatisation to include an international equity offering. The government and its advisers -- ABN Amro Rothschild, Nomura and Eesti Uhispank -- hope the stock will create an international benchmark for the country and the Baltic region generally.

CONTINUING uncertainty in the fixed rate dollar markets restricted benchmark issuance to global transactions for the Inter-American Development Bank and Household Finance Corp. The IDB's $1bn five year issue was not an obvious proposition given the supranational's exposure to Latin America. However, the deal was highly acclaimed by all involved with the issuer praised for its pragmatic approach to pricing.

Euro straights

* BES Finance Ltd Guarantor: Banco Espirito Santo e Comercial de Lisboa SA

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THE FRENCH equity-linked rush stepped up another gear this week as three companies took advantage of near-perfect issuing conditions and rampant investor demand to launch convertible and exchangeable bonds. Since the beginning of the year French companies have led the way in issuing equity-linked debt in the new euro market, with utility group Vivendi and retailer Promodes tapping the market already in January. First of this week's trio into action was construction group Bouygues, which launched a Eu460m bond issue via BNP Capital Markets and Crédit Lyonnais.

THE ALMOST year-long drought of Latin new equity issues was broken this week when the Argentine government priced its long-awaited initial public offering in mortgage bank Banco Hipotecario. The deal, led globally by Credit Suisse First Boston and Dresdner Kleinwort Benson, with BankBoston as local lead, raised $262.5m through the sale of 37.5m shares, representing 25% of the bank.

* Abbey National Treasury Services Guarantor: Abbey National plc

GREENWICH NatWest and WestLB are waiting for the outcome of Wolverhampton & Dudley's shareholder meeting on February 4 before they can progress with the syndication of the £425m short and medium term senior debt facility backing Marston Thompson & Evershed's £330m Pac-Man defence bid for Wolverhampton & Dudley. Wolverhampton & Dudley's shareholders will decide whether to accept Marston Thompson & Evershed's offer -- which involves the sale of tenanted pubs of both companies and a securitisation -- or to support the original Wolverhampton & Dudley bid that involves the sale of 170 Marston pubs for about £80m.