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* EBRD Rating: Aaa/AAA

ACTIVITY in the Portuguese primary equity market will soon resume with the long awaited $1bn convertible bond from Portugal Telecom. Although the lead managers of the deal have not been revealed, the global co-ordinators of Portugal Telecom's privatisation sales -- Banco Essi, Merrill Lynch and Warburg Dillon Read -- are strong contenders.

ARRANGERS of the $300m Sadaf project financing -- Apicorp (regional bookrunner), IBJ (international bookrunner), National Commercial Bank, Saudi American Bank and Saudi Hollandi -- have received a stronger than expected response from the market during the co-arranging phase which is now almost wrapped up. Two international banks, Dresdner Bank Luxembourg and Creditanstalt, and five regional firms -- Arab National Bank, Al Saudi Al Fransi, Emirates Bank International (Dubai), The Arab Investment Company and The Saudi British Investment Bank -- have joined at this level.

THE PRICING of a Eu500m dual tranche transaction for the Region of Sicily will be the focus of attention in the Italian market today (Friday) and in the broader European municipal finance market. Lead managed by Merrill Lynch, the transaction marks a significant achievement for a regional borrower whose funding efforts have been plagued by difficulties.

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* Bayerische Landesbank Girozentrale Rating: Aaa/AAA/AAA

* Alliance & Leicester Group Treasury plc Guarantor: Alliance & Leicester plc

* Municipality Finance Ltd Guarantor: Municipality Guarantee Board

TELECOM Italia's (TI) failure last weekend to win shareholder approval for its defence strategy against Olivetti's $65bn bid has forced arrangers Credit Suisse First Boston, JP Morgan and San Paolo-IMI to put the Eu20bn credit facility (backing the defence bid) back into its box while the telecom company considers its options for survival. Whether the loan is brought out again in the same shape and form remains to be seen. However, news yesterday (Thursday) of a possible link up with Deutsche Telekom and other rumours including the creation of shell company to take over TI via a highly leveraged deal has prompted many bankers to think that TI will not need such a large loan facility. And, if a jumbo loan is to be put in place it will be for a different borrower.

LEAD managers Merrill Lynch and Petercam have launched the sale of stock in Telinfo, the Belgian telecom services provider. The deal will raise $150m in new capital for the group. Bankers believe that the deal could herald a slew of cash calls from public Belgian companies and encourage private firms to take advantage of favourable conditions for a stockmarket listing.

* Associates Corp of North America Rating: Aa3/AA-

* BBV International Finance Guarantor: Banco Bilbao Vizcaya