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THE PEOPLE'S Republic of China will next week attempt to overcome investor doubts and reopen the market for credits from the country -- and the wider Asian region. Exclusively revealed by Euroweek last week, the prospective $500m+ Yankee bond is set to be roadshowed in Hong Kong on Monday.

GLOBAL co-ordinators ABN Amro Rothschild and Banca di Roma this week completed the $85m sale of stock in Class Editori, the Italian specialist financial publisher. The IPO is the first successful international flotation to emerge from the Milan market since it started to stabilise last month. The lead manager recorded heavy oversubscription, with the institutional tranche covered by a multiple of five times.

LATIN AMERICAN borrowers' access to the international bond markets broadened further this week as a flurry of private sector Argentinian and Brazilian banks issued Eurobonds for the first time since July and the Province of Buenos Aires reopened a Swiss franc deal. Argentina's Banco Tornquist launched a $40m two year Eurobond, led by Banco Central Hispano, at a fixed re-offer price of 98.24 to yield 11.5%; Banco de Galicia launched a $100m two year deal at par to yield 10% at a 537bp spread over Treasuries; and Brazil's Banco ABN Amro increased an initial $50m two year deal to $75m and priced it at a fixed re-offer price of 99.90 to give it a 564bp spreads over Treasuries.

* Countrywide Home Loans Guarantor: Countrywide Credit Industries

Czech Republic ABN Amro, Citibank, Ceska Sporitelna and Deutsche have launched general syndication of the Ck5bn facility for Konsolidacní banca Praha spu. The arrangers hope that it will be well received in the local bank market.

* Banca Popolare di BergamoCredito Varesino Rating: A2/A

Argentina * Banco de Galicia y Buenos Aires SA

SCHRODERS and AB Asesores are to launch the sale of stock in Funespaña, the Spanish funeral company. The deal should raise Pta8.5bn ($50m) through the sale of shares to international and domestic institutional investors. Some 30% of Funespaña's equity capital will be sold through the sale of primary and secondary shares. Selling shareholders include the majority owner Dinamia, the domestic venture capital group.

* Caisse de Refinancement Hypothécaire Rating: Aa1/AAA (Moody's/Fitch IBCA)

LEADING private sector Turkish financial institution Türkiye Garanti Bankasi has launched a bond buyback offer, with the bank tendering to repurchase up to $100m of its $350m 9.375% October 15, 2002 Euro/144A issue. That issue was launched on a fiduciary basis via Garanti's Cayman Island-registered SPV, Pera Financial Services Co, in early October 1997 -- before the Asian and Russian financial crises hit the emerging market debt sector.

* European Investment Bank Rating: Aaa/AAA

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