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THREE IPOs in the coming weeks may provide convincing testimony to the recovery of new issue volumes in Germany's Neuer Markt and the rising interest from retail and international investors. Although the market never suffered a total collapse in demand -- and the steep associated corrections in stock prices -- the supply of new companies heading for a listing has dried up over the last weeks.

* Beresford, the UK manufacturer of kitchen equipment, is considering a listing for its stock in New York. The group is looking at ways of enhancing shareholder value.

* Bayerische Landesbank Rating: Aaa/AAA

LEAD MANAGER Warburg Dillon Read has completed a highly successful offering of shares in Panafon, the leading Greek mobile phone company. The sale triumphed despite market practitioners' warnings that international investors would have little appetite for a deal from an emerging market. This pessimism had already been proved misplaced two weeks ago when CSFB, National Bank of Greece and Salomon Smith Barney completed the sale of the government's shares in OTE, the national telecom operator. That deal defied all the odds and reached a successful conclusion after establishing a firm base of existing and new shareholders for the company's equity.

GLOBAL co-ordinators Banque Paribas and BNP appear to be on course for success with the privatisation sale and convertible bond offering for France Télécom. The two firms have closed the books on the convertible with the level of demand far in excess of the number of bonds on offer.

* Südwestdeutsche Landesbank Girozentrale Rating: Aaa/AAA

MEXICAN oil giant Pemex is making the most of the sudden turnaround in the emerging markets, this week launching a $600m 10 put three year deal and beginning a roadshow for a $1.5bn multi-tranche securitised structure in the week ahead. The $600m deal, led by Morgan Stanley Dean Witter, was doubled in size and launched at a yield of 9.375%, or a spread of 477bp over three year Treasuries, tighter than its original yield guidance of 9.50% to 9.75%.

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Denmark Arrangers ABN Amro, Citibank and Bank of Tokyo-Mitsubishi have signed the $650m (increased from $500m) credit for Borealis. Some $715m was raised in syndication representing a 40% oversubscription with 23 banks joining the deal, 11 as co-arrangers with takes of $32.5m apiece for 11bp.

CONVENTUM, Morgan Stanley Dean Witter and Warburg Dillon Read have launched the Finnish government's $500m sale of stock in Fortum, the national energy utility formed as a result of the merger of the oil group, Neste, and the electricity group, IVO. As foreshadowed by Euroweek last week, the lead managers received the go-ahead from the government over the weekend and have started premarketing the deal to international and local investors.