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SOUTH African Breweries (SAB) is to seek a London listing this year as a prelude to an international expansion programme. This follows last week's news that Robert Fleming and Dresdner Kleinwort Benson will launch the sale of stock in SanLam, the country's second biggest life assurance group, in the third or fourth quarter of 1998. However, the sales may not have a smooth passage to the market. Emerging market salesmen bemoan the current instability in world stockmarkets, which is likely to inhibit, or even derail the flow of South African equity to international investors.

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THE MALAYSIAN government yesterday (Thursday) appointed Salomon Smith Barney as financial adviser for a sovereign borrowing programme and to its bank recapitalisation agency Danamodal Nasional Berhad.

THE MALAYSIAN government yesterday (Thursday) appointed Salomon Smith Barney as financial adviser for a sovereign borrowing programme and to its bank recapitalisation agency Danamodal Nasional Berhad.

Denmark ABN Amro, Citibank and Bank of Tokyo-Mitsubishi plan to close the co-arranging phase of the $500m credit for Borealis, the Danish petrochemicals company, by the end of next week.

LAND Schleswig-Holstein has mandated Deutsche Bank and Merrill Lynch to arrange a DM6bn Euro-MTN programme in a move signalling its intention to expand its borrowing operations into the international capital markets. The state will become the second of the German Länder to set up a debt issuance programme following the establishment earlier this year of a similar facility for Land Sachsen Anhalt.

South African rand

HSBC HAS won the mandate to act as lead manager for the Turkish government's sale of stock in Erdemir, the government controlled steel group. By launching the deal in the next few weeks, the firm is attempting to revive international investors' appetite for Turkish stocks which was in evidence during the second quarter of the year. At that time, international buyers were grabbing at the wide variety of Turkish (and some Greek) stocks on offer from many of the region's highest quality corporates.

* Caisse d'Amortissement de la Dette Sociale

ARRANGERS of the $300m (increased from $250m) one year facility for Isbank will sign the transaction tomorrow (Friday). The borrower has taken an increase, as a result of the loan being well supported in general syndication and oversubscribed. The facility, at $300m, equals the record for the largest credit facility for a Turkish bank -- Isbank raised a $300m facility in late August 1997 (that was also increased from $250m) and Türkiye Garanti Bankasi $300m deal in early 1997.

* Great Belt AS Guarantor: Kingdom of Denmark

* Nederlandse Waterschapsbank NV Rating: Aaa/AAA