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THE GERMAN equity market is set to host a wide variety of flotations by the end of the year if market conditions stabilise and issuers modify their pricing expectations. According to one German banker: "This market, more than any other in Europe, has been powered by the huge number of small cap and high growth companies which were able to access equity capital through the second tier markets."

Brazil ABN AMRO is considering alternative structures for its $400m refinancing for VBC Energia.

* Kredietbank Luxembourg Amount: Lfr2bn subordinated debt

MARKET opinion is sharply divided on the saleability of a planned $1bn 30 year global bond for Ford Motor Company, following an extensive roadshow by the company in Europe this week. As a result of the roadshow, which involved more than 75 investors, officials at A1/A rated Ford believe there is sufficient demand for the issue -- which would be the first global bond by Ford Motor Company, rather than its Ford Credit affiliates.

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Oman The co-arranging phase of the $100m three year revolving credit for the Commercial Bank of Oman should close over the next few days.

DUTCH telecommunications group Koninklijke KPN NV has signed a $2bn Euro-MTN programme and announced its intention to inaugurate the facility with a large Eurobond denominated in a major European currency when market conditions allow. The issue will be proceeded by a European roadshow. Programme arranger ABN Amro has been mandated to lead manage the transaction alongside Warburg Dillon Read.

INSURANCE RISK securities are providing fresh encouragement for professionals in both the insurance and capital markets who look forward to fundamental changes in the way corporate risk is allocated and distributed. Willy Hersberger, head of corporate marketing at Swiss Re New Markets, believes a new corporate risk financing market is evolving. "It is a market in which integrated risk financing solutions are shaped by blending both traditional and non-traditional insurance products, banking instruments, and capital market solutions," he wrote earlier this year.

* Merrill Lynch is to run the spin-off of Drott, the property arm of Swedish construction group, Skanska. The process will involve a straight share distribution to existing Skanska investors although there will be some scope to redistribute shares to new international and local Swedish investors.

Market commentary Compiled by Glenn Blackley,

Belgium Barclays and KBC are planning a presentation of the Bfr2.5bn credit facility backing the LBO of Alro Holdings on September 18.

BANK OF Tokyo-Mitsubishi and Dai-Ichi Kangyo Bank both postponed planned collateralised loan obligations this week as investors reeling from emerging market shocks demanded wider spreads. The deals suffered even though they are fully delinked from the banks' credit risk, and backed, in BTM's case, entirely by loans to US corporates which are not subsidiaries of Asian companies.