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WARBURG Dillon Read has been appointed global co-ordinator for the $400m sale of Neopost, the world's second largest manufacturer of franking machines. The company will be floated on the Paris market in September in what will be one of the largest corporate deals in the French equity markets over the next few months. New issue activity in the third and fourth quarter will be dominated by the government's privatisation programme. But investors will also have their pick of privately owned equity through sales such as Neopost.

* Merrill Lynch & Co Rating: Aa3/AA-

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* Deutsche Bank -- DB Ireland plc Guarantor: Deutsche Bank AG

India The mandate for the $75m yen equivalent refinancing for Indian Railway Finance Corporation looks set to be awarded to the joint bid by ABN Amro and State Bank of India. The debt will refinance an Asian Development Bank loan. Pricing is expected to be around 200bp over Libor.

ALTHOUGH half of the Euromarket seems to be away on vacation, we received more than a dozen calls regarding our friend and folklore hero, Stephen West, the man who has been a major contributor to the success of Warburg Dillon Read. Was he really about to leave and was it true that Edson Mitchell at Deutsche Bank was offering gifts worth $3m per annum? The answer, regrettably, is that we don't know exactly -- and as West is on holiday events may not unfold until his return. He has always played his cards close to the chest and makes the taciturn David Solo seem like a Ruby Wax-style 'Motormouth'.

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THE LATIN new issue market ground to a complete halt this week as spreads across the emerging markets moved out to levels not seen since the Mexican peso crisis in December 1994. Many investors and trading desks have pulled out of the market altogether. With the fears about Russia's financial predicament pulling the rest of the market down, the closely followed JP Morgan Emerging Market Bond Index Plus (EMBI+) hit a highest yield of 911bp on Wednesday from 575bp in mid-July -- the worst level since the 1994/95 Mexican crisis peak of 1924bp.

RUSSIA's woes and the disarray of stockmarkets globally made for a turbulent week in the bond markets. Bond and swap spreads widened dramatically. However, the unsettled background, and the seasonal slowdown, did not prevent a relatively active week. Lehman Brothers single-handedly accounted for $2.5bn of new one year debt -- described by some critics as league table plays -- as well as acting as joint bookrunner, with HSBC, on GMAC's $1bn global FRN. And if Lehman had league table aspirations in mind when launching the deals, the ploy worked -- it jumped two places in the international bookrunners table to eighth position.

Iceland Den Danske Bank and Landesbank Kiel have launched general syndication of the $75m multicurrency revolving credit for Islandsbanki.

* KfW International Finance Guarantor: Kreditanstalt für Wiederaufbau

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