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EUROLOAN participants with exposure to Russia face an uncertain future after the Russian government announced a 90-day debt moratorium on foreign commercial credits on Monday. Arrangers of the $200m pre-export financing for Gazprom -- Bayerische Landesbank, Chase Manhattan, General Banking Trust (Altalanos Ertekforgalmi Bank), ING Barings, MKB and OTP -- are testing market sentiment before deciding whether to shelve the deal or restructure and go ahead.

FINLAND looks set to be at the centre of investors' attention over the next few months, as the government prepares the launch of two key privatisations -- of oil and electricity group Fortum (the former IVO-Neste) and telecom operator Sonera. Morgan Stanley Dean Witter and Warburg Dillon Read are leading the Fortum sale, which should raise around $1bn through the flotation of some 25% of the company.

* General Electric Capital Corp Rating: Aaa/AAA

THE THREAT of a potentially hectic period of French privatisation activity in the remaining months of the year has eased with the news that the partial privatisation of Air France has been put back until 1999. Yesterday the transport ministry confirmed that the sale, originally scheduled for the autumn, would not go ahead until the first quarter of next year.

* DePfa Bank Rating: Aa3/AA

HAS THE searing summer heat wave been scrambling the brains of some market traders? The rumours late last week that Deutsche Bank was about to make a knockdown bid for JP Morgan can surely only be the result of an excessive intake of magic mushrooms or other illegal substances. Just to add more spice to the magic mushroom salad, the rumour mill then suggested that Credit Suisse might also want to put its slippers under JP Morgan's bed.

Arranger ANZ Investment Bank has launched general syndication of a $25m facility for Tata Electric. Proceeds will be used for general corporate purposes.

A PROPOSED restructuring of Russia's domestic debt, the de facto devaluation of the rouble on Monday and further downgrades by the rating agencies of the country's debt combined to create the worst possible scenario for underwriters desperately trying to be bullish about the fourth quarter. Rumours on Thursday of a possible devaluation of the Venezuelan bolivar and the consequent dramatic spread widening across emerging market bonds moved to the high grade markets, and gave rise to doubts that any kind of stability would return in the near term.

Domestic issuance: * Centrobanca

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