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THE CITY of Krakow may become the first municipal credit from Poland to issue a public Eurobond. Market participants expect the city to issue a DM70m transaction, with launch likely to take place in mid to late November.

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Egypt The information memos have been sent out for the 650MW Sidi Krir independent power project, sponsored by InterGen.

MERRILL Lynch this week successfully sold a 1% stake in the UK family controlled transport group, Stagecoach, in an accelerated marketed offering. This is the first time that the US firm has used this method of placing stock.

* Glaverbel, the Belgian glass maker, has withdrawn plans for a $130m convertible bond due to poor market conditions. The issuer, which has rarely used the equity capital markets was to launch its bonds in the next week, but pulled the transaction as the company felt its share price had fallen to unjustifiably low levels. The group is not alone. Dedicated convertible salesmen in London say that the number of issuers interested in coming to the convertible market has shrunk and that, as share prices remain vulnerable to market volatility, that it is unlikely that this situation will be reversed soon.

* Fannie Mae Rating: Aaa/AAA

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Bank of Tokyo-Mitsubishi has hired Stuart Levett as head of secondary loan sales and trading. Levett joins from Citibank where he was a member of the loan syndication and secondary sales team. He will report to John Reffell, head of syndications at Bank of Tokyo-Mitsubishi.

LEAD arrangers Merrill Lynch, Caixa Geral de Depósitos and Citibank have won the mandate to arrange a $1.3bn debt package backing Portugal Telecom's acquisition of Telebras, Brazil's leading telecom network. The loan, which is the largest credit facility ever for a Portuguese borrower, has a 364 day maturity. For the first six months, the facility carries a margin of 20bp over Libor, and 25bp thereafter. However, if Portugal Telecom's rating drops from A+ to A-, the margin increases by 10bp.

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