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Croatia Banque Nationale de Paris, Creditanstalt and Dresdner Bank Luxembourg have launched general syndication of the DM70m three year revolving credit for HBOR.

* Kingdom of Denmark Rating: Aa1/AA+

FOLLOWING last week's successful sale of stock in Egyptian investment bank EFG Hermes via Merrill Lynch, bankers say that investor confidence in the Middle East is growing. Although this week's stockmarket correction has added a general tone of caution, there should still be pockets of interest for the right story at the right price. A small trickle of new equity deals is set to emerge from the Middle East and North Africa in the coming quarter, with some transactions materialising after being postponed earlier this year.

Hungary * Pannonlizing Trading & Services Rt

FANNIE Mae created the largest single non-government bond this week when it reopened its $4bn April 2003 bonds for a further $3bn. The reopening, lead managed by Credit Suisse First Boston, Goldman Sachs and Morgan Stanley Dean Witter, adds a new dimension to the Benchmark Note programme which the US agency launched at the beginning of this year.

THE FIXED rate dollar market may continue in the doldrums next week, but the FRN sector will be enlivened by a $1bn five year global bond by GMAC. HSBC Markets and Lehman Brothers will be awarded the mandate today (Friday) and the issue should be launched early next week.

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WINNERS of the bid to arrange a £700m credit for the UK's Railtrack will be announced by the end of today (Friday). Railtrack is insisting on secrecy -- a government committee has to approve the winning banks before any official announcements can be made. However, Euroweek has learnt that four banks will jointly arrange the facility. They are likely to be Barclays, Deutsche, HSBC and JP Morgan.

* Deutsche Ausgleichsbank Guarantor: Federal Republic of Germany

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GAZPROM is to return to the international syndicated loan market through a $200m credit arranged by Bayerische Landesbank, Chase Manhattan, General Banking Trust (Altalanos Ertekforgalmi Bank), ING Barings, MKB and OTP. The loan will carry a margin of 400bp over Libor -- much more than it paid nine months ago on its $3bn jumbo pre-export finance facility arranged by Dresdner and Crédit Lyonnais. That facility carried a margin of 175bp over Libor.

* International August 6,Finance Corp Rating: Aaa/AAA