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* International drinks and food group Diageo looks set to sign its $5bn MTN programme imminently. Neither Diageo nor arranger Morgan Stanley would comment, but the programme may be signed as early as today (Friday).

Market report Compiled by Glenn Blackley, RBC DS Global Markets, London. Tel: +44 171-865 1759

NOMURA is to shortly announce the lead manager for its divestment of William Hill, the UK betting shop group. Several potential candidates have been earmarked but the frontrunner is Deutsche Bank. The Japanese bank is selling the group in a stockmarket flotation which will result in the group obtaining a listing in London. It purchased the company, which operates betting shops throughout the British Isles, last year from the then diversified leisure group, Brent Walker, where it was one of the few profitable entities owned by the ailing holding company.

PETROBRAS, the Brazilian state oil firm, has mandated an eight strong group to structure the financing for the company's planned $2bn oilfield development in the Campos Basin, off the Brazilian coast. The arranging group comprises ABN Amro, ANZ Investment Bank, BoT-Mitsubishi, Chase Manhattan, Credit Suisse First Boston, Fuji Bank, Marubeni Corporation and Mitsui.

SALOMON Smith Barney was last night (Thursday) due to price a four tranche $1bn offering by Petrodrill Offshore Inc, a mostly Brazilian sponsored joint venture to fund the construction cost of drilling rigs for Petrobras, the national oil concern. The deal will include a $200m floating rate first priority secured note due 2003; a $300m A tranche due 2005 and a $330m B tranche due 2008, all of which are rated BB-.

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* IMI Bank Luxembourg SA Amount: Z300m

* Südwestdeutsche Landesbank Girozentrale Amount: Rb200m (fungible with Rb100m issue launched 16/06/98. Principal and interest payable in DM)

HOPES OF AN END to Russian inspired volatility in the emerging markets received a setback this week when Fitch IBCA downgraded its BB rating for the Russian Federation to BB-. However, bankers in London say the blow is unlikely to add to the woes of Russian Eurobonds, whose trading spreads were already under pressure as a result of weak investor sentiment towards Russia.

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Norway Den norske Bank has launched general syndication of the Nkr500m five year term loan for Sandes Sparebank. In retail, lead managers are offered 8bp for Nkr100m commitments, managers 6.5bp for Nkr75m commitments and participants 5bp for Nkr50m commitments.

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