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THE GREEK government has announced that CSFB, Salomon Smith Barney and National Bank of Greece will lead the forthcoming sale of shares in Hellenic Telecom (OTE). HSBC will act as co-global co-ordinator. The sale, planned to begin in October for completion the following month, will raise between $2bn and $2.5bn through the sale of some of the government's stake as well as a capital increase of primary shares.

GENERAL syndication will close early next week for the offshore debt tranches of the $2bn Shandong Guangzhou Power Company project financing -- China's largest limited recourse deal to date. Arrangers Greenwich NatWest (ECGD agent), IBJ Asia (bookrunner and financial model agent) and SG Asia (global facility agent, technical bank and bookrunner) expect the final number of banks coming into the deal to be small at around 10.

THE RUSSIAN FEDERATION this week capitalised on news of a long awaited financial agreement with the IMF to launch its most ambitious international bond financing yet, an exchange and bond offering likely to total at least $3bn in size.

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THE RUSSIAN FEDERATION this week capitalised on news of a long awaited financial agreement with the IMF to launch its most ambitious international bond financing yet, an exchange and bond offering likely to total at least $3bn in size.

* Inter-American Development Bank Rating: Aaa/AAA

Finland Deutsche Bank, Enskilda Debt Capital Markets and Merita Bank have signed the DM450m multicurrency revolving credit for Rauma Corporation, Rauma USA and Rauma Asia-Pacific.

* Associated British Ports Holdings plc Guarantor: ABP (Aldwych) Ltd, Grovesnor Waterside (Holdings) Ltd

THE PORTUGUESE market continues to produce a wide variety of equity for international and local investors and analysts say that Lisbon is attracting strong levels of interest from buyers looking for the next emerged European stockmarket. "Although the market has put in a good performance with the rest of the continent, there are still quite a few undervalued companies out there," said one salesman.

* Dresdner Finance BV Guarantor: Dresdner Bank AG

Lehman Brothers has arranged a $1.4bn facility for P&L Coal Holdings Corp. The loan is split into a $480m six year revolver, a $270m six year term loan and a $650m eight year term loan. Pricing is based on the company's total debt to Ebitda ratio. The Prime margin range for the six year loans is 50bp to 125bp, the Libor margin range is 150bp to 225bp and the commitment fee range is 37.5bp to 50bp. The Prime margin range for the eight year term loan is 100bp to 137.5bp and the Libor margin range is 200bp to 237.5bp.

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