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NOMURA this week completed an $80m private placement of shares in Banque Morocaine du Commerce Exterieur (BMCE), bucking the recent trend of Middle Eastern equity deals that have been cancelled or postponed. In addition to being lead manager, the Japanese bank was also the vendor of the shares, which represented a 7.8% stake in the leading private sector bank in Morocco.

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POWERGEN, the UK electricity generator, is to launch a £2.4bn credit that will set a new, higher pricing benchmark in the UK acquisition market -- a trend likely to be repeated in other loan sectors following the wholesale disappearance of Japanese lending institutions.

POWERGEN, the UK electricity generator, is to launch a £2.4bn credit that will set a new, higher pricing benchmark in the UK acquisition market -- a trend likely to be repeated in other loan sectors following the wholesale disappearance of Japanese lending institutions.

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LAND Sachsen-Anhalt this week launched the first rated issue for a German state, a DM2bn 10 year Euro-Asian bond lead managed by Deutsche and Goldman Sachs. Previous issues for individual German states and the collective Länder jumbos have all been unrated. Sachsen-Anhalt was recently awarded a Aa3 rating by Moody's and a AA- rating from Standard & Poor's.

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Finland Deutsche Bank, Enskilda Debt Capital Markets and Merita have closed general syndication of the speedily arranged DM450m multicurrency revolving credit for Rauma Corporation, Rauma USA, and Rauma Asia-Pacific. The deal was well supported in general syndication and has been oversubscribed. However, the borrower has decided against increasing the size of the facility. Signing will take place in mid July.

SES IPO heads for blow-out as growth story lures demand LEAD MANAGERS Deutsche Bank, Dresdner Kleinwort Benson and Morgan Stanley Dean Witter will today (Friday) execute their global offer of shares in Société Européenne des Satellites (SES).

LEAD MANAGERS Deutsche Bank, Dresdner Kleinwort Benson and Morgan Stanley Dean Witter will today (Friday) execute their global offer of shares in Société Européenne des Satellites (SES). Investor interest in the deal has blossomed steadily since the company announced at the beginning of this year that it was planning to float. "This kind of story makes a change from the large state sales which have recently run into investor fatigue," said one salesman.

SIRONA Dental Systems, one of the world's leading manufacturers and suppliers of professional dental equipment, this week priced its DM170m high yield bond. The issue was launched without US registration rights in a move illustrating the growing depth of the European investor base for sub-investment grade corporate debt. Proceeds from the deal will refinance a DM170m bridging loan which formed part of the financing for the management buy out of Sirona Dental Systems from Siemens. Launched at a spread of 440bp over Bunds the deal was priced at the lower end of the official price talk. This was an achievement given the difficult market environment, claimed lead manager Warburg Dillon Read.

Market commentary Compiled by Tawanda Nyandoro, RBC DS Global Markets, London. Tel: +44 171-865 1087