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THE CITY of Budapest should launch its debut Eurobond next week, an expected DM150m five year issue. DG Bank has been mandated for the issue, which will be the first Eurobond from a municipality in central Europe. This is another coup for DG, which scooped the mandate for the Republic of Hungary's last major Euromarket foray: a DM500m Libor plus 37.5bp due 2003 offering launched in January that was increased to DM750m despite criticisms of tight pricing.

GLOBAL co-ordinator SBC Warburg Dillon Read this week launched the pathfinder prospectus for the sale of stock in Coca-Cola Beverages (CCB), the newly formed Coke bottler for the central European markets. With a full two weeks of roadshows to go, the book already looks in good shape with keen interest being shown in the shares from the investors that attended presentations.

CANADA launched a DM4bn 10 year global transaction this week, setting a benchmark in the European currency markets ahead of Emu and moving away from its strategy of raising funds in the global dollar bond market. Launched at 15bp over the Bund curve by Credit Suisse First Boston and Deutsche Bank, the deal marked the sovereign's return to the Deutschmark sector after a 16 year absence and is its largest ever foreign currency issue.

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GOLDMAN Sachs and SBC Warburg Dillon Read have executed a $687m (face value) sale of convertible bonds on behalf of Ciba Specialty Chemicals, the Swiss quoted chemicals group spun-off from Ciba Geigy last year. The offering plugged into the still strong demand for equity-linked paper which has been growing steadily in continental Europe, despite the richest quarter on record for convertible new issues.

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GERMAN mortgage banks are set to make substantial inroads into the US investor base following DePfa's establishment of a global Pfandbrief facility with the US SEC. DePfa has long been at the forefront of internationalising the jumbo Pfandbrief market and will inaugurate the facility with a DM3bn to DM5bn five or 10 year issue in mid-July. The facility was developed jointly by DePfa and Goldman Sachs and is modelled on the frequent issuer status that DePfa enjoys in Germany. Under the US facility, the borrower is committed to supplying to the SEC on a timely basis any information it is required to disclose in Germany.

Croatia Arrangers Banque Nationale de Paris, Creditanstalt AS and Dresdner Bank AG will shortly be approaching co-arrangers for the DM70m facility for Hrvatska Banka za Obnovu i Razvitak (HBOR). The three year term loan is priced at 82.5bp over Libor and is guaranteed by the Croatian ministry of finance.

DRESDNER Kleinwort Benson signalled its intention to improve it position in the international capital markets this week when it appointed TJ Lim as co-head of global markets. Based in London, Lim will share overall responsibility for global markets with Erich Pohl and Heinrich Linz, who will continue to be based in Frankfurt. He will focus on the development of Dresdner's international business. Lim will report to Leonard Fischer, member of the board of managing directors of Dresdner Bank, as well as to Gerd Haeusler, also member of the board of managing directors of Dresdner Bank AG and chairman of the investment banking board of Dresdner Kleinwort Benson.

CSFB and IMI will complete the fourth sale of shares in the Italian oil and gas group Eni this weekend, and the lead managers have attracted generous praise for what bankers expect to be a successful conclusion to the offering. Given the unpredictable state of the Europe's stockmarkets, which have seen continental bourses move up and down by an average of about 1% each day for the last three weeks, the most difficult type of deal to execute is a large secondary placement of an already traded, highly liquid stock.