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BRAZIL and the IMF yesterday (Thursday) looked to buy more time for themselves by making a joint statement to assure markets they would announce a multi-billion dollar package soon. Anxious not to end the annual IMF meeting without some formal response to talk of a $30bn IMF-instigated package for Brazil, the statement confirmed that the money was definitely there to back up the country's three year fiscal reform package, to be announced around October 20.

* World Bank Rating: Aaa/AAA

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GOLDMAN Sachs has successfully executed the DM102m sale of stock in Ixos Software AG. The group launched its stock on Nasdaq and the Neuer Markt this week and grabbed investor attention despite the turmoil in global stockmarkets generally and in the hi-tech sector especially. Some 530,000 primary shares were sold for the company, and two members of Ixos management disposed of 75,000 shares to pay down debt. The shares were sold at DM170, a level just under the mid-point of the DM160 to DM195 indicated price range.

Union Bank of Norway (UBN) has raised Nkr2.1bn ($289m) through a capital increase that defied weak market conditions and the negative sentiment which engulfs the financial sector. Merrill Lynch and Karl Johanfunds (the investment banking arm of UBN) recycled the rights to new international and local investors after taking the bank on a roadshow to introduce its story to institutions.

Domestic issuance: * Pfandbriefzentrale der Schweizerischen Kantonalbanken

ABN Amro has won the mandate to arrange a £45m project financing that will support the construction of the 98MW Heartlands power project in Birmingham. Financial close is scheduled for late December.

THE US corporate bond market was among the worst performing sectors this week, with investment grade paper widening out and the new issue market drying up once again. What bankers had hoped was a revival in the high grade new issue market over the last fortnight petered out this week as foreign exchange volatility and concerns that the US economy might even go into recession next year were added to investors' woes.

* Council of Europe Social Development Fund Rating: Aa1/AAA

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* Republic of Italy Rating: Aa3/AA

THE ELECTRICITY Generating Authority of Thailand (EGAT) successfully issued a $300m World Bank guaranteed bond this week, providing a much needed tonic for the emerging markets sector.