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Joint bookrunners Deutsche Bank and Paribas will today (Friday) finish roadshowing the debut euro transaction for the Republic of Turkey. Given the B1/B rated sovereign's sizeable $3bn international bond fund requirement in 1999, next week's issue will provide an important indicator of whether Turkey has successfully secured wider investor sponsorship in Europe beyond its traditional retail audience in Germany. "We are an established name in the German market and we want to carry the positive features of that into the euro market," said Aydin Karaöz, director general of foreign economic relations at Turkey's undersecretariat of the treasury. Karaöz is leading the team of senior Turkish finance officials hosting the investor presentations in support of the transaction.

Royal Bank of Scotland has launched syndication of the debt facility backing Baxi's acquisition of Ocean Idroclima of Italy. A bank meeting was held on Monday to mark the launch at which a small number of banks attended. A total of $45m is being sold down with a margin of 80bp over Libor that ratchets down, based on a debt-to-Ebitda ratio.

High grade corporates rushed to the US bond markets this week to take advantage of strong demand from investors clamouring for spread product. More than $5bn worth of bonds were priced in the investment grade market alone this week, including the $2bn Ford Motor Co and $1bn JP Morgan global bonds (see opposite).

The US equity markets enjoyed a lull in issuance this week, following weeks of frenzied activity. The holiday-shortened week witnessed fewer new IPO registrations, but several companies filed for secondary offerings. Pinnacle Holdings succeeded with its second attempt at an IPO this week, raising some $280m. The Florida-based company postponed its flotation last July when the markets soured, but yesterday (Thursday) lead manager BT Alex Brown got the deal away, coinciding with a sharp rally in the US markets.

* Abbey National Treasury Services

* Bank of Western Australia Ltd Guarantor: State of Western Australia

Abbey National this week launched a jumbo mortgage backed bond that bankers say heralds the arrival of securitisation on the centre stage of the UK mortgage market.

Abbey National this week launched a jumbo mortgage backed bond that bankers say heralds the arrival of securitisation on the centre stage of the UK mortgage market.

A NUMBER OF high quality central European companies are shortly preparing to come to the international equity capital markets, shrugging off investor concerns about the state and progress of the region's economies. This week disappointing macroeconomic data dented confidence about the prospects for stable and sustained economic growth in Hungary, which affected the performance of several stockmarkets such as Warsaw, Budapest and Tallinn.

ALSTOM has finally given permission to Banque Nationale de Paris, Chase Manhattan and HSBC to launch its debut Eu1.5bn facility to co-arrangers. For over three weeks, the market has been waiting for the jumbo facility while the borrower agreed the term sheet.

The republic of Argentina launched a blow-out $1bn global bond with warrants this week, providing much needed evidence that investors are willing to support the country’s large borrowing needs — provided it pays up.

The French government will shortly announce the lead banks for the sale of the newly formed entity born from the merger between state owned Aérospatiale and the Matra defence unit of Lagardere Group. Lagardere is paying $342m for a 33% stake in the group, and an additional 20% will be floated in the first half of this year.