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* Commerzbank AG Rating: Aa2/AA-

BancBoston Securities, NationsBanc Montgomery Securities LLC, TD Securities (USA), BankAmerica Robertson & Stephens and Chase Securities have launched a secured $1.5bn facility for Falcon Holdings Group LP. The loan is split into an eight year $650m revolver, a nine year $200m term loan, a 9-1/2 year $300m term loan and a $350m acquisition facility, the terms of which will be negotiated at a later date.

Simon Treacy has been made head of loan distribution at Chase Manhattan. Treacy takes over from Edward Brown who left the bank in April to work for Grant Johnson at Credit Suisse First Boston. Treacy reports to Don McRee.

A CONSORTIUM led by Merrill Lynch shocked the international equity markets this week by putting in a record low fee bid of just 45bp to snare the mandate to sell $6bn worth of Petrobras shares owned by the Brazilian government. The fee is the lowest ever for an international equity public offer. Although mandates to sell shares to strategic buyers have been as low as 2bp, the 45bp fee is less than half the all-time low fee bid for a Latin public sector mandate: the 1.15% fee CSFB put on its sale of Petrobras shares in 1997.

A CONSORTIUM led by Merrill Lynch shocked the international equity markets this week by putting in a record low fee bid of just 45bp to snare the mandate to sell $6bn worth of Petrobras shares owned by the Brazilian government.

RUSSIA confounded the international capital markets this week by launching a $1.25bn five year bond, just days after the Russian authorities were forced to triple interest rates to 150% to bolster the beleaguered rouble and Moody's downgraded the sovereign's debt to B1. The deal was sole managed by Goldman Sachs which scooped the mandate amid fierce competition.

THE RUSSIAN Federation stunned bond markets this week, launching a $1.25bn five year Euro/144A offering that proved a blow-out success at launch. The deal was sole managed by Goldman Sachs, which beat off at least nine rivals to sole manage the high risk, high profile transaction.

THE RUSSIAN Federation stunned bond markets this week, launching a $1.25bn five year Euro/144A offering that proved a blow-out success at launch. The deal was sole managed by Goldman Sachs, which beat off at least nine rivals to sole manage the high risk, high profile transaction.

Finland Arrangers Banque Nationale de Paris and Merita Bank Ltd have launched the $100m revolving credit for Amer Group Ltd into the market. Proceeds on the three year faci-lity priced at 45bp over Libor will be used for general corporate purposes and to refinance existing bilaterals.

LEAD managers Credit Suisse First Boston and JP Morgan will today (Friday) complete the roadshow supporting the Republic of South Africa's debut euro denominated offering -- set to be the first transaction in the single European currency by an African issuer. Following presentations in Milan, Zurich, Luxembourg, Frankfurt and Paris earlier in the week, the final leg will be held in London.

THE SWISS equity market is preparing for its largest IPO to date with the privatisation sale of shares in Swisscom, the national telecoms operator. This week the government and the company confirmed that stock will be offered to domestic and international institutional investors in the fourth quarter of 1998. The deal, which was mandated to SBC Warburg Dillon Read and JP Morgan last year, involves the sale of up to 49.9% of Swisscom -- of which a significant proportion will be sold to the domestic retail market.

SGS THOMSON, the Franco-Italian micro-electronics firm, this week braved difficult market conditions to execute a $2bn sale of stock and a $400m sale of liquid yield option notes (Lyons). Morgan Stanley Dean Witter, Lehman Brothers and Deutsche Morgan Grenfell led the stock offering, while Merrill Lynch acted as lead manager for the Lyons equity-linked offering.