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GLOBAL co-ordinator Robert Fleming is to launch the sale of stock in South African Breweries (SAB), the world's fourth largest brewer, next month. The UK firm was mandated to lead the prestigious offering last year in the face of fierce competition from US firms. The deal will raise around £200m through the sale of secondary shares listed in London and is likely to give SAB a market capitalisation of $3.6bn-$4bn. The transaction will assist SAB's expansion plans as, although the brewer will not raise funds through the deal, the London listing and increased investor awareness will improve its access to the international equity capital markets.

THE STRENGTH of demand for corporate paper was illustrated yet again this week with the launch of a highly successful Eu1.1bn five year transaction for Repsol, the largest oil company in Spain. Lead managed by BBV, Goldman Sachs and Invercaixa, the deal more than doubled in size between conception and execution.

Sweden ABN Amro (joint books and documentation agent) and Handelsbanken Markets (joint books and facility agent) have won the mandate to arrange a Eu225m five year multicurrency revolving credit facility for Swedish Match.

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* Landesbank Schleswig-Holstein Girozentrale Rating: Aa1/AAA (Moody's/Fitch IBCA)

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* Brixton Estate plc Amount: £100m

* Compagnie de Saint-Gobain SA Rating: A1/AA-

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CITIBANK, Commerzbank and Banco Central Hispanoamericano will wrap up general syndication of the Eu825m credit facility for Telefónica next week and, at the same time, decide how to accommodate the massive oversubscription raised in retail. Most observers expect the borrower to raise the loan to Eu1bn. That retail has been such as success will silence any critics of the deal -- some bankers had suggested the arrangers would struggle to raise the Eu225m required in general syndication. In the event, it would appear that some Eu400m has been raised.

* ING Groep will announce today (Friday) the results of the strategic review of ING Barings instituted by David Robins, shortly after he assumed his role as its chief executive on October 1.

BEFORE THE arrival of the single currency, European sovereigns enjoyed the benefits of being the benchmark issuer in their domestic currencies. Investors regarded their debt as the risk-free benchmark, their products were the most liquid available in the currency, and competition from similar credits was minimal. With the arrival of the euro, the market landscape has changed dramatically. Smaller and medium sized EU states now face many of the same challenges that non-sovereigns have long encountered. Behind the benchmark issuers, France and Germany, the remaining EU members now form the top tier of the new credit market.