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GLOBAL co-ordinators Merrill Lynch and Merita are preparing to launch the sale of stock in Sonera, the renamed Finland Telecom, and are due to hold beauty contests for the appointment of a selling syndicate in the next few days. The timing of the offering will largely depend on the authorities' decision concerning the sale of shares in the merged oil, gas and electricity entity, IVO Neste.

* World Bank Rating: Aaa/AAA

* Landwirtschaftliche Rentenbank Rating: Aaa/AAA

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* Abbey National Treasury Services Guarantor: Abbey National plc

* Province of British Columbia Rating: Aa2/AA

DESPITE months of delays due to volatility in the emerging markets debt sector, Russia's regions and republics are on course to launch a concerted assault on the Euromarkets this summer. Among the first issues likely to emerge is a $250m-plus three to five year offering for the Republic of Tatarstan via ING Barings towards the end of June. Tatarstan has a sovereign ceiling Ba3 rating from Moody's and is expected to secure a BB- rating from Standard & Poor's shortly.

WITH many continental markets closed for business on Thursday and the UK and US looking forward to a long weekend, activity in the core markets was thin. Some uncertainty over whether the FOMC would raise US interest rates put a further brake on issuance, but US trade data, German money supply figures and no change in US rates pushed government bond markets higher. With Asia still causing concern and dollar buying at an all-year low, it was a brave issuer that tapped the markets this week.

* Commerzbank AG Rating: Aa2/AA- Amount: $500m

MOST NEW issues had a rough time in the mixed market conditions in the US this week. The jittery mood on Wall St as well as the volume and size of the deals being attempted meant a number of deals had to be postponed. For now the pipeline remains busy, with several large deals expected over the coming months. But investors, it seems, have become more choosy about what they buy.

LAUNCH of the Republic of Turkey's Lit250bn-Lit300bn five year Eurobond has been held over until later this month. The distraction of religious holidays in Turkey and Europe this week and spread volatility in the emerging market debt sector caused the delay. Lead managers Banca Commerciale Italiana and JP Morgan have secured approval from the Bank of Italy for an extension to the issuance deadline which expired on Wednesday to give them more time to prepare the ground for the transaction. Price talk is in the 350bp area over lira swaps.

Investcorp's financing of the acquisition of Welcome Break from Granada was a victory for innovation in the face of accepted market wisdom. The solution -- a securitisation involving debt maturities out to 20 years, all backed by non-contractual cashflows -- was astonishing.