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* European Investment Bank Rating: Aaa/AAA

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* Banque et Caisse d'Epargne de l'Etat Luxembourg Amount: Lfr2bn subordinated debt

THIS week's cancellation of the sale of stock in Koç Holdings through lead managers Goldman Sachs and Global Securities provided a sharp reminder that the appetite of emerging market investors has been sharply reduced. Several large institutional buyers are sitting on substantial dollar losses after their investments in the developing markets of central and Mediterranean Europe have been eroded this year. The deal was pulled ostensibly because the book of demand (which was reported to be twice oversubscribed) could not be reconciled to the issuer's requirements for price. As one of the most prestigious companies in Turkey, Koç was expected to appeal to a range of accounts as a proxy for the country. Koç's activities are spread among many areas of consumer and manufacturing business.

Bahrain General syndication has closed on the $400m loan for Aluminium Bahrain (Alba) arranged by Al-Ahli Commercial Bank, Arab Banking Corporation, Arab National Bank, Chase Manhattan, SG and Sumitomo Bank. All arrangers took $26,388,889 each.

RENEWED interest in the US new issue market was symbolised this week by the relaunch and pricing, on Tuesday, of the IPO for National Equipment Services. The deal had been postponed by bookrunner Salomon Smith Barney on June 11 following one of the worst weeks experienced so far this year on Nasdaq.

* Nordic Investment Bank Rating: Aaa/AAA

THE GREEK government has announced that CSFB, Salomon Smith Barney and National Bank of Greece will lead the forthcoming sale of shares in Hellenic Telecom (OTE). HSBC will act as co-global co-ordinator. The sale, planned to begin in October for completion the following month, will raise between $2bn and $2.5bn through the sale of some of the government's stake as well as a capital increase of primary shares.

GENERAL syndication will close early next week for the offshore debt tranches of the $2bn Shandong Guangzhou Power Company project financing -- China's largest limited recourse deal to date. Arrangers Greenwich NatWest (ECGD agent), IBJ Asia (bookrunner and financial model agent) and SG Asia (global facility agent, technical bank and bookrunner) expect the final number of banks coming into the deal to be small at around 10.

THE RUSSIAN FEDERATION this week capitalised on news of a long awaited financial agreement with the IMF to launch its most ambitious international bond financing yet, an exchange and bond offering likely to total at least $3bn in size.

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