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INTERNATIONAL demand for east European equities rebounded this week with the successful Z150m ($43m) sales of shares in Polish construction company Exbud. The deal was three times oversubscribed and lays the foundations for several larger offerings from the region. Lead manager Nomura priced and executed the sale at Z30 ($8.48 per GDR) through a combined offer of shares and global depository receipts. Some 5m new shares were sold, representing around 33.3% of the company's enlarged capital.

* European Investment Bank Rating: Aaa/AAA

THE REPUBLIC of Italy took the markets by storm this week when it launched a breathtaking Eu4bn deal, at $4.4bn equivalent the largest fixed rate Eurobond ever.

THE REPUBLIC of Italy took the markets by storm this week when it launched a breathtaking Eu4bn deal, at $4.4bn equivalent the largest fixed rate Eurobond ever.

Mexico Arranger BT Alex Brown, BancAmerica Robertson Stephens and Citicorp Securities have launched syndication of the $100m term loan at 87.5bp over Libor for Tubos de Acero de Mexico SA (Tamsa).

* Banque Générale de Luxembourg Amount: Lfr2bn subordinated debt

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Egypt Syndication of the $11.5m amortising term loan facility arranged by Bayerische Vereinsbank for the Export Development Bank of Egypt has closed oversubscribed. The arranger has brought in five co-lenders. They are Creditanstalt, Erste Bank, Gulf International Bank, ING Barings and Misr Europe.

THE US stockmarkets remained cautiously optimistic this week after a sustained rally on Wall Street. Following two days of record highs by the Dow Jones which reached 8314.55 on Wednesday, stocks started weaker yesterday (Thursday), initially losing some 70 points. By the close of the market however, stocks had soared again to reach 8369.60. While acknowledging that the continued threat posed by the problems experienced in Asia remained, several banks agreed that it remained under the surface and was not directly deterring investors.

* Fitch IBCA this week added further pressure to the ratings outlook for the Russian Federation with the news that it had placed its BB+ rating on negative RatingWatch.

Ghana Standard Bank London and the Commonwealth Development Bank have arranged a $42.5m project finance loan for Glencar Mining which will finance the development of Glencar's Wassa gold mine.