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LEAD managers CSFB and IMI have launched the sale of stock in Eni, the fourth government divestment in the Italian oil and gas group attempted in the last three years. The authorities will slim their current shareholding of around 51% of the company to 38% through the sale of 1bn common shares. After one week of bookbuilding the Italian state and its bankers have indicated the tranche sizes. It revealed that some 750m shares are to be targeted at local retail investors, 90m will go to Italian institutions, 65m to US institutions, 55m to UK buyers and 40m to accounts in the rest of the world. The deal also has a 97.5m greenshoe option.

ING Barings has hired John Percival in its loans syndication team, reporting to Michael Clarke, head of syndications for Europe, the Middle East and Africa. Percival joins from UBS where he worked most recently as a member of the bank's asset sales and trading team focusing on loan sales.

Guarantor: Philip Morris Companies Rating: A2/A

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* WestLB Finance Curaçao Guarantor: Westdeutsche Landesbank Girozentrale

GOLDMAN Sachs, ABN Amro Rothschild and BPI this week launched the Esc450bn ($2.45bn) sale of stock in Electricidade de Portugal (EdP), the Portuguese electricity utility that was floated last year. The government, which is selling 120m ordinary shares to cut its stake from 70% to 52%, is hoping for a repetition of the success of the IPO.

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THE RUSSIAN Federation launched its largest ever international bond this week -- a $2.5bn 30 year puttable offering, which marked yet another gutsy raid on overseas markets by the B1/B+/BB rated sovereign.

THE RUSSIAN Federation launched its largest ever international bond this week -- a $2.5bn 30 year puttable offering, which marked yet another gutsy raid on overseas markets by the B1/B+/BB rated sovereign.

TETLEY, the world's second largest producer of tea-bags, shocked the equity markets this week by dropping its planned flotation just a few weeks after the proposal was announced and SBC Warburg Dillon Read was appointed for a transaction expected to value the company at £400m. The company's management was disappointed by the likely price of the flotation and believed the stockmarket would undervalue the group, which was acquired from Allied Donecq three years ago in a £180m management buy-out.

SALOMON Smith Barney this week won the highly coveted mandate to sell the remaining 20.3% stake in YPF held by the Argentine government by offering the lowest ever fees for an Argentine equity issue. Salomon, along with consortium partner BBV-Banco Frances, was chosen from a short list of top underwriters by bidding fees of just 0.234% for the deal, which, with a YPF ADR price of $30 and 71.6m shares on offer, is expected to raise about $2.15bn.

Finland Deutsche Bank, Enskilda Debt Capital Markets and Merita are looking to wrap up general syndication of the DM450m multicurrency revolving credit for Rauma Corporation, Rauma USA and Rauma Asia-Pacific early next week. Appetite has been strong with a healthy oversubscription. The borrower is unlikely to increase the facility so allocations will be scaled back.