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MERRILL Lynch has launched the sale of stock in EFG Hermes, the diversified Egyptian finance group, aiming to buck months of bearish sentiment toward Middle Eastern equity markets. Recent stock sales such as that for the Lebanese construction group, Solidère, have been postponed on the back of declining interest in the emerging markets; bankers hope the appearance of EFG signals a recovery in sentiment toward the region.

Argentina * Republic of Argentina

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WHO THOUGHT that the once mighty Nomura had thrown in the Euro towel and sponge -- oh ye of little faith? Just because Wednesday's results were dire (but not quite as bad as Nikko's), and Nomura languishes in the sluices of the primary league tables, there is no need to look up the number of the local undertaker. With the intellectually and financially formidable Max Chapman in charge and stars such as Craig Schiffer and Andrew Asbury behind their desks, Nomura is quite capable of making a Euromarket charge at any time -- the bank is not interested in making the big US push it would need to figure once again at the top of the headline 'all international bonds' tables.

* Kingdom of Denmark Rating: Aa1/AA+

India Market participants believe Barclays Capital has received the mandate for a project financing for Bina Power Supply Co for the Bina Power Project.

* 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.