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* Banco Santander de Negocios Portugal SA Amount: Esc5bn

THE RUSSIAN authorities this week increased their Eurobond funding target for 1998 to $6bn -- almost double the $3.5bn ceiling envisaged at the start of this year -- despite the country suffering a twin blow to its credit rating. Last Friday, Fitch IBCA cut its BB+ sovereign ceiling for Russia to BB and placed it on RatingAlert negative. On Tuesday, Standard & Poor's downgraded its Russia rating from BB- to B+ with a stable outlook.

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PROGRESS of the $1.5bn facility for Lukoil has been delayed again due to proposed changes in the Russian tax regime. Of the changes, the most drastic one blocks energy companies such as Lukoil from exporting until they have sorted out their tax arrears. It is another blow to the arrangers of the Lukoil facility -- ABN Amro, Citibank, Credit Suisse First Boston, Deutsche Bank and SG. They were mandated in early February but have been dogged by Russia's poor economic conditions.

SBC WARBURG Dillon Read this week launched the offering of shares in Helsinki Telephone, a deal that is expected to raise around $300m and will comprise the sale of primary and secondary shares. Although the deal is still at an early stage, the interest shown by investors in meeting the company's management has been extremely encouraging. The only obstacle on the horizon appears to be the massive run up in the company's share price, which was at FIM280 this week compared to FIM180 at the start of the pre-marketing period.

EUROPE'S GROWING asset backed market took another leap forward this week when Banca del Salento launched the first public securitisation of Italian mortgages. Lehman Brothers and Paribas ran the books jointly for the Lit365bn offering, which is the fruit of nearly a year's structuring work.

EUROPE'S GROWING asset backed market took another leap forward this week when Banca del Salento launched the first public securitisation of Italian mortgages. Lehman Brothers and Paribas ran the books jointly for the Lit365bn offering, which is the fruit of nearly a year's structuring work. Banca del Salento is a medium sized private bank based in the Apulia region, and one of the most profitable in southern Italy.

Denmark ABN Amro and Crédit Lyonnais have launched general syndication of a Dkr2.4bn,10 year loan for Mobilix, the Danish telecoms subsidiary of France Télécom. The debt will be used for to expand the company's network. Finland

THE SLOVAK Republic is to launch a Euromarket financing of up to $1bn equivalent next week in a move that should enable the embattled country to set simultaneous benchmarks in three of the world's major currencies. Denominated in dollars, Deutschmarks and yen, the bond financing package will also represent the sternest possible test of investor sentiment towards a country that has been plagued by economic and political uncertainty over the past year. The ambitious transaction will mark the first occasion on which the Slovak Republic has tapped the international bond markets in its own name -- previous transactions have been conducted via the country's central bank, the National Bank of Slovakia.

Market commentary Compiled by Tawanda Nyandoro, RBC DS Global Markets, London. Tel: +44 171-865 1087

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* Deutsche Pfandbrief- und Hypothekenbank AG Rating: Aa3