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* The International Finance Corp will sign its Pta200bn domestic peseta MTN programme via Banco Santander de Negocios next week. Although the dealer group has not been officially confirmed it is likely to include the major Spanish banks and a few international houses which are active in the peseta market. A regular issuer in the Matador market, the IFC is following in the footsteps of other frequent issuers in the peseta market such as the EIB, the EBRD, SEK and the Council of Europe.

RAILTRACK HAS signed a $750m Euro-CP paper facility in a bid to further widen its sources of funding. The company hopes to start issuing under the programme early next year and plans to maintain a regular presence in the market. "The facility is part of an ongoing programme to diversify Railtrack's funding base and to support the long term investment programme," said Norman Broadhurst, finance director at Railtrack. "The commercial paper programme completes the calendar year funding strategy unveiled to the company's relationship banks in September."

Market report Compiled by Gerard Perrignon, Hambros Bank Ltd, London. Tel: +44 171-865 1759

THE Province of Milan has issued a Lit100bn domestic BOP (Buoni Obligazionari Provinciali) making it the first Italian province to take its funding into the public markets. Cariplo, BCI, Banca Popolare di Milano and Crediop were lead managers. Each bank took a 25% allotment of the issue while Istituto San Paolo di Torino joined them in placing the bonds.

Jim Rowe is rejoining Bank of America as head of international trade for Europe, Middle East and Africa in London. Rowe spent almost 10 years with Sumitomo where he was assistant general manager, trade finance in the international finance department in London.

NEWS ON their credit ratings helped brighten the outlook for three central and eastern European countries this week with Moody's Investors Service upgrading Bulgaria and Lithuania, and assigning an investment grade rating to Latvia. Moody's said Bulgaria's upgrade to B2 from B3 was based on the reformist efforts of the centre-right Union of Democratic Forces government.

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LAND SACHSEN-ANHALT is looking to set up a Euro-MTN programme in the first six months of 1998, which would make it the first German state in the market. The plans form part of the state's wider strategy to increase its investor base and raise its profile in the international debt markets.

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Finland Lead arrangers Chase Manhattan, Merita Bank and Postipankki Bank have arranged a $150m multicurrency revolving credit for Pohjolan Voima, the Finnish power company. Pohjolan Voima will use about two thirds of the loan to pay off debts with the remainder to be used to finance development of a power station.

Market report Compiled by Mark Goddard, Hambros Bank Ltd, London. Tel: +44 171-865 1087