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* National Australia Bank Ltd Rating: Aa3/AA

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LEAD managers Nordbanken, Credit Suisse First Boston and Merrill Lynch this week completed the last major transaction of the year from the Nordic region with the completion of the sale of stock in Nordbanken. The deal, which raised in excess of $800m, was executed toward the middle of this week with a book which was more than three time oversubscribed. Investors in the region and throughout continental Europe clamoured for stock in a move to obtain exposure to the rapidly consolidating European banking industry.

BANCO Santander Brazil has issued the largest ever emerging market Navigator bond, illustrating the growing demand for Brazilian credits in the Portuguese market. The Esc34bn transaction, led by Banco Santander de Negocios Portugal, has a three year tenor and pays a coupon of six month Lisbor plus 165bp divided by 0.85. The unusual coupon takes into account the 15% withholding tax levied by Brazil on transactions issued directly by Brazilian entities. Only issues for the republic are exempt from this tax.

Finland Arranger Handelsbanken Markets signed the DM 125m (increased from DM100m) seven year multicurrency revolving credit for Nokian Tyres plc on December 10.

ABN AMRO Hoare Govett has been mandated to arrange a $800m Euro-MTN programme for Skandia Insurance. The company intends to use the programme for the issuance of private placements and publicly syndicated issues. Unusually for a corporate, it will be able to issue subordinated as well as senior debt under the facility. The Swedish insurance company is a rare borrower in the international capital markets. It last tapped the Euromarkets in February this year with a $100m five year fixed rate issue via Salomon Brothers.

POLITICAL AND economic developments in Russia continued to enthral the international capital markets this week with a mix of positive and negative signals emanating from the country. The Russian government decided on Tuesday to postpone negotiations with Chase Manhattan, Credit Suisse First Boston, Deutsche Morgan Grenfell and Salomon Smith Barney on a $2bn short term financing package until early next year. This has seemed to signal increased confidence in the economy's ability to survive a liquidity squeeze which has resulted from the turbulence in emerging markets.

* World Bank Rating: Aaa/AAA

ESTONIA this week secured its third investment grade rating when Standard & Poor's assigned the country a BBB+ foreign currency rating and an A- local currency rating. S&P's announcement ranks Estonia above its two Baltic peers, Latvia and Lithuania, which the US rating agency rates BBB and BBB- respectively.

* CE Electric UK Funding Co Guarantor: AMBAC

* Municipal Housing Finance Guarantor: Municipality Guarantee Board