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ITALY IS set to scrap the widely disliked queuing system for emerging market issuers in a move it hopes will bring greater flexibility and efficiency to the emerging market sector of the Eurolira market. Strong Italian demand for emerging market credits has attracted many Latin American borrowers to the lira market over the past few years and the current queuing system -- which allows only three borrowers to issue per month -- has resulted in a back log of issues stretching to June.

Argentina

PRICING targets on a number of impending Latin lira deals are being reconsidered, according to market participants, now that the Republic of Argentina's more attractively priced Euro and DM bond issues have cannibalised the Italian market. Colombia, the latest Latin sovereign to consider the lira market, is said to be on the verge of mandating JP Morgan and Chase for a five year debut in the sector.

ABN AMRO, Citibank, Credit Suisse First Boston, Deutsche Bank and Société Générale have won the mandate to arrange and underwrite a $1.5bn eight year term loan for Lukoil, Russia's largest oil company. The loan, which will be secured by export receivables pledged to a master trust established by Lukoil, will be repayable over six years following a grace period of two years.

Turkey

* Nomura International has been mandated to lead manage the second Euromarket offering by the Estonian capital Tallinn, expected to emerge for DM30m over a five year tenor. The Japanese securities house ran the books on the city's first international bond issue -- a DM60m 6% three year transaction priced to yield the equivalent of 175bp over Libor at launch in April 1996. By this week the issue had traded in to 60bp over Libor.

NOMURA this week launched roadshows for its global offering of shares for Mitsui Marine & Fire, a deal that will raise up to ¥40bn and could signal a major increase in Japanese issuance in the international equity markets. The company is one of the largest and most diversified insurers in Japan. It will use ¥17bn of the proceeds to redeem an outstanding convertible bond issue, a further ¥10bn will be injected into its Mitsui Life Insurance subsidiary while the balance of the funds will be invested in new systems technology.

* The German primary equity market is gearing up for another record year with a deluge of stock offerings on the way from many of the country's corporates. Many equity linked deals are expected as well from companies and banks. One deal likely to be launched in next few months is the sale of stock in Technotrans, a maker of machinery for printing. The deal will raise around DM100m and will be run by Dresdner Kleinwort Benson.

* SüdWestLB Capital Markets

* Norddeutsche Landesbank

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