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PORTUGAL is set to launch simultaneous Deutschmark and French franc "Euro-OTs" early next week, Eurobonds that will be fungible with a recently launched domestic government bonds at the start of Emu. The move will make the sovereign the latest EU country to launch foreign currency denominated government instruments in a bid to broaden its investor base ahead of Emu.

* Morgan Stanley Dean Witter Discover

ISSUANCE prospects for Russian borrowers seeking access to the Euromarkets looked gloomier this week with the announcement by Moody's Investors Service that it had placed its Ba2 sovereign ceiling for Russia on review for possible downgrade. In December Standard & Poor's revised the outlook on its BB- Russia rating from stable to negative. Spreads on outstanding Russian issues weakened on the news on Tuesday, but regained some ground later in the week on the back of comments from president Yeltsin that he remained committed to keeping economic reformists such as first deputy prime ministers Anatoly Chubais and Boris Nemtsov in his cabinet.

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THE ITALIAN government will launch the latest wave of its privatisation programme in March with the sale of shares in Saipem, the oilfield services division of national oil and gas group Eni. The deal will be a secondary stock offering with shares divested by Eni, whose stake will fall from 66% to between 40% and 45%.

Finland

* Commerzbank AG

HR NOSHADE SIZE=1> * Carlsberg Finans AS

ABBEY NATIONAL will become the first UK borrower to issue a euro-denominated bond next week when it launches a Eu750m to Eu1bn transaction via Paribas and Salomon Smith Barney. Abbey, rated Aa2 by Moody's and AA by Standard & Poor's, will add a new benchmark in a sector which is steadily moving away from being the preserve of sovereign and supranational issuers.

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THE Republic of Argentina this week wrapped up all of its first quarter international borrowing requirements with room to spare and became the first emerging market issuer to raise 30 year dollar bonds since the October market collapse, with a $500m re-opening of its global bonds due 2027. The deal was discreetly brought to market by JP Morgan after spotting a technical advantage in the Argentine yield curve that had the 2027s trading five to 10bp tighter than its 2016s.

Hong Kong