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* ING Mercantile Mutual Bank Ltd Guarantor: ING Bank NV

* European Investment Bank Rating: Aaa/AAA

THE LEAD managers' decision to price the latest instalment of the Portugal Telecom privatisation at a discount was immediately vindicated yesterday (Thursday) as the Bundesbank's interest rate caused widespread falls on European bourses. Following a highly successful marketing campaign, the sale of a further 18% of Portugal Telecom -- the third stage of the government's privatisation of the telecom operator -- closed earlier this week heavily oversubscribed.

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CONCERNS over interest rate movements in Germany and the US failed to dampen international fixed income investors' enthusiasm for Turkish risk this week, with a debut dollar issue for Türkiye Garanti Bankasi and a benchmark Deutschmark transaction for the Republic of Turkey both drawing strong demand. First to come to market was Euromarket debutant Türkiye Garanti Bankasi, which launched a $350m five year Euro/144A offering via its Cayman Islands-registered special purpose vehicle Pera Financial Services Co.

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* African Development Bank Rating: Aaa/AA+

THE SAFRA private banking group has made its mark on the world's bond markets by being the first issuer ever to offer a 1,000 year 'millennium' bond. The $250m 144A transaction was launched by Republic National Bank of Luxembourg on behalf of its parent Safra Republic Holdings -- the Geneva-based umbrella for a number of banks the three Safra brothers Edmond, Moises and Joseph own in Latin America, the US, Europe and Israel, including Brazil's Banco Safra and New York's Republic National Bank of New York.

Finland Expect news imminently of a new facility for Cultor Ltd. The company, which was last in the market for a $270m revolving credit through Merita Bank and UBS in February 1996, has hired the same two banks to arrange its latest foray.

STRONG investor interest enabled Banco Rio de la Plata to boost the size of its initial public offering on Thursday night to raise $719m -- the biggest Argentine IPO so far in 1997. The deal was priced at $15 per ADR, in the middle of its $14 to $17 price range. Rather than push the market for a higher price, global coordinators Merrill Lynch and Santander suggested the selling shareholder increase the stock up for sale from an original 34.5m ADS and ADS equivalents to 42.32m.

* European Investment Bank Rating: Aaa/AAA

* Stagecoach Holdings plc Amount: £125m