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PRIVATE Brazilian bank Banco Safra showed its peers the way to launch a successful international bond issue this week with its highly successful $200m three and five year Euro/144A transactions. The deal, led by JP Morgan, was the first top ranking bank deal in many months from Brazil that was not aggressively priced.

VIRGINIA-based Capital One Bank is set to sign a $1bn Euro-MTN programme in a bid to diversify its borrowing in the international markets. Already familiar to many investors in Europe thanks to a consistent presence in the Euromarket's asset-backed sector since 1995, the US credit card operator now hopes to be able to target a broader audience through the launch of a Euro-MTN facility designed for the issuance of unsecured transactions.

CHINA FAILED to live up to its new found reputation as the safe haven in Asia this week when whipsawing markets ravaged a $500m global bond from the People's Republic and soured the trading debut of China Telecom, the country's largest equity offering.Despite signs on Friday that regional markets were attempting to stage a rally from the week's lows, casualties were already beginning to emerge.

Mexico Standard Chartered Bank is arranging a $120m term loan for Banco del Norte. The five year facility is priced at a split 1% rising to 1-3/8% over Libor.

CHINA FAILED to live up to its new found reputation as the safe haven in Asia this week when whipsawing markets ravaged a $500m global bond from the People's Republic and soured the trading debut of China Telecom, the country's largest equity offering.

PLANS for Euromarket transactions from sub-federal issuers from Russia were in a state of flux this week, with at least one potential issuer likely to abandon its first Eurobond issue and another changing the scale and timing of its deal. The Astrakhan region, however, announced that it had awarded Commerzbank a ratings advisory and lead management mandate for a DM100m five year debut Eurobond. This is the first time that a Russian region has mandated a Deutschmark denominated offering.

* International Finance Corp Rating: Aaa/AAA

* Caymadrid Intl Ltd Guarantor: Caja de Madrid

Estonia Sumitomo Bank has completed its DM25m three years at 90bp over Libor term loan for first time borrower Tallinna Pank Liising.

Brazil * Banco ABN

ROBERT Fleming and CentreInvest this week successfully married the Russian auction system with a western-style bookbuilding for the offer of shares in Uralmash, one of the country's leading heavy industry groups which specialises in the manufacture of mining excavation equipment. The deal closed last night and the issue price will be released today (Friday) following the collection of bids taken by Robert Fleming after sounding out investors at an indicated minimum price of $7.25.

* ABN AMRO Rothschild has launched the sale of stock in Holland Chemical International. The lead manager is marketing investors for their interest in the shares at between Dfl 36 and Dfl 40. Salesmen in the local market report that domestic investors have not been unduly affected by the correction which Amsterdam and other markets have suffered this week but that the issue price may not be set at the top of the range. The deal is well covered with high quality interest, which has not evaporated in the face of the 4% fall on the local bourse.