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JP MORGAN last week gave investors their first opportunity to buy commodity price risk in the form of equity. JP Morgan Index Funding Co sold $50m of securities whose redemption value at their three year maturity is tied to the Crude Oil Total Return Index, one of the components of the JP Morgan Commodity Index.

BANK TuranAlem, the recently rated Kazak bank formed from the merger of the Turan and Alem banks, is seeking a maiden foray into the syndicated loan market. The Kazakh bank has mandated Crédit Commercial de France to arrange the two part financing which is worth up to $40m.

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THE REPUBLIC of Lebanon's $400m 10 year Euro/144A offering -- its longest stand-alone issue in the international bond markets to date -- this week became a victim of the spread volatility which has dogged emerging market issuance as economic turmoil in south east Asia scales new heights. Launched on to the screens on Thursday morning in London at an indicated spread of 235bp-245bp over the 6.125% August 15, 2007 US Treasury, the B1/BB- rated issue was eventually priced in the afternoon by lead managers Credit Suisse First Boston and SBC Warburg Dillon Read at a spread of 250bp over on a 8.625% coupon on an issue/fixed re-offer price of 99.61.

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SBC WARBURG Dillon Read this week launched the sale of convertible bonds in Lukoil, Russia's largest oil company. The transaction is a landmark deal, offering investors $350m in six year high yield, premium exchangeable redeemable bonds with a rich conversion premium of 64% (giving a conversion price of $177.78 per GDR or $44.44 per ordinary share) and a tight semi-annual coupon of 1%. The financing was issued through a special purpose financing vehicle, LUKInter Finance BV, and has been rated by Standard & Poors at BB-. At these terms buyers can convert the bonds, known as HYPERbonds, into shares at any time during their life.

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* Banque Internationale à Luxembourg SA Rating: Aa3/AA-

THE HUNGARIAN government this week launched the privatisation sale of stock in its national telecoms operator, Matáv. The deal is lead managed by Credit Suisse First Boston, Merrill Lynch and Creditanstalt. Matáv will become the first central European company to be listed on the NYSE and will be the fourth European telecom operator to be offered to international investors in the last month after Portugal Telecom, France Telecom and Telecom Italia. Salesmen in London point to several benefits which Matáv offers to telecom investors, such as its high levels of potential growth and a market which has put in an incredible 120% performance in the past 12 months.

MAID PLC, the online business information company, is set to formally enter the market for a new $117.5m Chase Manhattan plc arranged loan at a bankers presentation in London on Wednesday. The facility, which is split between a $92.5m term loan and a $25m revolving credit, is to help finance the company's $420m acquisition of Knight Ridder Information Inc in the US.