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CREDIT Suisse First Boston and SBC Warburg Dillon Read kicked off the European leg of the roadshow for the forthcoming $400m 10 year Euro/144A offering for the Republic of Lebanon this week. Having visited Switzerland and the UK this week, the focus of the marketing effort will now move to the US, with the launch of the landmark deal -- the longest dated stand alone transaction from the sovereign to date -- likely to take place late next week. Price talk on the B1/BB- rated transaction is 230bp-250bp over Treasuries.

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LATIN Americans issuers continue to storm the lira market, with Petrobras expected to launch its Lit260bn 10 year deal either today (Friday) or on Monday and with Pemex and the UMS both lining up to issue soon after. Lead managers Chase were on Thursday waiting for the go-ahead on the Petrobras deal, which will raise the equivalent of about $150m. The transaction is expected to have an aggressive step-down coupon, dropping from 10% to 6.5%.

* Banque et Caisse d'Epargne de l'Etat Luxembourg Rating: Aa1/AA+

THE GERMAN government's final sale of stock in Lufthansa was completed this week, despite continued volatility in the domestic stock market following last week's European interest rate rises. Global co-ordinators Dresdner Kleinwort Benson and SBC Warburg Dillon Read priced the deal at DM33.30 to raise DM4.7bn ($2.65bn) in the largest German privatisation share offering since last year's sale of stock in Deutsche Telekom.

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Saudi Arabia The benchmark setting $2.3bn loan being arranged for Yanpet by Arab National Bank (joint documentation), ANZ Investment Bank (technical bank), Bank of America International Ltd (joint documentation, timetable and technical bank, co-ordinating bank), Barclays, Chase Investment Bank, Gulf International Bank (Middle East regional books), JP Morgan Securities Ltd (global books), Riyad Bank, Saudi American Bank, Saudi British Bank and Sumitomo Bank has been an outstanding success at the initial sub-underwriting phase.

MORGAN Stanley Dean Witter will shortly launch a $750m initial public offering of stock for Benckiser, the manufacturer of cleaning products, on the Amsterdam and New York stock exchanges. The flotation, which is sizeable by the standards of the Dutch primary market, follows a string of small-to-medium corporate deals on the Amsterdam stock exchange.

SBC WARBURG Dillon Read and Merrill Lynch have completed the sale of shares in regional newspaper publisher Newsquest, marking a rare IPO in the subdued UK primary equity market. With stockmarket conditions volatile, institutional investors are sitting on the sidelines. Many are divesting equity holdings in favour of cash or derivatives and are reluctant to buy new paper other than the top pharmaceutical, oil or bank stocks.

* ING Barings has begun marketing the Euromarket debut by Kazakhstan's Kazkommertsbank. Roadshows for the expected $100m three year Euro/144A offering were held in Frankfurt on Wednesday, Hartford/Boston today (Friday) and will continue in New York on Monday, Geneva on Tuesday and London on Wednesday. Launch is expected on Thursday, October 23. Pricing on the B2/B+ rated deal is likely to be set with reference to the trading spread on the $200m 9.25% December 1999 Euro/144A offering for the Ba3/BB- rated Republic of Kazakhstan.

* Fannie Mae Rating: Aaa/AAA

PACIFIC Construction priced a $75m convertible on Monday, marking one of the few Taiwanese issues this year not to hail from the electronics sector. Led by Bankers Trust, the deal came at the tight end of the coupon range in return for a more generous premium and yield to put.