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THE TURKISH authorities have invited eight international investment banks to bid for the top slot in the sale of the national carrier, Turkish Airlines. The move follows fast on the heels of last week's offering for Isbank, the success of which is widely expected to speed up a privatisation programme that had languished in neutral for a number of years.

UK AND international institutional investors, who for months have bemoaned the fact that UK new issue calendar for 1998 holds very few candidates for flotation, were cheered this week by that announcement that Tetley, the world's second largest maker of teabags, will list its shares on the London stock exchange in the summer. Following the successful sale of stock in Thomson which was completed this week, there will now be a much healthier supply from UK corporates. Before Tetley begins its flotation, Goldman Sachs will complete the sale of stock in Computacenter, the information technology distributing and services group, later this month.

* Countrywide Home Loans Inc Guarantor: Countrywide Credit Industries Inc

WestLB (facility agent) and Den Danske (documentation agent) have received strong interest in their £150m seven year revolving credit for the Derbyshire Building Society. The loan, which was launched into general syndication two weeks ago, carries a margin of 15bp over Libor and a commitment fee of 6.5bp. Arrangers are hoping for an oversubscription.

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LEHMAN Brothers is planning to break into the crowded European principal finance market. The bank's global asset based lending group (GABL) has carved out a niche in the US by offering highly leveraged secured loans to small and medium sized businesses. GABL has now begun to originate deals in Europe. "We will aim to provide companies with a complete range of financing alternatives, including equity, mezzanine debt, working capital, senior secured warehouse lines and securitisation," said Atul Bajpai, managing director of mortgage and asset backed finance at Lehman in London, who is heading the push.

INVESTORS eager for rare Belgian franc floaters snapped up Bacob Bank's third mortgage securitisation this week. Bacob lead managed the Bfr10bn issue through special purpose vehicle MBS-3, parcelling some 4,500 Belgian residential mortgages.

A company's decision to hedge, and its choice of the most suitable instrument represent the penultimate step in an integrated risk management process.

MACRONIX pulled a planned $280m sale of ADRs this week in a move which dramatically illustrated that Taiwan was not, as some had believed, immune to the troubles of the rest of Asia. The failure of the deal came on top of last week's offer of convertible bonds for China Petrochemical Development, on which the terms had to sharply revised. Corruption allegations against the co-lead on the China Petrochemical sale and against privatisation candidate Chinese Petroleum Corp also reminded investors that some of the problems that plague the rest of the region may also exist in Taiwan.

* The $300m Yankee bond by the National Power Corporation of the Philippines (Napocor) was priced last Friday. Led by Salomon Smith Barney, with ABN Amro and Morgan Stanley Dean Witter as co-managers, the issue emerged with a single 30 year tranche against expectations of 10 and 30 year maturities. Priced with an issue/re-offer price of 98.243, the deal had a coupon of 9.625% to yield 386.5bp over Treasuries. Bankers commented that pricing came slightly wider than a pre-marketed level of around 375bp over Treasuries and about 40bp above the most comparable existing benchmark for the republic, whose 2016 Brady was being quoted just above 340bp at the time of launch.