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MERRILL Lynch International Ltd is in the early stages of launching an innovative financing for Rome-based football team Societa Sportiva Lazio. The Lit50bn financing, which is being discreetly offered to the syndicated loan market, was presented to potential lenders at a bankers meeting yesterday (Thursday).

Bahrain Arab Banking Corp, which made its Euroloan market debut in 1995, is set to return to the syndicated loan market for a major new facility.

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* Russia' s Avtobank is due to start roadshowing an inaugural Eurobond offering in Asia, Europe and US next week via Crédit Agricole Indosuez. The expected $100m fixed rate issue will be the first off Avtobank's $50Om Euro-MTN programme arranged by Crédit Agricole. Launch is likely to take place shortly after the final round of investor presentations in New York on October 23. The bank is rated Ba3 by Moody's Investors Service.

SWEDEN'S Incentive will shortly complete the next leg in the restructuring of its core shareholdings with the $225m spin off of its subsidiary Munters. The Munters offering follows a 5m sale of shares in Incentive by its major shareholder, Investor, which was completed last Friday. Investor raised Skr3.45bn ($460m) from its sale, which was one of the largest sales on an accelerated bookbuilding process from the Nordic region to date.

NEWSQUEST Media Group Ltd, the regional newspaper publishing company, formed last year through KKR's purchases of Reed Regional Newspapers and Westminster Press, is in the initial stages of tapping the market for a major new working capital facility. The £250m financing, which is being arranged by the company's traditional lead Credit Suisse First Boston, is being put in place in connection with the group's planned flotation. In addition to providing the company with working capital for its ongoing needs, the new facility will also be used to refinance the outstanding element of the £205m and $100m loan signed last December.

* 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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