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* Stephen Taran, managing director of credit research at Lehman Brothers Asia has resigned. Taran's departure marks a sad loss for the US investment bank where he was one of Asia's key deal originators with a network of close government-level contacts across the region. Taran wishes to move back to the US over the medium term, and his new post is likely to be as head of global sovereign credit research at an as yet unnamed rival US firm.

* European Investment Bank Rating: Aaa/AAA

AN ISSUE of stripped Portuguese government bonds was launched this week through special purpose vehicle OT STRIPS (Luxembourg). It is the second such transaction to come to the Portuguese market. Lead managed by Banco Mello de Investimentos and Banco Chemical Finance, the deal is backed by Esc15bn of the 5.375% OT due in June 2008 and has a total value, including the interest strips, of Esc23.0625bn.

DEUTSCHE Morgan Grenfell and SBC Warburg Dillon Read are set to launch the Russian Federation's first Eurobond of 1998 next Monday -- likely in the form of a DM1bn-plus seven year Euro/144A issue. A senior delegation from the Russian finance ministry and officials from the lead managers this week completed a series of investor presentations in Geneva/Zurich, Paris, Frankfurt and London. Price talk on the transaction, which will mark the opening leg of the Ba3/BB-/ BB+ (Moody's/S&P/Fitch IBCA) rated sovereign's $3.4bn international bond financing programme for 1998, is 460bp-480bp over Bunds.

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* European Bank for Reconstruction and Development Rating: Aaa/AAA

Denmark JP Morgan (co-ordinator) and Den Dankse Bank (facility agent) have won the mandate to arrange a $350m seven year multicurrency revolving credit for Tele Danmark. The borrower will use the loan for general corporate purposes. The loan is priced at 12.5bp over Libor for the first five years and 15bp for the final two years. A commitment fee of 6bp is offered for the first five years and 6.5bp thereafter.

The DM100m three year revolving credit arranged for the Republic of Slovenia has closed after an extremely successful syndication. Appetite proved to be extremely strong and the facility was increased to DM150m with banks' commitments still scaled back. The success of the deal will provide welcome relief to arrangers in the central and east European loan market which have this year struggled to get their deals away. Appetite has been poor and only the best credits have attracted the full attention of participants.

* Bank Nederlandse Gemeenten Rating: Aaa/AAA

GLOBAL co-ordinators Merrill Lynch, Argentaria, BBV and BCH this week set in motion the $2bn sale of stock in Tabacalera, the Spanish tobacco company. The research meeting for analysts took place on Wednesday and this will be followed by a syndicate briefing next Thursday at which members of the selling group will be primed on the structure of the sale.

* Citicorp Rating: Aa3/A+

* Bank Nederlandse Gemeenten Rating: Aaa/AAA