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* The Russian region of Nizhny Novgorod will today (Friday) become the first Russian region to tap the international bond markets with a debut offering under the lead of ING Barings. The Ba2/BB- rated region is to launch a $100m five year Euro/144A issue.

Kuwait Syndication of the $1.2bn refinancing being sought by Equate Petrochemical Company has been completed oversubscribed. The syndication was targeted at existing syndicate banks, and few took the opportunity to withdraw from the deal.

Market report Compiled by Gerard Perrignon, Hambros Bank Ltd, London. Tel: +44 171-865 1759

PANAMA will today (Friday) announce the results of its 30 year global bond exchange offer -- a deal expected to emerge for around $750m in size. The offering, led by JP Morgan and BancBoston, has a price talk of 225bp to 250bp and bank sources not involved with the deal were last night expecting the clearing spread on its 30 year bond to be set at 250bp.

* Instituto de Crédito Oficial Guarantor: Kingdom of Spain

* Toyota Motor Credit Corporation Rating: Aaa/AAA

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Finland The well supported $350m seven year multicurrency revolving credit being arranged for Nokia Oy by Chase Investment Bank, Citibank NA and Deutsche Morgan Grenfell was signed last Friday in Helsinki.

AS foreshadowed in Euroweek, SBC Warburg has been mandated to lead manage the recapitalisation for the Paris-based property group, Société Fonciere Lyonnaise (SFL). The bank will run the books on the process which will include the sale of a range of instruments to international and local investors. The company will raise Ffr600m through the issue of new shares where the proceeds will be used directly by SFL. Existing shareholders will then sell stock to raise up to a further Ffr600m. Additionally, the lead manager will construct an equity linked debt financing which will take the form of a Ffr1.2bn offering of convertible bonds.

* Bayerische Vereinsbank Overseas Finance Guarantor: Bayerische Vereinsbank AG

EUROPEAN issuers continued to tap the market for equity-linked debt finance, with a variety of synthetic and vanilla deals launched into a market which still offers a warm reception to quality names. SGL Carbon this week raised DM150m in six year exchangeable bonds through lead manager, Commerzbank. The German carbon-graphite electrode company is familiar to the equity capital markets, having gone public more than two years ago in a deal led by Kleinwort Benson and Dresdner Bank.

* International Finance Corp Rating: Aaa/AAA