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A CONSORTIUM led by Merrill Lynch shocked the international equity markets this week by putting in a record low fee bid of just 45bp to snare the mandate to sell $6bn worth of Petrobras shares owned by the Brazilian government.

RUSSIA confounded the international capital markets this week by launching a $1.25bn five year bond, just days after the Russian authorities were forced to triple interest rates to 150% to bolster the beleaguered rouble and Moody's downgraded the sovereign's debt to B1. The deal was sole managed by Goldman Sachs which scooped the mandate amid fierce competition.

THE RUSSIAN Federation stunned bond markets this week, launching a $1.25bn five year Euro/144A offering that proved a blow-out success at launch. The deal was sole managed by Goldman Sachs, which beat off at least nine rivals to sole manage the high risk, high profile transaction.

THE RUSSIAN Federation stunned bond markets this week, launching a $1.25bn five year Euro/144A offering that proved a blow-out success at launch. The deal was sole managed by Goldman Sachs, which beat off at least nine rivals to sole manage the high risk, high profile transaction.

Finland Arrangers Banque Nationale de Paris and Merita Bank Ltd have launched the $100m revolving credit for Amer Group Ltd into the market. Proceeds on the three year faci-lity priced at 45bp over Libor will be used for general corporate purposes and to refinance existing bilaterals.

LEAD managers Credit Suisse First Boston and JP Morgan will today (Friday) complete the roadshow supporting the Republic of South Africa's debut euro denominated offering -- set to be the first transaction in the single European currency by an African issuer. Following presentations in Milan, Zurich, Luxembourg, Frankfurt and Paris earlier in the week, the final leg will be held in London.

THE SWISS equity market is preparing for its largest IPO to date with the privatisation sale of shares in Swisscom, the national telecoms operator. This week the government and the company confirmed that stock will be offered to domestic and international institutional investors in the fourth quarter of 1998. The deal, which was mandated to SBC Warburg Dillon Read and JP Morgan last year, involves the sale of up to 49.9% of Swisscom -- of which a significant proportion will be sold to the domestic retail market.

SGS THOMSON, the Franco-Italian micro-electronics firm, this week braved difficult market conditions to execute a $2bn sale of stock and a $400m sale of liquid yield option notes (Lyons). Morgan Stanley Dean Witter, Lehman Brothers and Deutsche Morgan Grenfell led the stock offering, while Merrill Lynch acted as lead manager for the Lyons equity-linked offering.

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THE Slovak Republic is looking to increase the Deutschmark portion of its Nomura-led $750m multi-tranche, multi-currency financing package, possibly as early as today (Friday). Expectations are of a DM200m add-on to the outstanding DM600m 8% five year Deutschmark tranche -- which at launch in mid-May was widely acknow-ledged as the most successful element of the entire funding exercise.

* General Electric Capital Corp Rating: Aaa/AAA

POLSKIE LINIE Lotnicze LOT SA (LOT) is to be the first central and eastern European airline to tap the international bond markets, with a $100m five year FRN issue which will be lead managed by Bank Austria Creditanstalt. Investor presentations to support the debut transaction have been scheduled for Warsaw (June 22), Frankfurt and Zurich (June 23) and London (June 24), with launch expected shortly thereafter.