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* Deutsche Morgan Grenfell is arranging a Euro-MTN programme for Norwegian conglomerate Orkla. Little is known about the outlines of the programme, other than that it is to be signed in around eight to 10 weeks. DMG would not comment on the transaction. * The Union Bank of Norway will sign a $1.5bn Euro-MTN programme on Monday via Merrill Lynch. The programme will also contain a 144A option, as well as the ability to issue undated and dated debt. JP Morgan and UBS will join Merrill on the dealer panel.

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MORGAN Stanley Dean Witter this week successfully completed its sale of stock in Akbank, the largest Turkish private sector bank, setting a positive tone for several other internationally targeted equity deals that are planned from Turkey. The US firm raised $123m for the selling shareholders, the powerful Sabanci family, selling ordinary shares in the form of ADRs to a mixture of international investors.

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THE SALE of stock in Telecom Corporation of New Zealand (TCNZ) is heading for a successful conclusion with lead managers Credit Suisse First Boston and Merrill Lynch preparing to price the offer today (Friday) and complete stock allocations over the weekend. The deal has been several times oversubscribed - the book was 3.5 times oversubscribed in Europe alone late last week.

China ABN Amro Bank (Hong Kong) is coordinating a $15m, 364 day club loan for China Merchants Bank Ltd to finance the borrower's offshore activities. The last time the borrower was in the market was with a $100m FRCD arranged by Chase Manhattan Asia, Tokyo Mitsubishi International (Hong Kong), Dresdner Bank (Hong Kong), GiroCredit Bank and HSBC Markets in August 1996.

Australia Commonwealth Bank of Australia is in discussions with Citipower Ltd to refinance its A$1.2bn five year acquisition financing arranged by Commonwealth Bank of Australia, BA Australia and ABN Amro Australia which was completed in April 1996. Arrangers Deutsche Morgan Grenfell, National Australia Bank, Sumitomo International Finance Australia, Toronto-Dominion Australia with co-arrangers Société Générale Australia and Westpac Bank Corp are inviting banks to join as sub-underwriters for the A$1.932bn privatisation financing for Epic Energy (WA) Nominees Co Ltd.

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Market commentary Compiled by Enrico Massi, RBC DS Global Markets, London. Tel: +44 171-865 1759