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BANKERS are bracing themselves for another 10 year issue from a Brazilian borrower that has the potential to underperform on the back of overly aggressive pricing. "It's going to be a weird deal," said a syndicate head on Wall Street when asked about BNDES's plans to launch a $750m issue in the next few weeks. The development bank appears to have learnt nothing from the Federative Republic of Brazil's recent $1.25bn 10 year transaction earlier this month, which was awarded after a competitive bid and bombed after being launched at an unrealistic spread.

* ING Mercantile Mutual Bank Ltd Guarantor: ING Bank NV

BANKERS are bracing themselves for another 10 year issue from a Brazilian borrower that has the potential to underperform on the back of overly aggressive pricing. "It's going to be a weird deal," said a syndicate head on Wall Street when asked about BNDES's plans to launch a $750m issue in the next few weeks. The development bank appears to have learnt nothing from the Federative Republic of Brazil's recent $1.25bn 10 year transaction earlier this month, which was awarded after a competitive bid and bombed after being launched at an unrealistic spread.

BOOKBUILDING starts on Monday for a ¥150bn offering of new shares in NTT Data, Japan's leading provider of information systems and computer networking. The global equity issue - led by Daiwa - will be the largest offering of new shares in Japan since the re-opening of the primary market in 1993 after the collapse of the bubble economy brought new issuance of equity and equity-linked debt to a standstill.