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  • THE SLOVAK REPUBLIC'S STELLAR performance in recent years, which had propelled the country into the top drawer of the region's economic success stories, came unstuck in 1997.
  • The positive reception accorded to a trio of Euro-shekel issues in April - the first Eurobonds denominated in a Middle Eastern currency - provided further proof of the growing trend for currency diversification among European retail investors.
  • THE SLOVAK Republic is to host roadshows in Europe and the US next week in preparation for a landmark $1bn equivalent multi-currency bond financing package to be denominated in US dollars, Deutschmarks and Japanese yen. The multi-tranche offering will provide a stern test of investor sentiment towards the country. Economic and political uncertainty over the last year has prevented Slovakia from tapping the public international bond markets.
  • Market commentary Compiled by Tawanda Nyandoro, RBC DS Global Markets, London. Tel: +44 171-865 1759
  • CHASE Manhattan is set to launch the City of Moscow's debut Eurolira transaction on Tuesday. Under the Bank of Italy's queuing system for emerging market issuers, the Ba3/BB- rated transaction for the Russian capital was scheduled for launch this Wednesday or Thursday. Chase, however, has secured central bank permission to extend the issuance deadline to next week to give it more time to premarket the transaction.
  • THE SLOVAK Republic is to host roadshows in Europe and the US next week in preparation for a landmark $1bn equivalent multi-currency bond financing package to be denominated in US dollars, Deutschmarks and Japanese yen. The multi-tranche offering will provide a stern test of investor sentiment towards the country. Economic and political uncertainty over the last year has prevented Slovakia from tapping the public international bond markets.
  • MOLDOVA AND ROMANIA NOT ONLY share strong historical and cultural links, but also many of the same economic and political challenges. While both countries were tipped as potential economic stars in 1997, they ultimately flattered to deceive in terms of actual performance.
  • AS ONE OF CENTRAL AND EASTERN Europe's most dynamic economies, with GDP growth averaging 7% over the last three years, Poland has emerged as one of the darlings of the international bond markets, allowing it to leverage its position as a member of the OECD and a future member of Nato and the EU.
  • Whatever the level of new supply of French equity this year, it is unlikely to exceed the runaway demand from domestic and international investors that has lifted the CAC-40 stockmarket index by 40% since the end of 1997.
  • * Deutsche Finance (Netherlands) BV Guarantor: Deutsche Bank AG
  • Underwriters of the sale of stock in Spanish tobacco group Tabacalera took a Pta2.76bn ($17m) hit this week, when the shares were priced at Pta3,205, 4% below the Pta3,340 underwriting price.
  • Investors lapped up Telefónica Argentina's $400m 10 year offering this week, enabling the issuer to double the size of the deal and price it well inside the sovereign curve. The deal, led by Chase, was originally set to be $200m, but after receiving more than $800m of orders, the borrower increased the deal and launched at 340bp, the tight end of its 340bp to 345bp spread talk.