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Russia * Earls Three Ltd

* Holland Chemical International has completed its combined primary and secondary stock offering, pricing the new shares yesterday (Thursday) at Dfl 37. The final price was towards the low end of the indicated range of Dfl 36-Dfl 40, reflecting the need to compensate investors for the volatility and downward trend of stockmarkets this week.

Belgium Sumitomo Bank is in the final stages of completing general syndication of its $200m term loan for Sidmar.

* Banque Sofinco Rating: A-

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THE US corporate bond market was not spared this week from global financial disarray, with high grade and high yield issues widening out in the secondary market. Spooked by the freefall in Asian Yankee bond prices, investment grade buyers withdrew from the market, strangling new issuance to a trickle and causing spreads to widen out as much as 5bp to 10bp on top US industrial names such as IBM.

THE Industrial Bank of Japan is in the initial stages of launching syndication of the £230m completion guarantee facility backing the Autolink consortium's innovative financing package for the new M6 motorway. The major elements of the long term financing package being put in place for the project by sponsors Amey plc, Sir Robert McAlpine (Holdings) Ltd, Taylor Woodrow Construction Ltd, Barr Holdings Ltd and Innisfree PFI Fund have already been completed. These comprise a successful £124.8m 8.39% secured FSA-backed bond issue led by Morgan Stanley in April and a £68.9m five part EIB facility.

THE HUNGARIAN government is forging ahead with the IPO of national telecom operator Matav on the Budapest and New York stock exchanges, despite the volatility in world stockmarkets and the sell-off in emerging market stocks. The success of this week's $213m privatisation of OTP Bank, the country's largest financial services organisation, augurs well for the $1bn Matav float -- underlying the demand for quality Hungarian stocks even in difficult market conditions.

India A group of four arrangers including Tokyo-Mitsubishi International (HK) should be awarded the mandate to arrange a $50m financing for Export-Import Bank of India. The seven year deal has put and call options on the fifth anniversary.

JP MORGAN has been mandated to arrange the forthcoming $4bn Euro-MTN programme for French mortgage lender Caisse Centrale du Crédit Immobilier de France (3CIF). The establishment of the programme forms part of a wider funding strategy preparing the bank for Emu and its impact on the future development of the international markets.