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INDONESIA'S largest brokerage, PT Makindo Tbk, priced its 377m IPO near the bottom of its indicated price range on Tuesday. Bankers in the region have doubted the wisdom of bringing the deal to the market given Indonesia's tumbling stockmarket - down more than 60% in dollar terms - leaving many to wonder why Makindo and lead manager Deutsche Morgan Grenfell are pressing ahead with the deal.

Roadshows will begin on Monday for a $50m to $70m credit enhanced convertible from Lite On Technology, which is shaping up to be the last issue of the year from Taiwan. The deal is to be led by Citicorp, which is also syndicating the letter of credit backed by the Aa2 rating of its Taipei office. Pricing is scheduled for Thursday, after the close of presentations in London.

Cyprus Signing of the Ecu47.5m (increased from Ecu43m) three-year revolving credit facility arranged for Cyprus Development Bank by Sumitomo Bank took place on November 26 in London.

Bookrunner Morgan Stanley Dean Witter this week successfully overcame worldwide uncertainty in stockmarkets to complete the $704m offering of stock in Benckiser, the household cleaning products company. The deal was one of the largest IPOs ever launched from the Dutch equity market and follows on from sales for New Holland, Vendex and Ispat.

* International investment banks are bidding for the mandate to lead the sale of stock in Airtel, the Spanish telecom provider. The transaction is expected to raise Pta500bn to Pta600bn ($3.5bn). Several US and European firms are pitching for the deal with some bidding at gross fee spreads as low as 2.5%.

Market report Compiled by Gerard Perrignon, Hambros Bank Ltd, London. Tel: +44 171-865 1759

The Banco Sentral ng Pilipinas (BSP) built on the success of its innovative Libor/T-Bill pass-through note with the launch this week of a second transaction via ING Barings. Completed on a private placement basis, the bank raised a further $250m via a two year issue with a modified structure reducing foreign exchange rate risk.

* The Region of Lazio is to make its international capital markets debut through a global MTN programme in a pioneering move that will make it the first public authority in Italy to enter the MTN market. Under the facility, arranged by Merrill Lynch, Lazio plans to raise approximately Lit400bn per year. The details of the region's first issue, which will probably be launched next year, are yet to be determined but it is expected to be a long dated bond with an amortising structure.

LEAD managers Merrill Lynch, Credit Suisse First Boston and Nordbanken this week launched the $800m international sale of shares in Nordbanken Holding, expected to be the last major international offering from Europe this year. The deal looks set to succeed, despite its size and poor conditions in global stockmarkets, as it offers institutional investors that are still participating in the new issue market the type of high quality stock they are seeking.

Syndication is expected to be closed early next week on the State of Qatar's third loan facility of the year, a $200m seven year facility arranged by Sumitomo Bank, Arab Banking Corp and Gulf International Bank. Bankers report that the transaction has been well received, but as yet there is no word on whether the market's reception will allow for an increase in the facility's size.

Finland The DM100m seven year club deal being arranged by Handelsbanken Markets for Nokian Tyres has been oversubscribed. The borrower has opted to increase the revolving credit to DM125m.

Reseau Ferré de France (RFF) opened its borrowing programme in grand style this week with a Ffr10bn multicurrency revolving credit and a Ffr6.5bn bond package. Bankers involved in both transactions said their success highlighted the demand for high quality, low risk-weighted assets. RFF is a new établissement public industriel et commercial (EPIC) created by hiving off the railway network infrastructure previously owned by SNCF. In future, RFF will manage the rail tracks and the stations, while SNCF will be responsible for the rolling stock and operating the rail network.