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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.

* World Bank Rating: Aaa/AAA

* Colt Telecom Group Rating: B3/B

* European Investment Bank Rating: Aaa/AAA

Corporates Arrangers Deutsche Morgan Grenfell and Citibank International have launched syndication of their £975m five year multicurrency revolving credit, guarantee and sterling acceptance facility for Amersham International plc.

* European Investment Bank Rating: Aaa/AAA

* BACB (Jersey) Ltd Guarantor: British Arab Commercial Bank Ltd

The demise of Yamaichi and fears that there will be further Japanese bank closures had little impact on the mainstream dollar markets, with the exception of bonds for Japanese issuers. Sentiment has improved for the second week running as investors continue to buy sovereign and supranational paper. These more benign market conditions prompted the EIB to reopen its 6.125% 2002 issue raising $250m at 18bp over Treasuries. The deal now totals $750m.

West Merchant Bank has quietly started to invite banks to step forward with modest participations of $3m each towards the first loan facility to emerge this year from a Ukrainian public sector borrower - and the third this year from Ukraine. The $20m one year term loan, which has a one year extension option, is for the 100% state-owned Export-Import Bank of Ukraine (Ukreximbank), and is priced at 425bp over Libor.