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THE DOMESTIC retail tranche of the offering of shares in Brisa-Autostradas de Portugal closed heavily oversubscribed this week, providing yet another instance of European retail investors' recent conversion to the merits of share ownership. Over 5% of the adult population of Portugal applied for shares and the retail sale was more than 30 times oversubscribed, making the deal the most popular Portuguese privatisation to date.

UK football clubs have become regular visitors to the equity markets but have until now shied away from using the bond markets. That imbalance looks set to be altered. Euroweek has learnt that Chelsea Village, the leisure group which owns Chelsea Football Club, is to issue the first ever football linked bond.

* Bayerische Vereinsbank Rating: Aa1/AA+

UK football clubs have become regular visitors to the equity markets but have until now shied away from using the bond markets. That imbalance looks set to be altered. Euroweek has learnt that Chelsea Village, the leisure group which owns Chelsea Football Club, is to issue the first ever football linked bond.

CREDIT Suisse First Boston this week completed the institutional sale of stock in Polish software producer Prokom in what is likely to be last major offering from the emerging markets this year. The stock was priced at the bottom of the indicated price range of Z75 to Z95 to take account of the fragility of demand for emerging market equities.

IN THE LATEST of a string of innovative convertible issues, Morgan Stanley Dean Witter this week completed a Ffr943.8m structured deal for Dexia Belgium which enabled the company to divest its remaining 3.5% stake in Dexia France. The bonds, which were issued via Cregem Finance, have a seven year maturity and carry a 3-1/4% coupon, after being indicated at 3-1/4% and 3-1/2% to investors. The notes are exchangeable into Dexia France ordinary shares at a premium of 19%, after being indicated at a premium of 17% to 20%.