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THE SPANISH government this week launched its sale of stock in steel company Aceralia to a mixed reaction from investors and bankers. Investors are being extremely selective in their choice of stock and salesmen fear that steel is one of the least likely industries to capture their interest as they close their books ahead of the end of the year.

* Kingdom of Denmark Rating: Aa1/AA+

* ABN AMRO Bank NV Rating: Aa2/AA-

Croatia Syndication of the DM18m five year at 95bp over Libor term loan arranged for Vrbobec Mesna Industrija dd by RZB has closed oversubscribed but will not be increased. There are nine banks joining the arrangers. Signing is set for early December.

* Cerinvest Guarantor: Cera Bank

ELETROBRAS, Brazil's federal power utility, plans to issue about $6bn in securitised bonds backed by receivables next year as the government attempts to reduce its fiscal deficit. The securitisation proposal is a first for Brazil and would form part of the utility's efforts to reduce the R$9bn debt it owes to the Brazilian treasury. Brazilian development bank BNDES will co-ordinate the issue, which is expected to take place in the first half of 1998.

THE EUROPEAN Investment Bank again demonstrated its ability to raise funds in dire market conditions with the launch of a second jumbo floater in many weeks as it tempted investors to come out of their early winter hibernation. Last week the supranational braved an ailing sterling market by issuing a £500m five year bond at Libor less 18.75bp via lead manager Salomon Brothers. This week, it raised $1bn of five year money at Libor less 20bp re-offered, less 17bp at full fees. Salomon was joint books on the dollar transaction together with Barclays.

Emerging markets commentary Compiled by ANZ Investment Bank, London. Contact: Jerome Booth, tel: +44 171-378 2959

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* Ina, Italy's third largest insurance company, is to spin off its Lit5tr property portfolio into a separate company which is expected to be floated in an international public offering and listed in New York and Milan. The insurer is also searching for a strategic partner to take a stake in the company and take over the management of the assets.

* Cofinoga SA Rating: A3