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were in the pipeline for launch in the weeks ahead look unlikely to be completed before January, given that investors are becoming ever more choosy. But new issue activity on the smaller Neuer Markt, where volatility has been much lower, is likely to remain robust with a string of high-tech companies heading for listings.

India The IFC has completed a $10m loan for Nicco Uco Financial Services Ltd, a medium sized financial services company in leasing, hire purchase, merchant banking, working capital and trade finance.

HURRICANE Hydrocarbons Ltd (HHL), the Canada-headquartered oil company with 99% of its production based in Kazakhstan, this week claimed the distinction of being the sole central and eastern Europe related issuer to tap the international bond markets. The Calgary-based company launched a debut $105m seven year Rule 144A private placement, non callable for four years, in the US high yield bond market.

PREMARKETING for an up to $800m privatisation of Indian fixed line operator Mahanagar Telephone Nigam Ltd (MTNL) began in earnest this week despite the failure of a similarly ambitious offering by the Gas Authority of India (Gail) to come to the market as expected. Reflecting the government's determination to bridge its budget deficit with privatisation receipts, MTNL's roughly 100m share offering has been kept to its original launch schedule.

LATIN ISSUERS searching for sources of funds other than the public bond markets were given some hope this week when Chilean fish meal exporter Inverraz placed $90m of receivables backed bonds via BankBoston in the US private placement market. The offering was priced attractively enough to be increased from an original $75m, and was even oversubscribed -- but only after it was launched above its 275bp to 300bp spread range at 325bp.

ESAT TELECOM Group, the Irish telecommunications operator, priced its IPO last night (Thursday) at $13 per share -- the mid-point of the indicative pricing range of $12-$14. A total of 6m ADSs were offered, representing 12m underlying shares. International buyers took up 3.9m ADSs. There is an additional 900,000 overallotment option. The ADSs will be listed on the Nasdaq and Easdaq stock exchanges.

THE SACRIFICES that Latin equity issuers must make to execute deals in current market conditions were dramatically illustrated this week from Chilean airline Lan Chile, which cut its deal size by more than a third and raised little more than half the intended proceeds -- after slashing its price by 17.6%. The mixed primary and secondary share offering -- the

MEXICO has once again become the envy of other Latin borrowers, completing a tightly priced and perfectly timed $2.5bn committed line of credit with about 27 banks. Prudently deciding to tap the loan market at the peak of tight spreads, Mexico has been

Israel The $40m amortising term loan being organised for the Industrial Development Bank of Israel by Euro-Trade Bank Ltd, Sumitomo Bank and Union Bank of Israel is to be signed on Monday.

MBNA America Bank will shortly join the growing list of US financial issuers in the Euromarket when it launches the first issue off its recently signed global bank note programme. The floating rate deal, likely to be in the region of $300m, will be lead managed by Lehman Brothers, which arranged the $6.5bn issuance facility.

* Merrill Lynch has beaten off competition from JP Morgan and UBS to secure the ratings advisory and lead management role on a planned public international bond issue by Lietuvos Energija (Lithuanian Energy). The utility is set to enter the public Eurobond market in the first half of 1998. Earlier this year Lithuanian Energy tapped the Euromarkets for the first time with a $75m private placement due April 2000 with a coupon set at 275bp over Libor. That transaction was lead managed by Merrill Lynch which has also secured two loans totalling $85m for the company.

BANQUE PARIBAS and ING Barings are mandated to arrange a rare Icelandic project financing for a new aluminium smelter being built on the island. The $110m project financing is to be formally unveiled to the market at a bankers presentation in London on November 14 with a site visit to follow on November 17 to Grundartangi.