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FinMin to place two, three and five-year bonds on Monday. FinMin will sell bonds on Monday, Nov 13 with the circulation period of two, three and five years. The ministry did not indicate the value of the bonds. On Nov 9 FinMin issued bonds worth UAH 88.307mn (USD 17.487mn). The securities worth UAH 52.785mn have two-year maturity period and yield 9%. UAH 35.523mn 3-year bonds yield 9.4%. Five-year bonds were also offered, but there was no demand for them. In total in 2006 FinMin placed bonds worth UAH 528.142mn.

Another month, another deal. Corporate lawyers must have become airborne at The Bank of New York in recent months. Not that its rivals have been idle, but BoNY (the acronym, forbidden within the bank, still sticks in the market) has had a white-hot year of corporate activity. Caroline Allen looks at recent deals.

Yield curve inversion usually signals a coming recession, but, overall, the global economy looks good. Can there be another explanation for inversion linked to high global liquidity?

Government committed to completion of Geregu power plant. Nigeria’s Power and Steel Minister Liyel Imoke has stated that the government would ensure the completion of the construction of the Geregu power plant in Kogi. The government has so far spent EUR 183mn on the 414MW power plant. Imoke, who was speaking to newsmen, declared that the completion of the plant would bring power generation in the country to the targeted 4,500 MW by next year.

Ukrainian, Danish officials discuss collaboration between the countries. During his official visit to Denmark Ukrainian foreign minister Borys Tarasyuk met with Danish deputy PM Bendt Bendtsen to discuss economic relations, trade and energy sector cooperation between 2 countries. The sides noted that trade turnover between the countries in Jan-Aug 2006 increased by 38% y/y. After this official visit a number of lower level meetings between officials of the 2 countries are expected to take place.

Spain’s Segura mulls EUR 10mn investment in Szolonk. Spain’s Segura plans to invest some EUR 10mn in production facilities for car parts and solar panels in the industrial park of Szolonk , MTI News Agency reported quoting local officials. The company has already purchased ten hectares plot in the park and construction is expected to start in the early spring of 2007. The solar panel plant will become operational first, while the car parts facility will be completed in the beginning of 2008. The investment outlay is envisaged to create 400 workplaces directly and another 800 through suppliers.

FX/gold reserves increase by USD 5.1bn to USD 274.2bn over Oct 27-Nov 3. CBR’s FX/gold reserves rose by USD 5.1bn to USD 274.2bn over Oct 27-Nov 3. Thus, the indicator saw a 1.9% w/w increase. The FX/gold reserves are now closer to their maximum level seen in mid-August. To remind you, Russia made an early PC debt repayment in late August, which caused USD 16.5bn w/w reserves drop to USD 258.5bn posted on Aug 25. Russia slowly continues to reduce the gap separating it from the world’s leaders in terms of FX/gold reserves, which are China and Japan . The USD saw a 10 kopeks drop against RUR over the week from 26.83 as of Oct 20 to 26.73 as of Nov 3. In the same period, the EUR appreciated against RUR from 33.93 to 34.08.

Widest WSE index WIG overshoots historical level of 50,000pts. The Warsaw Stock Exchange Index (WIG) which groups 155 large and medium-sized companies, has for the first time in its history crossed the magical barrier of 50,000pts, rising to 50,091.12pts at around 11:00am . In so doing, in the 15.5 years the Warsaw bourse has existed, the index has risen by the impressive value of over 4900%. It ended the day at 49555.18 points, or up by 0.24% with the turnover on all stocks at PLN 2.75bn. ISB, tom

Spain converts Morocco’s EUR 30mn debt into investment fund. Spain announced that has decided to convert EUR 30mn of Morocco 's debts into public investments. The Spanish embassy in Rabat made the announcement saying that the funds would be used for sanitation projects, etc. Around EUR 22.5mn will finance a liquid sanitation projects in the northern region. The balance funds will be earmarked for other projects under Morocco ’s National Initiative for Human Development (INDH). The decision was reached at the Moroccan-Spanish joint committee

FinMin plans EUR 1bn eurobond issue in January. Poland plans to issue a benchmark eurobond issue with a value of above EUR 1bn in January, deputy finance minister Piotr Soroczynski told the Polish Press Agency . In early November, the finance ministry sold 10-year bonds worth JPY 25bn and 20-year bonds worth JPY 60bn on the Japanese market. Apart from "Samurai" bonds, so far this year the ministry also sold eurobonds worth EUR 3bn. tom

Morocco’s offshoring sector generates USD 110mn revenues in 2004. According to the French weekly Jeune Afrique , Morocco ’s off-shoring professions such as call and phone information centres, hotlines, software companies, back-offices in Morocco generated a turnover of about USD 110mn, and created about 7,200 jobs in 2004.

FinMin: Mild appreciating trend in zloty likely to continue in 2007. The mild tendency of the zloty to strengthen is in line with this year's government expectations and should also continue in 2007, deputy PM and finance minister Zyta Gilowska announced on Wednesday. “The mild appreciating trend should not be a shock to anyone. We expected it in 2006, we expect it also in 2007,” Gilowska told a press conference. According to next year's draft budget, the average annual exchange rate of the PLN/EUR is PLN 3.91 this year, and in 2007 - PLN 3.90 versus PLN 4.03 in 2005. The PLN/USD exchange rate is to shape up at PLN 3.11 and PLN 3.04 versus PLN 3.23, respectively. In the last 12 months the zloty has strengthened by about 4-5% versus the euro and by around 12% versus the USD. On Wednesday at around 4pm the euro was trading at PLN 3.82 and the USD at PLN 2.98. ISB