The third emerging markets deal of 2002 is about to hit the European equity market as Deutsche Bank and Is Bank, the Turkish investment bank, are selling $325m (€375m) worth of shares in Petrol Ofisi (Poas), the Turkish oil company.

So far this year, there have been two deals out of Russia. At the start of February ING Barings floated Wimm-Bill-Dann Foods, a juice and dairy products manufacturer, in the first initial public offering from a Russian company for 19 months. Two weeks ago, Credit Suisse First Boston and UBS Warburg completed a $150m accelerated sale of shares in oil firm Yukos in the first Russian secondary offering for a year.