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Uruguay will lead a charge of Latin issuance into the euro and dollar markets in the coming weeks as sovereigns and an increasing number of corporates move to take advantage of a continued strong bid for Latin paper and good market technicals. Uruguay will debut in the euro market next week ahead with a Eu200m five year deal, via Credit Suisse First Boston and Schroder Salomon Smith Barney. Roadshows were completed this week market participants expect an attractive spread of around 170bp over Bunds.

Dollar swap spreads inched wider over this week. By yesterday (Thursday) afternoon, the 10 year mid-market was around 127.5bp over the new 5.75% August 2010 Treasury. This was about 4bp wider than at the start of the week. The five year swap mid-market was 96bp over the 6.75% May 2005 Treasury. Swaps moved out in line with credit product as the market coped with - and prepared to receive - a cascade of new dollar denominated debt. In the first two trading hours of September 5, after the long holiday weekend, over $5bn of new issuance was announced in the US corporate debt market. General Electric Capital Corporation launched a $1.5bn three year global, but most of the new borrowers were industrials.

DePfa Deutsche Pfandbriefbank will in the coming weeks launch the first ever 30 year jumbo Pfandbrief, a Eu1bn global bond via Deutsche Bank, Dresdner Kleinwort Benson and Schroder Salomon Smith Barney. According to syndicate officials, DePfa had initially hoped to raise Eu2bn.

Banca Popolare di Lodi SCarl Rating: A- (Fitch)

Brazil Banco Safra (Cayman Islands) Ltd

Austria UBS Warburg is premarketing a Eu300m rights offering for ErsteBank. Roadshows, which Erste will help manage, will begin in mid-September. Between 30% and 50% of the deal is expected to be sold to shareholders new to the stock.

Alcatel Rating: A1/A

GZ-Bank has increased the ceiling of its euro5 billion ($4.47 billion) Euro-MTN programme to euro 10 billion. Morgan Stanley has been added as a dealer.

Citibank has been added as a dealer off GZ-Bank Ireland's $1 billion Euro-CP programme.

India Mandated arranger Sumitomo Bank has closed syndication for the ¥5bn loan for state utility National Thermal Power Corp. SBI International Banking Group is lead arranger.

Optical components manufacturer Linos added further impetus to the Neuer Markt this week as its shares rose 326% in their first four days. Lead managers HSBC Trinkaus and NordLB closed bookbuilding for the Eu38m IPO 24 hours early because the deal was already more than 40 times over subscribed. "The Linos frenzy reminded me of the times in February and March," said one banker close to the deal.

The Caribbean has provided the international bond markets with $1.3bn of paper over the past year, with Trinidad&Tobago and Barbados capitalising on their investment grade ratings, and Jamaica receiving a vote of confidence from investors despite its economic troubles. Jamaica will be looking to return to the external bond markets before long, but the recent strong supply from the region will remain an exception to the norm. Euan Hagger reports.