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PEMEX, the Mexican state owned oil concern, met a subdued response from investors this week for its Eu500m seven year bond issue. The deal, led by CSFB and Salomon Smith Barney, carried a 7.75% coupon and was attractively priced at 99.26 to yield 7.89% or 250bp over Bunds. It was priced to offer a pick-up against Mexican bonds in dollars and euro, and was offered about 40bp wide to where a theoretical new United Mexican States seven year euro deal would be issued.

Ingénico, the world's largest smartcard electronic payment terminal, completed the Eu70m institutional tranche of its reduced secondary offering on Monday. The deal, managed by CCF Charterhouse, was originally scheduled to raise Eu125m, but was postponed by one week and reduced due to market conditions. The company issued 760,870 primary shares. Each share was issued with a warrant, the total unit costing Eu92. The warrants can be exercised before June 30 2004, with two warrants worth one new share, at an exercise price of Eu107.5. The issue represents a 6% capital increase for the company.

* Cassa di Risparmio di Firenze (Carifirenze) shares gained more than 8% on their debut on Wednesday. The Merrill Lynch-led deal closed last Friday and was twice overusbsribed. The 247.272m offer was priced at Eu1.13 from a range of Eu1.11-Eu1.45. Of the total around 60% was sold to retail - considerably more than anticipated.

Argentina Barclays Bank (Miami) is in the market with a $75m loan-style FRN for Banco de Galicia y Buenos Aires SA .

JP Morgan is moving its head of London structured finance syndicate, Nick Morgan, to its loan syndication desk to fill a new post as European loan product manager. Brad Craighead will take over the structured finance syndicate desk. He ran syndication and trading of structured products at JP Morgan in New York for six years before moving to London last September to run the structured finance sales team.

Abbey National launched the largest ever securitisation of European mortgages this week, selling some £2.25bn of bonds in dollars, sterling and euros.

Abbey National launched the largest ever securitisation of European mortgages this week, selling some £2.25bn of bonds in dollars, sterling and euros.

Alcoa issued a blow-out $1.5bn two tranche global bond on Monday, benefiting from a lack of investment grade global bond supply. The deal, led by JP Morgan and Salomon Smith Barney, was increased in size by 50% and was priced 5bp tighter than expected before tightening even further in the aftermarket.

Europe * Auburn Securities 2 plc

Australia Telstra Corp's global roadshow for its A$2bn five year fundraising finished after presentations in Frankfurt and Singapore.

Market report: Compiled by Glenn Blackley, RBC DS Global Markets, Australia Tel: +61 2 9373 0431