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* Deutsche Ausgleichsbank Guarantor: Federal Republic of Germany

For the first time this year, international demand for dollar bonds picked up this week and drove successful deals for a range of global issuers. Favourable retail sales and CPI data from the US confirmed the market's view that the US economy is slowing and that the Fed will relax its tightening stance. Treasuries rallied on the news and, although some of the gains were retraced after the release of stronger than expected industrial production data, sentiment remains positive.

Belgium ABN Amro has won the sole mandate to arrange a Eu6bn loan for Belgian brewing company Interbrew. The borrower recently won the bidding contest to acquire the brewing assets of Bass, and previously bought brewing assets worth £400m from Whitbread, both in the UK. It is paying £2.83bn for the Bass assets.

* BBVA Global Finance Ltd Guarantor: Banco Bilbao Vizcaya Argentaria SA

* Deutsche Telekom International Finance BV Guarantor: Deutsche Telekom AG

ABN Amro this week several appointments that will made boost its global fixed income sales effort. Chris Lillingston-Price will be European head of Libor product sales in London, and report to Edward Wassink, European head of sales. He joins in mid-July.

South Africa The $1bn three year term loan for South African Reserve Bank has closed with a strong oversubscription of around $1.75bn. The facility should be signed at the end of June.

Hong Kong Hong Kong International Theme Parks, the company set up for the Disneyland project, has shortlisted six banks for is upcoming Hong Kong dollar funding requirement.

Union DE Créditos Immobiliarios, the Spanish mortgage lender owned by Banco Santander Central Hispano and BNP Paribas, returned to the MBS market this week with a Eu459m deal, lead managed, as ever, by its shareholders. The year's third Spanish mortgage deal priced towards the high end of MBS spreads, with a coupon of 29.5bp over three month Euribor for the triple-A tranche, which has a 6.2 year average life.

The UK government's Private Finance Initiative took a significant leap forward this week as Deutsche Bank placed the largest PFI bond so far to finance construction of a new building for the country's main electronic spying installation, the Government Communications Head-quarters, in Cheltenham. The £406.85m bond was issued by Integrated Accommodation Services plc (IAS), a consortium that has a contract to demolish two buildings, build a new one and service it until 2029.

Two Australian mortgage lenders made their international securitisation debuts this week, taking different routes to achieve the same end of oversubscribed deals with broad distribution. Adelaide Bank offered the first Australian MBS under Rule 144A, selling $725.6m of triple-A bonds through ABN Amro, which had arranged the deal, and Credit Suisse First Boston, which ABN raised from a syndicate role to joint bookrunner, to strengthen US placement.

JP Morgan last Friday priced a $300m CBO for Dutch asset manager Robeco - the first CBO backed primarily by US high yield bonds to be managed by a European firm. Robeco is 50% owned by Rabobank, which has an option to acquire the rest of the equity. "Robeco has a long track record in Europe but wants to raise its profile as an asset manager for high yield," said Nick Morgan, head of structured finance syndicate at JP Morgan in London. "The company wants to quadruple its assets under management in the next three years, and doing CBOs is part of that effort."