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THE PREDILECTION for all things hi-tech in the US equity markets showed signs of abating this week as blue chips continued to build on recent gains and cracks in the technology sector appeared as Nasdaq sustained losses over three days. However, financial and cyclical stocks were behind the rally in the Dow Jones this week which brought the index within reach of the 11,000 mark.

ONO Finance priced its dual tranche high yield bond this week and, following a successful roadshow, was able to increase the amount issued. Originally intended to be a $300m financing, the final issue provided proceeds of $400m to the company, split between a euro and a dollar tranche. The euro tranche emerged as a Eu125m 10 year transaction paying a 13% coupon and a spread of 917bp over the Bund. The $275m tranche paid a 13% coupon and a spread of 774bp over the 5.26% US Treasury. The deal also includes warrants for equity.

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THE FEDERATION OF MALAYSIA submitted an SEC filing last week in the clearest sign yet that the government is on the verge of launching its eagerly anticipated global bond offering. Market observers now believe that roadshows are being prepared for mid to late May.

THE FEDERATION OF MALAYSIA submitted an SEC filing last week in the clearest sign yet that the government is on the verge of launching its eagerly anticipated global bond offering. Market observers now believe that roadshows are being prepared for mid to late May.

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GERMAN conglomerate Mannesmann is set to launch the largest ever corporate euro issue in mid-May, a Eu2bn to Eu2.5bn 10 year deal via Deutsche, Dresdner Kleinwort Benson and Commerzbank. Proceeds of the transaction will be used to refinance a Eu1bn loan the company is currently seeking to back its acquisition of German telecommunications company o.tel.o.

* Warburg Dillon Read has arranged a Eu750m Euro-MTN programme for Norges Statsbaner, the Norwegian state owned railway operator. The company operates nearly all of Norway's rail lines directly, and a subsidiary runs the remainder. Since late 1996, when the Norwegian government divided the company into two entities, NSB has not managed the infrastructure of the railways. Jernbaneverket, the Norwegian National Rail Administration, performs this role.

THE CITY of Florence is set to make its debut in the international markets via its newly signed $300m global MTN programme. The issue, dubbed 'renaissance bonds' in an allusion to new development projects and the city's rich cultural heritage, is yet to be finalised with its size dependent on the number of municipal projects it will eventually finance.

ASSICURAZIONE Generali, the Italian blue chip insurer, made a triumphant debut in the international bond markets this week with the launch of a sell-out Eu1.5bn jumbo bond. The deal, which refinances short term debt, achieves the twin objectives of improving the company's capital structure and diversifying its sources of funding.

THE FEDERAL Home Loan Banks (FHLB) issued a $1bn five year non-call two year note and a $1bn two year reopening this week, bringing issuance this month to $8bn in the global markets alone. Last week, Fannie Mae and Freddie Mac first experimented with the callable global format, and it had been surmised by many that FHLB would follow suit.