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Both the euro and the dollar bond markets offered investors the widest range of credits to choose from this week as bankers continued to marvel at the astonishing tone of the major currency sectors in the first few weeks of 1999 and the wide variety of credits tapping them. Emerging market issuers made a welcome return to the international bond markets. Latin issuers continued to search for novel ways to raise funds, with Argentina raising $1bn of bonds with warrants and Pemex a similar amount in bonds linked to oil receivables.

CSFB and Mediobanca are to launch the sale of stock in Ducati Motor Holdings Spa, the manufacturer of high performance motorcycles. The company is privately owned by Texas Pacific Group, the US management buyout group that bought Ducati in 1996 in a leveraged transaction alongside the then Deutsche Morgan Grenfell. The buyout resulted in the owners acquiring 51% of the group's equity capital. Two years later they bought the remaining 49%.

Warburg Dillon Read has increased its already sizeable share of the Euro-convertible market with the £400m sale of convertible bonds for Railtrack, the UK rail transport group. The deal is the second Eurosterling CB deal to emerge this year, following the recent sale of bonds in high growth telecoms group Telewest.

Lehman Brothers has won the mandate to act as global co-ordinator for the flotation of stock in Software, the German enterprise systems software producer. The deal is one of the most prestigious high growth issues to emerge from this market this year. The US bank will run the books, with BHV leading the sale of stock to local investors and joint lead for the international tranche.

The US equity markets enjoyed a lull in issuance this week, following weeks of frenzied activity. The holiday-shortened week witnessed fewer new IPO registrations, but several companies filed for secondary offerings. Pinnacle Holdings succeeded with its second attempt at an IPO this week, raising some $280m. The Florida-based company postponed its flotation last July when the markets soured, but yesterday (Thursday) lead manager BT Alex Brown got the deal away, coinciding with a sharp rally in the US markets.

A group of 16 regional European banks have formed an association to boost their role in the new euro sector by offering borrowers diversified placement power in Europe. The "Euroclub" is a loose association in which the banks will cooperate on areas outlined in a code of conduct: premarketing, distribution, market-making, and information exchange, especially in the field of credit analysis. The move comes in response to the enhanced competition that has followed the arrival of the euro. Faced by the experience, larger balance sheets and league table positions of the major Euromarket players, smaller regional banks are pushing the role they can play in distribution to end investors.

For Asia's beleaguered debt capital market professionals, starved of new issue activity for the best part of two years, any chance to generate business is welcome indeed. The euro could well be such an opportunity.

Was there a minor split between little PaineWebber in London and one of its top salesladies, the stunning and totally alluring Alo Abed? Was its dispute taken to court, but averted at the very last minute? Did Alo emerge smiling all over her beautiful face? Normally we don't write about titchy, witchy PaineWebber in London, which is too small, too boring and too insignificant to merit the attention of our readers. However, the firm does retain an excellent salesforce and, by paying out commissions that some bulge bracket houses would think were scandalous, the socially ambitious Alo Abed was soon earning more than £1m a year.

Abbey National this week launched a jumbo mortgage backed bond that bankers say heralds the arrival of securitisation on the centre stage of the UK mortgage market.

Abbey National this week launched a jumbo mortgage backed bond that bankers say heralds the arrival of securitisation on the centre stage of the UK mortgage market.

The republic of Argentina launched a blow-out $1bn global bond with warrants this week, providing much needed evidence that investors are willing to support the country’s large borrowing needs — provided it pays up.

The republic of Argentina launched a blow-out $1bn global bond with warrants this week, providing much needed evidence that investors are willing to support the country’s large borrowing needs — provided it pays up.