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US BROKERAGE houses raced to the global bond markets with their own issues this week, eager to supply hungry investors with transactions during one of the lightest new issue calendars seen for the month of January in some years. Bear Stearns came to market with an $850m five year global and Goldman Sachs launched $750m of five year and $750m of 10 year bonds this week, after seeing last Friday's blow-out $2bn issue of five year global bonds by Lehman Brothers. All three deals were launched at the tight end of price talk and traded strongly in the aftermarket due to US investors still holding excessive levels of cash in their portfolios.

Market report: Compiled by Jim Webber,

Irish printing and packaging company Clondalkin priced its Eu125m high yield bond this week with a coupon of 10.625%, to yield 519bp over Bunds. That was at the top end of the indicated price range of 10.375% to 10.625%.

Cazenove and Goldman Sachs sold a £250m placement for Pearson this week that could redefine the internet strategy of scores of media companies considering spin-off flotations. The trade, conducted on Wednesday morning, ended speculation that the UK media company would launch the first European tracking stock based on its online assets - effectively creating a company within a company - or float those assets as a separate company.

Argentina * Republic of Argentina

* ASR Bank NV Guarantor: ASR Verzekeringsgroep NV

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BANKERS ARE looking out for a jumbo financing for Finnish energy group Fortum, which is buying power plants worth Eu1.85bn from forestry company Stora Enso. The acquisition could lead to a loan of rare proportions and the chance to lend to a debut borrower. Fortum was created from the merger of Neste and IVO, both of which have tapped the loan market in the past.

When Heinz brought its first eurodollar transaction in two years this week, it looked to many analysts that the deal was arbitrage driven. The $300m 7% two year notes, lead managed by JP Morgan yielded 7.04% at the re-offer, or 60bp over the December 2001 Treasury. All-in the yield was 7.137%, or about 69bp over the Treasury.

POTENTIAL arrangers of the Eu180m refinancing facility for Türkiye Garanti Bankasi are awaiting news today (Friday) of the final list of top level banks. The one year term loan is due to set a benchmark for Turkish banks in the loan market this year. Pricing at the end of 1999 rose for Turkish bank borrowers, due to fears over Y2K readiness and concerns about market capacity. But price talk this week puts Garanti's margin this year below 1999 levels.