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US retailer Wal-Mart will shortly add a new and prestigious name to the burgeoning list of US corporate issuers in the global debt markets when it launches $5bn of bonds to finance its acquisition of UK supermarket group Asda.

Spreads continued to drift wider in the dollar market following a deterioration in the emerging market sector, making life difficult for new Eurobonds and causing some borrowers to postpone their deals. Deutsche Ausgleichsbank for example was due to launch a $1.5bn five year global bond yesterday (Thursday) but its funding targets could not be met in the volatile swap markets. BNG fell victim to the rapid downturn in sentiment on Monday. Its $750m five year bond was launched in the morning at 63bp over. Swaps widened by 4bp to 5bp, forcing the bond out to 66bp bid and finally out to 68bp.

A debut euro deal by Chilean telephone company CTC this week highlighted the intense bitterness between US and European houses vying for top euro corporate mandates by pricing at a level many Wall Street firms dubbed overly aggressive. Dresdner Kleinwort Benson and BBV SA emerged from an intense competitive bidding process to win the mandate to bring CTC to market with a five year Eu200m deal at between 120bp to 140bp over Treasuries.

n Hamburgische LB Finance Ltd Guarantor: Hamburgische Landesbank Girozentrale

Dutch cable television group United Pan-Europe Communications began presentations this week for a bond offering that will be one of the largest ever high yield deals from a European issuer. Donaldson Lufkin & Jenrette and Goldman Sachs are lead managers for the three tranche transaction that could raise up to $1.5bn. Roadshows took place this week in Europe and will move to the US next week before pricing in the week beginning July 26.

A debut euro deal by Chilean telephone company CTC this week highlighted the intense bitterness between US and European houses vying for top euro corporate mandates by pricing at a level many Wall Street firms dubbed overly aggressive. Dresdner Kleinwort Benson and BBV SA emerged from an intense competitive bidding process to win the mandate to bring CTC to market with a five year Eu200m deal at between 120bp to 140bp over Treasuries.

Dutch chemicals company DSM will sign a Eu1.5bn MTN programme next week which will provide a source of funding for its future investments and possible acquisitions. Based in Heerlen in the Netherlands, DSM was formerly known as Dutch State Mines. It is a familiar name to many European investors following a DM750m seven year issue launched in November last year, led by ABN Amro and Deutsche Bank, that has since been converted to euros.

Czech Republic Bankgesellschaft Berlin and Royal Bank of Scotland have arranged a club deal for Ceskoslovenska Obchodni Banka (CSOB), worth Eu15m, with a maximum tenor of two years.

Nomura International has launched the sale of stock in Lakah International. The privately owned Egyptian group is one of the largest of the country's corporations and is the leader in the healthcare sector in the Middle East. The transaction will involve the sale of up to 50m ordinary shares in GDS form, with each global share to represent three ordinary shares. Some 35m shares will be sold as part of a capital increase, initially subscribed to by the selling shareholders

Chile n Compañía de Telecomunicaciones de Chile (CTC) Rating: Baa1/A-

E-PLUS, Germany's third largest mobile phone operator, has restructured its DSCR based margin on its DM3.3bn project financing that was arranged in 1995 by Deutsche Bank. Based on the original documentation, the first test for the DSCR margin would have taken place in July and would have resulted in a substantial increase in the margin that, according to E-Plus, "would not have reflected the high capitalisation of the company [60%] and continuing equity funding of capital expenditure".

The board of Israeli power company Israel Electric Corp (IEC) this week approved plans for a Eu300m-Eu500m issue via Warburg Dillon Read and Salomon Smith Barney. The deal will be launched in September. The debut euro issue for the state-owned borrower is likely to have a seven to 10 year tenor.