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Finland

>* European Bank for Reconstruction & Development

5383

GOVERNMENT bond markets fell in Europe and the US ahead of employment figures in the States today (Friday). Uncertainty over the direction of US interest rates has been heightened by data suggesting that the worst is over for the global economy as well as continued evidence of a buoyant US economy. The yield on the long bond rose through 5.75% and the 10 year Bund broke the 4% barrier. However, swap spreads have tightened, as have credit spreads, albeit lagging swaps.

>* European Investment Bank

India

Brazil

IMI AND WARBURG Dillon Read will shortly launch the sale of stock in Roman electricity utility Acea, with the deal likely to be snapped up by international investors in the sector. Their last taste of a similar stock involved the sale of shares in the Milanese utility, AEM -- one of the most successful privatisations of last year. A booming local stockmarket and a full primary calendar represent perfect conditions for the Italian new issue market. Several large deals are expected to materialise in the coming months and a successful float of Acea will encourage further issuance from the corporate sector.

The introduction of the euro was certain to herald a fundamental change in the nature of Europe's capital markets. But the speed of change has taken everyone by surprise -- not least in the new euro bond markets.

ARGENTINE domestic bonds tightened as much as 48bp this week as momentum grew behind the Republic of Argentina's plan to raise new cash as well as swap local bonds and FRBs for two new domestic bonds.