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STAGECOACH HOLDING INC of the UK fell foul of the US bond market this week as it was forced to widen out spread talk on a Yankee debut by more than 60bp before investors showed interest. Despite a general lack of supply and at a time when most US corporate deals are being priced within or tighter than original spread talk, Stagecoach had to widen its guidance from 200bp over US Treasuries to 212.5bp and then to 237.5bp to 250bp before launching its $500m 10 year issue at 262.5bp.

n GMAC Canada Ltd Guarantor: General Motors Acceptance Corp

The Australian domestic market provided a steady stream of deals throughout the week with Commonwealth Bank of Australia, Suncorp Metway and kangaroo issuer Principal Financial Global Funding all seeking to draw investors undeterred by this week's rate rise. CBA led the pack, opening its deal at the end of last week and pricing yesterday (Thursday). The bank itself and Warburg Dillon Read were lead managers for the A$250m subordinated issue which followed a line of similarly structured deals from Australian commercial banking heavyweights.

DEN DANSKE Bank has won the mandate to arrange a Skr1.25bn five year revolver for AB Volvofinans. Syndication launched at the end of last week, with a margin of 22.5bp. Lead managers are asked to commit Skr200m for a flat fee of 5bp, and managers are asked for Skr100m for 3.5bp.

Rating: Aaa/AAA/AAA (Moody's/S&P/Fitch IBCA) Amount: Eu250m (fungible with Eu1bn issue launched 31/03/99) Öffentlicher Pfandbrief series 635

Czech Republic The Eu50m transaction for Ceska Sporitelna has been wrapped up, after achieving a 100% oversubscription from a market initially wary of Czech credits.