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Mexico Syndication of the $200m asset securitisation facility being arranged for Banco Nacional de Mexico SA (Banamex) by WestLB has closed oversubscribed. Some $235m was raised in general syndication but the loan was not increased.

TELEFÓNICA, the Spanish telecommunications monopoly, has launched the long expected sale of stock in its yellow pages subsidiary, TPI-Paginas Amarillas, in a flotation that will value its 35% stake at around Eu600m. The deal is braving a market that has not been welcoming to IPOs. Recent small cap flotations in Madrid, as elsewhere in Europe, have fallen foul of negative investor sentiment - buyers are concentrating only on certain sectors and only on large, liquid stocks.

THE FRENCH stockmarket is to host a variety of new issues in the next few weeks following the highly successful debut made by the state-controlled defence group Aérospatiale Matra. The Trésor completed the sale of the company's stock and this week the shares defied the despondency in the primary market to trade at an impressive premium to issue price.

Bank of America and GMAC - two names from the bank and finance sector - brought a combined $3bn of global bonds at five years last week. A slight opening of arbitrage possibilities played its part in enhancing the attractiveness of this maturity. Although dealers and treasury officials at NationsBank declined to comment on the use of proceeds, it is clear that the self led Bank of America $1.5bn five year deal was swapped to floating. NationsBank was seen hitting bids at five years both before and after the deal was launched and dealers assumed it was off-setting its own swap position.

Egypt The general syndication of the $220m international tranche of the senior secured facility for the Egyptian Company for Mobile Services (ECMS) led by international arrangers Chase Manhattan, Dresdner Kleinwort Benson, Paribas and WestLB has effectively closed. Around 16 banks joined, achieving a roughly 20% oversubscription.

n World Bank Rating: Aaa/AAA

n KfW International Finance Guarantor: Kreditanstalt für Wiederaufbau

Australia

n GE Capital Australia Funding Guarantor: General Electric Capital Corp

US non-farm payroll figures released last Friday gave no respite to the dollar market and the long bond rose through the 6% yield level. The market now anxiously awaits this week's PPI data and the next FOMC meeting, with a rate hike expected. Credit spreads widened further, creating an uncomfortable background for $1.5bn five year bonds by BankAmerica, GMAC and Motorola.

Bank of Scotland made its first foray into the euro market this week with a Eu1bn five year floater that marked a further milestone in the development of a euro FRN market on a par with its dollar counterpart. Priced at a discount margin of 14bp over Euribor, the paper offered investors a liquid instrument at clearing levels. Successful placement was ensured by premarketing and bookbuilding, which also enabled Paribas to find the right price.

n Province of British Columbia Rating: Aa2/AA-