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Investment grade US corporate bonds rallied this week, despite a flurry of multi billion dollar deals and a looming AT&T offering of possibly as much as $8bn to $10bn in the next few weeks. Lucent Technologies launched a rare $1.36bn 30 year global bond, becoming only the third US corporate to go to the global markets with such a long dated deal. Heller Financial issued $600m of five year bonds (JP Morgan and Merrill Lynch), increased from $500m, Freddie Mac priced a $3bn monthly reference note of 10 year bonds at 62.5bp over Treasuries and in the high yield market Charter Communications was due to launch a $3bn three tranche offering today (Friday).

* SNS Bank Nederland NV

Ford Motor Credit took full advantage of market conditions for its debut in the euro denominated bond markets this week. Ford was able to squeeze an extra couple of basis points out of its debut Eu1bn five year and the subsequent swap to dollars. It was assisted by a basis swap market that has moved decisively in favour of US borrowers wishing to convert euros to dollars in recent days.

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Belgium The Eu595m non-recourse project financing funding the build out of KPN Orange, Belgium's third cellular network is to be signed on Monday.

* Bayerische Hypo- und Vereinsbank AG

US agency Fannie Mae will attempt to create the largest security outside the government bond markets next week when it completes an offer to exchange up to $15bn of outstanding non-callable notes into a five year Benchmark Note.

Argentaria, one of Spain's largest banks, is set to offer a novel Eu1bn to Eu1.5bn security, marketed as the first jumbo Pfandbrief from Spain. Bookrunner Goldman Sachs and joint lead Argentaria Banco de Negocios held a presentation for investors at Argentaria's Madrid headquarters yesterday (Thursday), and sales officials will visit Paris, Milan, London, Frankfurt and Munich next week.

India The $120m five year term loan for National Thermal Power has been well received. Standard Chartered Bank, BFCE and Crédit Agricole have already committed along with several Indian banks. Arrangers State Bank of India and BA Asia expect the deal to be oversubscribed.

The battle for control of the Italian telecom industry will move firmly into the international market today (Friday), when Telecom Italia launches syndication of a sharply priced Eu10bn loan aimed at playing a crucial role in its defence against Olivetti’s hostile Eu35bn bid.

Santander and Paribas have launched the sale of stock in Indra Systemas, the technology group being sold by the Spanish government. The government will sell 48.8m ordinary shares, which represents around 66% of Indra's equity capital. The sale should raise around Pta72bn ($467m) and will be the first of this year's privatisation sales on the Madrid market.

THE BATTLE for control of the Italian telecom industry will move firmly into the international market today (Friday), when Telecom Italia launches syndication of a sharply priced Eu10bn loan aimed at playing a crucial role in its defence against Olivetti's hostile Eu35bn bid.