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BOTH NEW and secondary issues performed strongly this week as the US equity markets continued their rebound of the previous few weeks. Goldman Sachs completed the secondary offering for mortgage fund provider Freddie Mac, raising some $879m. The company offered 15m shares, mainly to US investors. Goldman priced the stock at $58.625, representing the close on Monday. The stock had climbed slightly since the deal was announced, when it was trading at around $57. There is an additional over-allotment option for 2.25m shares.

* Caisse Nationale des Autoroutes Rating: Aaa/AAA

A FLOOD of money into high yield bond funds has become the main driver of the US corporate bond market's current strength, as investors speed down the credit curve in search of yield. More than $3bn has charged into high yield funds, the first time such funds have attracted more than $1bn three weeks in a row, according to AMG Data.

* European Investment Bank Rating: Aaa/AAA

THE QUARTER point cut in rates by the US Federal Reserve this week sent bond prices dramatically higher and confirmed that the market has rebounded strongly from the gloom of just a short time ago. Proof of the improved background was the successful execution of a $1bn seven year bond for Argentina. The deal, increased from $750m, has warrants attached exerciseable into the Argentina 30 year bond. A 10 year deal for Pemex was also increased, from $300m to $600m.

A FLOOD of new listings from the country's private corporates is poised to come to the Italian equity market over the coming weeks. The mood of the market is much improved -- losses incurred during the third quarter have been recovered -- and bankers consider the current market environment strong enough to absorb deals before the year end.

THERE IS an urgent call from Mee No Li, our delicious far-eastern informant and gossip 'deep throat'. Hadn't she told us last week that Stefan Ludwig at Nomura was wobbly on his perch and that his colleague Michael Thoms might be used as ammunition for the Hong Kong noon-day gun? Of course, our girl was absolutely right and it would seem that Ludwig, who was once Simon Fry's right hand, and Thoms have been presented with a pair of cement boots and an introductory swimming lesson in Hong Kong Harbour.

IMPROVING investor confidence and an interest rate cut in the US prompted the National Bank of Hungary to return to the Eurodollar market this week for the first time since the end of the first quarter. The 25bp monetary easing by the Federal Reserve, which will reduce financing pressures on all emerging market borrowers, provided optimal conditions for the Baa2/BBB- rated sovereign borrower to issue a $200m fungible increase to its $300m 6.5% April 2003 bond launched at the end of March.

* International Finance Corp Rating: Aaa/AAA

India ANZ Investment Bank and Citicorp International have teamed up with ABN Amro and Credit Suisse First Boston as global co-ordinators for Dabhol Power Co's $600m project financing. The four banks are finalising the structure of the deal.