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THE DOLLAR market came back to life with a bang this week as a host of Eurodollar transactions for some of the market's best known names took advantage of the encouraging investor bid and attractive arbitrage on offer in the sector. Dollar desks reported a welcoming backdrop to this week's new issues, and hope that the stability of all markets -- Treasury, credit and equities -- will allow the sector's revival to continue.

Denmark The Eu1bn 364 day bridge loan for Danisco has closed oversubscribed, despite vehement protests at the start over the 20bp margin. Deutsche, arranger and sole underwriter, is offering fees of 5bp for commitments of Eu150m.

GERMAN systems software group Software AG has shrugged off the poor response to last week's flotation of telecom company debitel -- and mounting pressure on software shares worldwide -- to launch its DM1bn initial public offering. The offering for the Darmstadt-based group, for which Lehman Brothers is global co-ordinator and bookrunner, is expected to be the largest European software sector IPO this year and one of the biggest ever offerings in the sector.

4944

European Investment Bank

There are no stories in this section this week

Czech Republic The mandate for the Eu200m bond for the City of Prague is to be awarded by the start of the week. The bond market was chosen as the city wanted 10 year money.

Republic of Austria

Banque Sofinco

FANNIE Mae will attempt to repeat the success of its Benchmark Note issuance programme and create a liquid, international market for callable product later this month when it launches a new issuance programme -- Callable Benchmark Notes. Callable debt is a key part of the US agency's funding, allowing it to manage the interest rate risk on its $433bn mortgage portfolio. In 1998, Fannie Mae issued more than $90bn of its $147bn long term funding in callable and other option-embedded funding instruments.

CORPORATE new issue activity is hotting up in Spain in the wake of the government's successful sale of shares in defence group Indra, with construction group Ferrovial Agroman leading a potentially long line of private sector flotations. Morgan Stanley Dean Witter and BBV are leading the IPO, which could raise around $1bn through the sale of some 30%-35% of the company. The IPO follows a reorganisation of Ferrovial -- whose interests include construction, real estate and services -- including a merger of its construction business with its Agroman subsidiary.