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MUCH is riding on the US Treasury market's reaction to the non-farm payroll figures to be released today (Friday). If the market reacts the wrong way to the US figures, it could seriously harm the World Bank's plans to launch the biggest ever fixed rate dollar transaction. The prized mandate has been awarded to Goldman Sachs, JP Morgan and SBC Warburg. Market sources expect a $5bn issue to be announced on Monday with price talk on Tuesday and official launch on Wednesday. The indicated level is around 14bp over.

* Bayerische Landesbank Girozentrale Rating: Aaa/AAA/AAA

Domestic issuance: * Baloise-Holding

TELEFONICA put an end to weeks of speculation and confirmed this week that it plans to launch a capital increase. Many banks have recently been pitching their services to the Spanish telecoms giant, which has been hinting for some time that it wanted to tap the markets this year.

TEXAS Utilities, the US power company, looks set to take the international loan market by storm with its audacious $7.43bn cash bid for Energy Group, the UK's largest electricity supplier.

TEXAS Utilities, the US power company, looks set to take the international loan market by storm with its audacious $7.43bn cash bid for Energy Group, the UK's largest electricity supplier. The bid, which is the latest and biggest salvo in the remarkable battle for control of Energy Group between Texas and Pacificorp, is backed by approximately $10.5bn of committed loan facilities, equally arranged and underwritten by Chase Manhattan, Lehman Brothers and Merrill Lynch.

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BANKERS are forecasting an increase this year in the volume of convertible bonds, spurred by strong sentiment in the major stockmarkets and the relatively static outlook for interest rates. According to salesmen, corporates that tap the market this year will be assured of generous terms because of the imbalance between supply and demand for these products.

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THE Republic of Croatia this week became only the second central and eastern European issuer to tap Spain's Matador bond market with the launch of a Pta15bn three year offering via Santander Investments. The peseta issue, the first in the Spanish currency for the Baa3/BBB- rated sovereign, featured a 6.5% coupon to yield 225bp over Bonos at the issue fixed re-offer price of 99.70 -- at the bottom end of the 225bp-240bp indicative pricing range.

CABLE & WIRELESS Communications (CWC) rounded off its international capital raising blitz this week with a blow-out $1.8bn three tranche offering, the largest ever Yankee bond from a G7 corporate. The deal, swiftly following its successful £500m two tranche deal last week, was originally intended to total $1bn. But lead managers HSBC and Merrill Lynch upped the deal after being swamped with more than $4.5bn of orders.

* Bacob Overseas Ltd Guarantor: Bacob Bank