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INTERNATIONAL fixed income investors were given a rare opportunity to gain exposure to Czech corporate risk this week with the launch of a DM500m five year issue by leading Czech telco, SPT Telecom. Deutsche Morgan Grenfell ran the books on the transaction, which featured a 5.125% coupon to yield 60bp over the Obl125 on a fixed re-offer price of 99.866 - at the top of the 50bp-60bp indicative spread range.

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* British Steel plc Rating: A-

THE KINGDOM of Sweden attempted to ensure that its government bond market offers an attractive investment alternative to the rest of the euro denominated market this week with the launch of a Eu2bn offering led by JP Morgan, Paribas and SBC Warburg Dillon Read. The issue was the first euro-denominated transaction to be structured as a domestic bond. The overwhelming response from a broad range of key institutional accounts in Europe and Asia helped to focus international investors' attention on Sweden's domestic krona market and on the improvement in its credit standing.

* Crédit Local de France Rating: Aa1/AA+

* CSFB London Branch Amount: Sfr100m

SENIOR syndication of the $10.9bn loan facilities backing Texas Utilities' acquisition of the Energy Group has closed with almost $10bn raised from 21 banks. Takes of $500m and $300m were on offer and 15 banks are believed to have committed to the $500m level while three have committed to the $300m level. Bank of New York has also taken between $600m and $650m.

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Merrill Lynch and Barclays are waiting to learn of the result of Argos shareholders' vote on whether they should accept Great Universal Stores' £1.9bn (increased from £1.6bn) bid for the company. The outcome is expected today (Friday). Merrill Lynch and Barclays are leading the debt facilities backing the GUS bid and have already appointed senior underwriters or senior lead managers. They are Chase, Den Danske, ABN Amro, Bank of Tokyo-Mitsubishi, Banque Nationale de Paris, Bayerische Landesbank, Commerzbank, HSBC, National Australia Bank, Royal Bank of Scotland and Sumitomo.

INVESTORS' desire for the most liquid products possible spilled over into the corporate debt market this week as Ford Motor Credit launched the largest ever corporate global bond and General Motors launched a $1.6bn three tranche transaction which incorporated the first ever global long bond.

INVESTORS' desire for the most liquid products possible spilled over into the corporate debt market this week as Ford Motor Credit launched the largest ever corporate global bond and General Motors launched a $1.6bn three tranche transaction which incorporated the first ever global long bond. Ford's $3.25bn financing, via bookrunner Salomon Smith Barney and joint lead Bear Stearns, set two records for the international bond markets. At $2.25bn (increased from $1.5bn), its five year fixed rate tranche was the largest single corporate global; and at $1bn, it also issued the largest ever seven year floater. General Motors' return to the offshore dollar market after a 10 year absence was an equally remarkable achievement. Lead managers Bear Stearns and Merrill Lynch brought $500m each of seven and 10 year paper, as well as a $600m 30 year bond - the first corporate global to match the maturity of the US Treasury long bond.

* Deutsche Hypothekenbank Frankfurt Rating: Aa2