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THE FIRST test of investor appetite for Latin new equity issues in 1998 will get underway in the week ahead when Salomon Smith Barney and Santander take Colombian cellular phone company Celumovil on the road to market its initial public offering. The deal, which includes JP Morgan as a co-manager, will be a major test of the water for one of the worst hit equity new issue markets since the Asian markets collapse.

CREDIT Suisse First Boston has launched an innovative two tranche financing in the US 144A market for Telecom New Zealand Finance Limited which achieved the capital treatment requirement of the borrower. The deal consisted of a $150m five year issue paying a coupon of 6.25% and priced to yield 85bp over Treasuries; and a $150m 10 year issue with a coupon of 6.5% and paying a spread of 105bp over. The bonds were rated Aa2/AA- by Moody's and Standard & Poor's respectively. Merrill Lynch and Morgan Stanley were co-leads on both tranches.

Market appraisal:

* Aegon NV

A BUSY pipeline is beginning to build in the sterling high yield corporate bond sector following the launch of the largest deal in the nascent market to date. Last Friday, bookrunner Goldman Sachs launched a two tranche sterling/dollar financing for UK telecom and cable TV company Diamond Holdings.

* Santander International Ltd

Croatia

* Bank Austria AG

THE EUROPEAN Investment Bank will next week award Goldman Sachs, Merrill Lynch and Paribas the prized mandate for its first euro-denominated global bond, Euroweek has learnt.

THE EUROPEAN Investment Bank will next week award Goldman Sachs, Merrill Lynch and Paribas the prized mandate for its first euro-denominated global bond, Euroweek has learnt.

Argentina