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INSTITUTIONAL pre-marketing will begin next week for the A$12bn flotation of Telstra, Australia's national telecom carrier. One third of the company's capital to be offered to investors in an eagerly awaited IPO that will be Australia's largest privatisation to date.

US CORPORATES took centre stage in the Eurobond market this week, as Coca-Cola Enterprises launched the inaugural issue off its Euro-MTN programme and GMAC issued an innovative dual tranche package in floating rate Deutschmarks and sterling. Coca-Cola Enterprises recently acquired Coca-Cola's bottling rights in the UK and in several European countries, and those acquisitions will need to be refinanced in the next few months, much of it in non-dollar currencies. The company wanted to establish a benchmark Eurobond to introduce its name to a broad base of investors.

* CPR -- Compagnie Parisienne de Reescompte Rating: A-/A+ (S&P's/IBCA)

* Province of British Columbia Rating: Aa2/AA

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THE REPUBLIC of Venezuela exceeded the market's wildest expectations this week by issuing a $4bn 30 year global bond in exchange for Brady debt -- the largest international fixed rate sovereign issue ever launched.The deal, which was four times its minimum size, wipes out $4.4bn of Venezuela's Brady bonds -- more than half the country's $7.87bn outstanding Brady debt.

* European Investment Bank Rating: Aaa/AAA

PRIMARY market activity in Germany accelerated this week with news of two large rights issues from Volkswagen and Commerzbank. The German car maker is to raise DM6bn-DM8bn ($3.15bn-$4.2bn) in a capital increase that will be lead managed by Deutsche Morgan Grenfell, while Germany's third largest bank is to raise DM1.5bn ($830m) to bolster its investment banking operations.

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Crédit Lyonnais is expected to announce its long-awaited mandate for the second Cyber-Val securitisation today (Friday). Among firms in the running for the prized lead role among domestic banks are said to be Société Générale, CDC Marchés and BNP. Merrill Lynch is expected to have a key role. The bank has delayed choosing lead managers in the hope of a decision from the German authorities on a risk weighting for the transaction, since this will affect distribution in Germany.

TWO landmark asset backed transactions both took the CLO structure in new directions this week, giving a foretaste of the bold and innovative deals to come in this market. SBC Glacier Finance Series 1997-1 and 1997-2 securitised credit-linked notes issued by Swiss Bank Corp's New York branch in a $1.74bn transaction divided into two equal halves, at five and seven years. Each consisted of $798.225m of senior bonds rated Aa1/AA+, and a privately placed $71.775m subordinated tranche.

TOYOTA Motor Credit Corp's first securitisation of auto leases was hailed as a triumph by bankers as extensive roadshows in three continents contributed to heavy demand and larger sales in Europe and Asia than in the US. Global co-ordinator Merrill Lynch ran the books in North America, Morgan Stanley covered Europe and Lehman Brothers concentrated on Asia.