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Rating: Aa2/AA/AA+ Amount: $300m

Rating: Aaa/AAA/AAA Amount: $1bn obligations foncières

Amount: Sfr100m Maturity: May 30, 2008

Bond market participants are expecting Deutsche Telekom (DT) to bite the bullet and launch its Eu5bn-Eu8bn bond sale in euros and possibly dollars next week, despite the recent meltdown in the US telecoms sector.

Bond market participants are expecting Deutsche Telekom (DT) to bite the bullet and launch its Eu5bn-Eu8bn bond sale in euros and possibly dollars next week, despite the recent meltdown in the US telecoms sector.

The Euro-CP Association (ECPA) has merged with the International Primary Market Association (IPMA) to produce the ECP Committee (ECPC). John Ford at Deutsche Bank and chairman of the ECPA will now also be chairman of the ECPC. He says: "This merger formalizes the relationship we already had with IPMA, and gives us the extra lobbying clout that comes with an organization that is plugged in to many senior people at the regulatory authorities." The new committee answers to the board of directors at IPMA, and IPMA in return will offer secretariat support. Clifford Dammers, secretary general at IPMA, says: "In order to eliminate duplication of effort towards certain mutual goals we thought it would be more productive if we were part of the same organization. The restrictions in Spain, Italy and particularly France are a major issue for us. We hope to be more persuasive now in convincing the authorities in those countries to open up their investors to the international market." Ford, at Deutsche Bank, adds: "We will be able to take a more authoritative stance on certain issues that need to change. One such example is the proposed implementation of the new UCITS directive in the UK by the FSA. We can now respond to their consultation document in a more comprehensive manner."

The $250m three year facility for National Bank of Egypt is due to be closed today (Friday) and will be signed at the end of the month. The deal attracted a healthy oversubscription and an increase of up to $300m is expected. ABC, Citigroup/SSB, Bank of Tokyo-Mitsubishi and Standard Chartered are arranging the deal. Three tickets are being offered: $15m for fees of 45bp; $10m for fees of 37.5bp; and $5m for 30bp. The loan carries a margin 75bp over Libor. The $50m one year facility for African Export-Import Bank (Afrexim) has been closed this week and will be signed today (Friday) in London. The deal has received an oversubscription and will be increased to $85m. WestLB, KBC, Natexis Banques Populaires, RZB, Standard Chartered and WGZ are arranging the deal, which pays a margin of 45bp over Libor. Three ticket sizes are being offered: co-arrangers $3.5m-$5m for fees of 30bp; lead arrangers $2m-$3.49m for 25bp; and managers $1m-$1.99m for 20bp. Afrexim last tapped the market in April 2000. The deal was arranged by KBC, RZB, Standard Chartered, WestLB and WGZ and paid a margin of 40bp over Libor.

Syndication of the Eu40m five year facility for Banka Celje is due to be closed this week. Arrangers for the deal are Bank Austria and BayernLB, Bawag, NordLB and LB Kiel.

A meeting will be held in London today (Friday) for South African Reserve Bank 's (SARB) new debt facility. Together with the borrower, between 10 and 15 mandated lead arrangers will finalise the pricing and structure of the new deal at the meeting.

Mandated arrangers SG and BBVA are finalising the details of the Eu600m project financing for the Radial 4 (R4) toll road in Madrid with syndication due to be launched by the end of the month. The financing is split into two tranches: a Eu560m six year term loan and a Eu400m 3-1/2 year VAT facility. The term loan pays around 130bp over Euribor. The VAT facility is understood to pay 75bp.

Dollar swap spreads this week inched out from the levels seen at the end of last. By yesterday (Thursday) afternoon, the 10 year mid-market was around 56.25bp, which was perhaps 2bp wider than the spread level a week ago. The five year mid-market had come in to around 47bp, but this incorporated the roll into the new five year Treasury. The new five year note, the 4.375% May 2007, was auctioned on Tuesday in a $22bn sale. The roll into the W/I was give 9bp, taking the five year swap spread into the new note from around 55bp to 46bp. The 10 year note was re-opened with an additional $11bn on the following day.