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Telecom Italia signed a $10 billion global MTN programme on March 13. The arrangership has been shared between three banks - JP Morgan, Lehman Brothers and Morgan Stanley Dean Witter. This is the first time these three banks have teamed up on an arrangership. The signing marks the second Italian telecom to put pen to paper on an MTN programme. Tecnost International Finance signed a euro10 billion ($8.96 billion) Euro-MTN programme, in July 1999. They have issued $5.68 billion off just three trades. Lehman Brothers was also the arranger on that programme too. The telecom sector has issued $3.46 billion in debt so far this year. Portugal Telecom International Finance has been the largest issuer in 2001, with one euro1 billion trade bringing them 26% of the market share. The former state monopoly Telecom Italia is Italy's number one fixed-line operator and number one wireless provider (through 60%-owned Telecom Italia Mobile), and the company holds stakes in mobile phone operations outside Italy, mainly in Europe and Latin America. Telecom Italia also provides satellite communications and information technology services. Former rival Olivetti controls 55% of Telecom Italia. The dealer panel comprises the three arrangers, Banc of America Securities, Barclays Capital, BNP Paribas, Credit Agricole Indosuez, Credit Suisse First Boston, Deutsche Bank, Goldman Sachs, HSBC, Mediobanca-Banca di Credito Finanziario, Merrill Lynch, Salomon Smith Barney, SOFTE and UBS Warburg.

Following the announcement of Singapore Telecommunication's (SingTel) successful bid for 52.5% of Cable&Wireless Optus, analysts are now examining how the company might finance its proposal.

Merrill Lynch and Deutsche Bank will tomorrow (Thursday) price a Eu500m seven year bond for the Republic of South Africa. Price talk is around Bunds plus 270bp-275bp.

Slovenia and South Africa shrugged off the turbulence in the emerging markets today (Monday) to hold investor presentations in London ahead of their forthcoming bond issues.

Financial services software provider Marlborough Stirling announced this week that it will go ahead with its £92m IPO, despite the difficulty issuers are having completing listings. The UK company will sell 47m shares at 170p-220p through UBS Warburg. Marlborough Stirling may find the sale a challenge. Equity investors in Europe have proved reluctant to put money into new stocks in 2001. "Market conditions are absolutely dire," said one banker in London.

The Eu220m IPO of St Galler Kantonalbank is under way, and officials at the St Galler canton are hoping the high dividend yield that the stock offers will attract retail investors. A new change in Swiss law means that the canton is now allowed to reduce its stake in the bank from 100% to 33%. In this sale, it will bring its stake down to 67%, or 62% if the greenshoe is exercised.

Transactions increased: * International Finance Corp

* Bayerische Landesbank Girozentrale Rating: Aaa/AAA/AAA

Banks have been signed into the £2.25bn credit facility for UK cable company TeleWest. Bankers hope the successful completion of this loan will set a positive tone and ease the way for other cable and telecoms companies looking to tap the loan market.