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British Telecom started the European leg of roadshows for its $6bn-$8bn multi-tranche global bond on Wednesday. The roadshow will finish today (Friday) in Europe and then continue into the US throughout next week.

Lehman Brothers and Schroder Salomon Smith Barney sold a $350m convertible bond for International Power at an aggressive coupon at the end of last week, although the terms were set outside the range used for marketing. The deal was marketed with a yield spread of 3.75%-4.25%, and was priced on Thursday night at 4.25%, but the conversion premium was set below the 26%-30% range at 22%, and the coupon was not the one suggested in bookbuilding. Adrian Hope, director at Jefferies International, said that he did not see even the new terms as attractive, but that "given the market conditions now, it is hard to see how they could have been".

Telefónica Móviles' (TEM) stock made a disappointing debut on the Bolsa de Madrid this week, even though the company's Eu3.3bn IPO had been priced toward the bottom of the range. The 300m shares were sold at Eu11, from a price range of Eu10.85-Eu13.25.

The usual forward contract specifies the exact maturity date for the delivery of a predetermined amount of the underlying asset.

The Federation of Malaysia made a strong debut in the European bond market this week with a Eu650m, five year transaction. The deal was increased from the original Eu500m and attracted solid investor interest despite choppy market conditions. Joint lead managers Barclays Capital and Deutsche Bank said the deal was twice oversubscribed.

McDonald's Corp, the international fast food chain, tapped the yen denominated bond market this week, issuing a ¥30bn six year Euroyen bond to a strong market reception. The deal, which was rated Aa2/AA, has a coupon of 1.6% and was sole lead managed by Nikko Salomon Smith Barney, with a re-offer price of 99.987 and priced at a spread of 37bp over JGBs. Deutsche Bank, Goldman Sachs, Merrill Lynch Mizuho Securities and Morgan Stanley were each assigned 3% of the deal as co-managers.

The Singapore Exchange (SGX) priced its listing on the Stock Exchange of Singapore, which it owns, at the top end of the indicated range this week, despite regional and global market volatility. The deal is a vote of confidence in the ability of the Singapore government to continue to build the island state as a regional stock and derivatives trading centre. The SGX was formed through the merger of the Stock Exchange of Singapore and the Singapore International Monetary Exchange, thus combining the bourse and country's main derivatives operations.

Pent-up issuance demand by Australian mortgage lenders could create a torrent of new residential MBS issuance in the international markets in the first six months of 2001. Issuers such as ANZ, Commonwealth Bank of Australia, National Australia Bank, Macquarie Securitisation, St George Bank and Westpac are all contemplating global issues.