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Japanese retail investors snapped up Brazil's Samurai offering last Friday (March 16), enabling the sovereign to increase its six year deal to ¥80bn from an originally expected ¥60bn. The deal, led by Nomura Securities and Kokusai Securities, offered a 4.75% coupon, at the wider end of its 4.6%-4.75% pricing range. "Japanese interest rates are falling dramatically again and retail investors therefore became strongly involved in this deal, even though they do not usually go out further than three years in maturity," said a Nomura official.

BRE Bank of Poland plans to issue bonds of up to Z4bn (Eu1.09bn) equivalent in zlotys, foreign currencies, or a combination of the two.

British Telecommunications said yesterday (Thursday) it is in talks with 11 banks over how to refinance its £16.5bn 364 day facility from August last year. However, the company added that it has no immediate plans to restructure the loan.

Deutsche Bank today (Tuesday) flew in the face of dreadful market conditions and managed to complete the Eu690m follow-on offering from Buhrmann at a price that already looks like a bargain.

Electricidade de Portugal has added Caixa-Banco de Investimento to its euro5 billion ($4.48 million) debt issuance programme. Banca-Totta & Acores were dropped from the dealer panel.

CIBC has signed a $1 billion limited resource secured note programme, under the SPV Piccadilly Finance. CIBC acts as the sole arranger and dealer off the programme. CIBC already has an existing programme - a $6 billion Euro-note programme, signed in June 1997.

Cheung Kong Infrastructure Finance (Cheung Kong) has signed its second Euro-MTN programme for $2 billion. CEF Capital arranged the facility on February 23 - a task they have only previously carried out on Cheung Kong's first Euro-MTN programme. Cheung Kong's first Euro-MTN programme was signed in August 1999, and was also for $2 billion. The programme currently has $880 million outstanding off 10 trades. All but one of the issues - a S$100 million - were denominated in Hong Kong dollar. The issuer is the second Hong Kong issuer to sign to sign since January 2000. Last year, Dao Heng signed a $1 billion Euro-MTN programme. The programme is guaranteed by Cheung Kong Infrastructure Holdings (Cheung Kong Holdings), of which Cheung Kong is a wholly owned subsidiary. Cheung Kong Holdings conducts business primarily in real estate development. The company owns developed and undeveloped property in Hong Kong and mainland China that accounts for more than three-quarters of its sales. Cheung Kong Holdings also controls just under half of Hutchison Whampoa, the Hong Kong firm with operations in ports and container terminals, retail, telecommunications, and oil. The dealers off the programme are ABN Amro, BNP Paribas, CEF Capital, Commenwealth Bank of Australia, Goldman Sachs, Hang Seng Bank, HSBC, Merrill Lynch, Morgan Stanley Dean Witter, Norinchukin International, Salomon Smith Barney, SG Asia and Westpac Banking Corporation.

Coca-Cola returned to the high grade corporate bond market this week for the first time in eight years with a $500m 5.75% 10 year global. Lead managers Bank of America and Salomon Smith Barney were flooded with orders as investors rushed to take up the rare and high quality issue. The book was about six times oversubscribed, enabling Coca-Cola to launch its deal at 100bp over Treasuries, at the tightest end of its 100bp-103bp spread talk.

Colombia went ahead with roadshows for its $1.5bn maximum World Bank guaranteed bond in Europe and the US this week, in spite of volatile market conditions and without official price guidance or a launch date for the deal. Lead managers JP Morgan and Goldman Sachs have decided the best strategy is to educate investors on the structure and remain flexible on pricing and launch dates, in light of the wild mood swings in the emerging markets due to uncertainty concerning the US equity markets, Argentina and the Fed.