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* European Investment Bank Rating: Aaa/AAA

Standard Bank and Sumitomo Bank have been mandated to arrange a $500m two year deal for Mobile Telephone Networks (MTN), South Africa’s second GSM network operator. The deal is fully underwritten.

* CDC IXIS Capital Markets Rating: AAA/AAA (S&P/Fitch)

ThyssenKrupp AG, the German industrial group, will re-enter the bond market in March with a Eu500m five year issue. Commerzbank Securities and WestLB have been awarded the mandate as joint bookrunners. The group is active in three core areas - steel, capital goods and services - and has been streamlining its portfolio after the creation of the conglomerate in March 1999. Steel accounts for over 25% of group sales and 50% of pre-tax profits. The sector has come under pressure following the announcement by Usinor, one of Thyssen's rivals, that it would be combining operations with Arbed Group of Luxembourg and Aceralia Group of Spain to create the world's largest steel company with total sales of about Eu29bn.

* Bank Austria AG Deficiency guarantee from: City of Vienna

The leading Polish telecoms company, TPSA, has successfully distanced itself from the sickly telecoms sector to make a well received return to the international markets with a Eu500m five year offering through joint leads Deutsche Bank, Schroder Salomon Smith Barney (SSSB) and SG. Syndicate members said the deal - priced at 218bp over the Bobl - was excellent value, and could even have come a bit tighter.

Thirty year old German engineering provider Triplan announced plans today to float on the Smax index. NordLB will manage the issue, expected to culminate in a listing on March 29.

The Turkish market has been quiet over the past 24 hours, with overnight rates falling to 139% on the stock exchange, the lira strengthening back through the Tl 1m/$ level and benchmark dollar bond spreads tightening to 976bp over Treasuries.

United Pan-Europe Communications (UPC), the Dutch cable company, could raise as much as Eu1.5bn when it launches a Eu1bn rights issue and a possible Eu500,000 private placement on April 2.

Two guaranteed investment contract-backed (gic) issuers have set up global debt issuance programmes in addition to their existing Euro-MTN programmes. Nationwide Life Global Funding (Nationwide) signed a $2 billion global debt issuance programme on February 7 and Principal Life Global Funding (Principal) set up a $3 billion global debt issuance programme on the same day. Credit Suisse First Boston (CSFB) and Salomon Smith Barney jointly arranged Nationwide's facility. The dealers off the programme are the arrangers, ABN Amro, Bear Stearns, Merrill Lynch, Morgan Stanley Dean Witter (MSDW) and UBS Warburg (UBS). And the dealers off Principal's facility are CSFB (the arranger), Bear Stearns, Lehman Brothers, JP Morgan, MSDW, Salomon Smith Barney and UBS. One dealer off both programmes says there has been a trend for gic-backed issuers to set up global shelves. She says they will use the global facilities for big syndicated trades and to reach a wide investor base, while the existing Euro-MTN shelves will be maintained to access European accounts and to issue private structured trades and floaters. John Hancock has already set up a debt programme for accessing the US domestic market which it uses along side its-Euro shelf.

Globals * Fannie Mae

* Australia & New Zealand Banking Group Ltd Rating: Aa3/AA-/AA-