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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.

South Australia-based ElectraNet was this week preparing its first domestic bond issue since privatisation earlier this year, launching the marketing for inflation linked bonds and floating rate notes (FRNs). The company is expected to launch a deal in two weeks. The lessee of the South Australia electricity transmission network is tapping the market with a A$400m transaction of inflation linked bonds, in two tranches of 10 and 15 years. This will be followed within a few days by the FRN issue for A$480m, also in two tranches, with five and seven year tenors. ABN Amro, Dresdner Bank and Macquarie Bank are joint lead managers.

Australia Coles Myer is selling A$700m of reset convertible preference shares, priced at A$100 each, in an issue designed to appeal to both retail and institutions.

Industrial Bank of Japan has added Mizuho Bank as a dealer off its $7.5 billion note programme.

Lehman Brothers and Schroder Salomon Smith Barney will complete the first significant sub-investment grade convertible for a European company outside the telecoms sector in Europe with a $350m issue for International Power today (Friday). Bankers see the sector as having strong growth potential, with one banker involved in the deal suggesting the deal could be a similar milestone to Colt Telecom's DM600m convertible in July 1998, which helped to open the European sub-investment grade market. International Power is rated Ba3/BB - two notches below investment grade by Moody's and one notch below investment grade by Standard & Poor's.