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* Rabobank Nederland NV

Signs of fatigue started to emerge in the US corporate bond market this week as borrowers rushed to launch new issues before September, when supply is expected to be extremely heavy. About $13bn of bonds were scheduled for pricing by the end of today (Friday), including: $3bn from the financing arm of US telecoms company Qwest, $2bn from Wells Fargo, $1.5bn from Federal Home Loan Banks, $2.3bn from First Union Corp, and $750m from Heller Financial.

E-BUSINESS strategy provider Syzygy has reaffirmed the Neuer Markt's leadership of the European high growth markets by choosing to list on the Frankfurt exchange. The company, which is the product of a merger of three firms - the British firm Syzygy, United Media of Germany and France's NetForce - appointed HSBC Trinkaus to manage the listing.

Domestic issuance:

GERMAN Engineering group ThyssenKrupp was forced to postpone the DM3bn (Eu1.5bn) IPO of its steel unit this week, after it became apparent the sale would not be able to achieve the valuation the management had expected. The company had pushed ahead with the issue of between 25% and 35% of the unit, despite warnings that it would be difficult to sell (see EW658).

GERMAN Engineering group ThyssenKrupp was forced to postpone the DM3bn (Eu1.5bn) IPO of its steel unit this week, after it became apparent the sale would not be able to achieve the valuation the management had expected. The company had pushed ahead with the issue of between 25% and 35% of the unit, despite warnings that it would be difficult to sell (see EW658).

Tokyu Corporation has added Sanwa International and Zenshinren International as dealers off its ¥100 billion ($920.5 million) Euro-MTN programme. These banks have been dropped as dealers: Credit Suisse First Boston and Dresdner Bank. The programme was signed in 1996 by IBJ International and has $620.31 outstanding off 46 trades.

THE REPUBLIC of Turkey is considering a variety of bond proposals, with most bankers believing a 20 year dollar denominated issue is the most likely option. Other possibilities include an eight year euro transaction. However, some bankers think it unlikely that Turkey - which has already topped its annual funding target this year with $6.1bn worth of bond issues - will tap the market before a visit from the IMF, scheduled at end of the month.

THE REPUBLIC of Turkey is considering a variety of bond proposals, with most bankers believing a 20 year dollar denominated issue is the most likely option. Other possibilities include an eight year euro transaction. However, some bankers think it unlikely that Turkey - which has already topped its annual funding target this year with $6.1bn worth of bond issues - will tap the market before a visit from the IMF, scheduled at end of the month.

The overwhelming success of the German UMTS auction, which raised Eu50.5bn ($46bn), has heightened fears that borrowing by telecom companies will be even greater than expected in the coming months. Two licence winners, British Telecom and Telefónica, are already planning large bonds in September. BT is expected with $10bn of issuance split into 10 and 30 year bonds via Merrill Lynch and Salomon Smith Barney, and Telefonica will issue a $5bn multi-tranche bond via Goldman Sachs and Morgan Stanley Dean Witter.

Brazil continued to steal the limelight in the emerging markets this week, as news of a possible upgrade by Moody's helped some of its global bonds trade inside of Argentina for the first time since July 1997. Brazilian asset prices surged yesterday (Thursday) on news that Moody's has put the country, some of its blue chip banks, companies and some states on review for possible upgrade.