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The bank presentation for the Eu30bn jumbo for France Télécom is in London today (Friday). Invitations have gone out to 60 banks to join the co-arranger phase, with the mood resoundingly positive. Even aside from the keen interest shown by banks throughout the loan market, the six arrangers have good reason to feel confident about the facility, having already received commitments from about 10 banks.

The Inter-American Development Bank and the Japan Bank for International Cooperation this week took advantage of the strongest international demand for dollar product so far this year to launch benchmark globals that enhanced their profiles in the sector. The IADB launched the larger deal, a $2bn three year issue via Deutsche Bank and Goldman Sachs. The issue is the borrower's second benchmark dollar transaction of the year and one the borrower hopes will enhance its position among to its peers.

DOLLAR issuance continued at a furious pace this week, prompting swap spreads to tighten further. They gradually fell over the course of the week, despite pushing higher on several occasions. By the end of the week, the five year mid-market was around 97.5bp over Treasuries, while the 10 year was at 122bp over Treasuries. These prices are about 4bp-5bp tighter than last week.

India Syndication for the $180m one year financing for Oil & Natural Gas Corp, arranged by BA Asia, has closed. The deal was funded in April and participants joined via substitution certificates.

The Commerzbank-led IPO of telemarketing company Conduit, thought to raise about Eu60m, will not only make it the first Irish company to list on the Neuer Markt but will also mean it is the only company to be quoted in Global Depository Receipts (GDRs) on the sole market on which it is listed. GDRs are designed to enable companies listed on multiple exchanges to quote prices in the local currency. Conduit, however, will list on the high growth market in Germany and not on the stock exchange in its domestic market in Ireland. "While it is Irish, all its intentions are pan-European, so the Neuer Markt is the appropriate market to list on," said a banker close to the deal.

Kelda Group this week announced plans to create a mutual entity to acquire the assets of its subsidiary, Yorkshire Water, raising questions over the credit quality of bonds issued by the holding company and the utility. Kelda announced a strategic review of its business in April, since when its bonds have widened sharply. The July 2006 euro denominated issue for Yorkshire Water has widened from a low of Euribor plus 35bp early this year to around Euribor plus 81bp.

Argentina Barclays Bank (Miami) is in the market with a $75m USCP backup facility for Banco BI Creditanstalt SA, which is 50% owned by Bank Austria Creditanstalt International.

Bahrain Arab Banking Corporation has signed its $400m bullet five year term loan, after increasing the total from $300m.

Dresdner Kleinwort Benson and CA IB were forced to scale down Lietuvos Telekomas' $160m IPO this week citing poor international appetite for telecom stocks despite the recovery in sentiment toward the sector in recent weeks. The Global Depository Receipts (GDRs) were priced at $7.875 from a range of $7.50-$9.50 with each representing 10 shares. The offer was originally intended to sell 35% of the government's stake in the national fixed line operator. In the event, just 25% was sold in the first major privatisation from Lithuania.

Bankers at Deutsche Bank and ING Barings are confident that the $330m IPO of Mobile Tele-Systems (MTS) will be a success, despite concerns over valuation. A price range of $19-$22 has been set for the 15.01m ADS sale (with each ADS representing 20 shares) and MTS will list on the New York Stock Exchange on June 30. Pricing and allocation will be on June 26 and there is a 15% greenshoe.

Neuer Markt in brief * Gontard & Metallbank will bring media company IN-motion to the Neuer Markt next week with a Eu74m-Eu84m IPO.