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Morgan Stanley Dean Witter and UBS Warburg successfully closed Telia's $8.8bn IPO four times subscribed but Swedish press hostility and technical factors related to index weighting saw the stock drift below its issue price toward the end of the week. Bankers said that the Swedish government had fulfilled its ambitions of making the deal the largest retail offer in the country's history. A total of 1m retail orders - 11% of the population -were received for the sale and individual investors were allocated 23% of the deal.

THE Republic of Turkey should complete its June fundraising spree today (Friday) with the pricing of its latest Samurai, which is expected to raise over ¥50bn. The four year deal, lead managed by Nomura, was marketed as a minimum ¥25bn effort with an indicated coupon range of 3%-3.25%.

Arrangers Greenwich NatWest and WestLB are waiting for the five banks invited to join general syndication of the £1.6bn loan for Blue Circle to reply. They have been asked to take £30m for 25bp. General syndication is a formality for this borrower, to bring in some smaller banks which were unable to make the bigger ticket sizes of the first round.

The European cable financing pipeline continued to challenge banks this week, as UPC (United Pan-Europe Communications) selected a small group of banks to target as top level underwriters on its Eu4bn facility. The deal is led and fully underwritten by Chase Manhattan and TD Securities. The arrangers and the borrower are thought to be talking to ABN Amro, Bank of America, BNP Paribas, CIBC, Citibank/SSSB, Crédit Lyonnais, Dresdner Kleinwort Benson, MeesPierson, Rabo-bank and Royal Bank of Scotland.

Issuance in the US dollar corporate and agency markets continued at a cracking pace this week, with more than $12bn of debt issued by yesterday's (Thursday) close, as further evidence of a slowdown in the US economy boosted investor sentiment. Following record US dollar bond volumes last week of more than $19bn, borrowers such as Lehman Brothers, Freddie Mac and the IADB all issued $1bn or more in global bonds.

* Deutsche Ausgleichsbank Guarantor: Federal Republic of Germany

For the first time this year, international demand for dollar bonds picked up this week and drove successful deals for a range of global issuers. Favourable retail sales and CPI data from the US confirmed the market's view that the US economy is slowing and that the Fed will relax its tightening stance. Treasuries rallied on the news and, although some of the gains were retraced after the release of stronger than expected industrial production data, sentiment remains positive.

Belgium ABN Amro has won the sole mandate to arrange a Eu6bn loan for Belgian brewing company Interbrew. The borrower recently won the bidding contest to acquire the brewing assets of Bass, and previously bought brewing assets worth £400m from Whitbread, both in the UK. It is paying £2.83bn for the Bass assets.