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Economic data from the US continue to demonstrate that the economy is cooling down. After encouraging non-payroll figures released last Friday and higher than anticipated jobless claims on Thursday, confirmation of the trend is expected this (Friday) afternoon, with PPI and retail sales numbers. As a result, the Treasury market has rallied strongly and swaps spreads have tightened significantly, giving investors confidence to digest over $15bn of dollar issuance this week. Deals have been increased in size and priced at the tight end of price talk.

BNP Paribas closed Altran Technologies debut Eu390m convertible bond yesterday (Thursday) three times subscribed having priced toward the top of the conversion premium range. The consultancy group sold the bond at an issue price of par with a conversion premium of 31.3% from a range of 28%-32% and a coupon - and yield to maturity - of 3.5% from a range of 3.25%-3.75%.

China Co-ordinating arrangers and joint bookrunners FleetBoston and HSBC Investment Bank Asia have launched the $150m five year FRN and term loan facility for China Merchants Holding Co. The facility was oversubscribed and increased from $100m.

Argentina this week breathed new life into the emerging markets and boosted investor confidence in its ability to launch successful dollar transactions when it issued a blow-out $1.25bn 10.25% 30 year global bond. After weeks of speculation that Argentina wanted to tap 30 years, but was unable to generate interest in size, the republic was able to garner orders of more than $2bn on a deal that subsequently traded up as much as three points, according to some dealers. Yesterday (Thursday), the bond was quoted at a spread of 647bp over Treasuries from a launch spread of 683bp.

Argentina this week breathed new life into the emerging markets and boosted investor confidence in its ability to launch successful dollar transactions when it issued a blow-out $1.25bn 10.25% 30 year global bond. After weeks of speculation that Argentina wanted to tap 30 years, but was unable to generate interest in size, the republic was able to garner orders of more than $2bn on a deal that subsequently traded up as much as three points, according to some dealers. Yesterday (Thursday), the bond was quoted at a spread of 647bp over Treasuries from a launch spread of 683bp.

Korea * Korea Electric Power Company

Europe * Dolomiti Finance Srl

Australia General syndication is expected next week for the A$772.5 dual currency transaction for SPI Finance Australia. Lead arrangers National Australia Bank and Westpac are finalising terms.

Market report: Compiled by Glenn Blackley, RBC DS Global Markets, Australia Tel: +61 2 9373 0431

UBS HAS BEATEN several others to the draw by making a knockout, slam-dunk bid for PaineWebber. Wasn't it only a year ago that there were rumours that UBS chairman Marcel Ospel was to bin Warburg Dillon Read and exit investment banking altogether? Underneath this merger both sides are secretly making an admission. Marcel Ospel and John Costas have had to bite the bullet and admit that UBS in the US was never going to make it to the Superbowl final in spite of spending billions of dollars. Don Marron at PaineWebber has looked into his morning shaving mirror and had to admit that PaineWebber was falling further behind Wall Street's bulge bracket houses and would soon be used as a punchbag.