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The Republic of Brazil, fresh from its $2bn global bond onslaught in the US market, has turned its sights to the euro market for a seven year bond offering. Having had to pay a hefty 14.5% coupon on its 10 year dollar global, Brazil is keen to develop a stronger following in the more cost effective euro market.

Brazil's new $2bn 10 year global bond exchange offer staged a spectacular recovery this week, winning a battle with volatile markets and speculators that initially resulted in the new bond trading down almost two points after breaking syndicate. The new bond, led by Chase Manhattan and JP Morgan, was yesterday (Thursday) trading 100.90 on the bid side to give a spread of 816bp, three points better than the 97.50 level to which it plunged from its 99.44 fixed reoffer level and 850bp launch spread on Monday.

Brazil's new $2bn 10 year global bond exchange offer staged a spectacular recovery this week, winning a battle with volatile markets and speculators that initially resulted in the new bond trading down almost two points after breaking syndicate. The new bond, led by Chase Manhattan and JP Morgan, was yesterday (Thursday) trading 100.90 on the bid side to give a spread of 816bp, three points better than the 97.50 level to which it plunged from its 99.44 fixed reoffer level and 850bp launch spread on Monday.

Czech power company Cez's debut offering in euros finally emerged last Friday (October 15), but as expected the Baa1/BBB+ rated borrower was forced to pay a heavy price for market access. After a series of delays lead manager Credit Suisse First Boston priced the Eu200m (increased from Eu175m at launch) seven year offering with a 7.25% coupon to give a spread of 195bp over Bunds. This is up to 75bp higher than Cez might have hoped to achieve when it mandated the transaction in September.

CHASE MANHATTAN has launched the co-arranging phase of the Eu550m of senior debt backing the leveraged buy-out of Accordis by CVC Capital Partners. The level of the fees and size of the takes have been two of the most eagerly awaited pieces of information over the past few months. Anticipation was heightened when the Ineos Acrylics deal was launched last week with a fee of 112.5bp for a commitment of £30m.

The successful and straightforward completion of a maiden international bond offering by the Export Import Bank of China (Chexim) yesterday (Thursday) provided an important marker of the momentum building behind China Telecom's (CT) much anticipated debut. Scheduled to price on October 28, CT's five year SEC registered global has already garnered a massive, albeit price sensitive book in advance of roadshows which began in the US on Thursday.

Rating: Aaa/AAA Amount: Eu321.77m (fungible with four issues totalling Eu2.1bn launched 17/09/97, 27/01/98, 22/04/98 and 14/06/99) Öffentlicher Pfandbrief series 1201

Czech mobile telephony company RadioMobil made its debut in the Czech bond markets this week with a Ck3bn five year offering. Joint lead managed by ABN Amro, Ceska Sporitelna and Commerzbank Capital Markets, the unrated issue featured a 8.2% coupon to give a yield of 8.24% and spread of 105bp over Czech government bonds on an issue/fixed re-offer price of 99.85.

UK food and drinks group Diageo has added a $1.5bn US MTN programme to its funding armoury. Arranged by Morgan Stanley Dean Witter, it will facilitate access to the US bond market where Diageo has already established a healthy investor following. Diageo is planning to inaugurate the programme next week with a two to three year $350m fixed rate issue.

The Netherlands' De Nationale Investeringsbank launched its fifth securitisation of Dutch mortgages last Friday, with a new team of joint bookrunners alongside its own syndicate desk. Dresdner Kleinwort Benson and Paribas replaced established underwriters Bear Stearns and ING Barings-BBL for the Eu300m deal. "Our objective was to have over two thirds of the bonds placed outside the Netherlands, and since Germany and France are the biggest markets in the eurozone, we chose a German and a French bank," said Rob van den Berg, head of securitisation at DNIB in The Hague. "The result was excellent - the bonds were all sold, around 80% of them to international investors."