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The Republic of Colombia surprised the markets this week by issuing a $500m 10 put five year issue that becomes fungible with its 2009 global bond - if it is not put by 2005. The deal, led by Morgan Stanley Dean Witter and Salomon Smith Barney, was a cautious move on Colombia's part to get half of its 2000 funding needs out of the way, for fear that emerging markets may remain volatile in the new year.

n Jyske Bank A/S Amount: Dkr350m subordinated debt

Rating: Aaa/AAA/AAA Amount: Eu250m (fungible with three issues totalling Eu1bn launched 27/11/98, 17/03/99 and 15/06/99) Öffentlicher Pfandbrief series 505

Rating: Aa3 Amount: Eu250m (fungible with four issues totalling Eu2bn launched 25/05/98, 02/06/98, 05/08/98 and 27/08/99) Öffentlicher Pfandbrief series 1244

Dollar swap spreads narrowed by about 3bp-4bp over the course of the week. By the middle of the trading day in New York yesterday (Thursday) two year spreads were about 51bp to the two year note, while five year swap spreads were at 64.5bp to the five year Treasury and 10 year spreads were at 77bp to the 10 year bond. Trading has been listless and cautious; the FOMC meeting on Tuesday stymied business in the early part of the week, and then there was no marked reaction to the eventual decision to hike short term rates by 25bp.

Croatia Chase Manhattan has arranged a facility of almost $100m for the Republic of Croatia's ministry of finance.

The European Investment Bank this week opened the first new line under its Euro Area Reference Notes (EARNs) programme, a Eu2bn transaction that suggests criticism of the supranational's EARNs issuance to date is beginning to bite. Reproached for fulfilling its funding requirements through tightly priced taps rather than new benchmarks priced at market clearing levels, the EIB has repeatedly been forced to defend its strategy.

Argentina n Republic of Argentina

n Bank of Western Australia Rating: A1/A

Europe's high yield market is enjoying one of its busiest bursts of new issue activity this year, with over Eu1bn of paper priced since last Friday and further supply scheduled for launch in the next few days. Dual currency transactions with dollar and euro tranches for Metromedia Fiber Network and PTC International Finance were priced earlier in the week, while a Eu500m issue for GTS Europe, formerly known as Hermes Europe Railtel, was priced yesterday (Thursday).

INTERNATIONAL equity investors are enjoying a last splurge on technology stocks as various young companies seek international listings for their shares before year end. This week saw several groups benefit from keen investor appetite for this sector. Companies included Miracle of Switzerland, Aixtron of Germany, Israel's Orad Hi-Tech Systems, Italy's Finmatica and AISSoftware@re, and Open TV (registered in the British Virgin Islands).

n AIG SunAmerica Institutional Funding II Rating: Aaa/AAA