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WEST BROMWICH Building Society is set to return to the loan market with a £250m credit, arranged by Barclays and Bayerische Landesbank. The five year deal has been launched to co-arrangers, with banks asked to commit £20m for a fee of 8bp. The margin is thought to be 17.5bp. Some £100m of the transaction refinances existing debt, with the balance being new money.

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FORD MOTOR Credit took the concept of benchmark corporate bond issuance to a new level this week when it announced a US agency style programme through which it will raise up to $10bn in 1999.

IT WAS A mixed week for new issues, and many new names found market conditions tough. Several new issues were held back and others were forced to revise terms downwards to stay on track. Not even internet stocks were immune to the mixed mood on Wall Street. Merrill Lynch delayed the flotation for Interliant which was originally expected last week. The company hosts a variety of sites on the internet, and is trying to raise funds to expand its business.

GLOBAL co-ordinators Goldman Sachs and ING Barings this week launched the public offer of stock in Libertel, the second largest mobile telecoms company in the Netherlands. The vendor is ING Groep, which is divesting a 22.5% stake in the company. The deal is expected to be well received by investors and will be one of the largest IPOs of the year, bringing much needed liquidity to the Amsterdam market. Dutch corporates have been unwilling to tap their market in the past few months, deterred by the underlying volatility.

* World Bank Rating: Aaa/AAA

ISRAEL IS set to lead a long line of high grade emerging market issuers to the international bond markets over the coming weeks with its debut issue in the euro sector. The pipeline is relatively full despite the latest concerns about Russia's ability to meet its debt repayments and the volatility created by US interest rate concerns.

India Lead arranger and coordinator ANZ Investment Bank expects to wrap up the debt selldown of the $165m shipping facility for the Enron Mitsui OSK Lines LNG carrier by next week.

EUROWEEK understands that Deutsche Bank will launch syndication of the Eu7bn 364 day term loan for Mannesmann early next week. The facility was for Eu7.95bn but has been cut as a result of the successful Eu3bn bond issue that was launched two weeks ago. Eight banks, all German, have joined sole arranger Deutsche in the deal. They are Bayerische Landesbank, Commerzbank, DG Bank, Dresdner Kleinwort Benson, WestLB, Bankgesellschaft Berlin, Helaba and Landesbank Baden Wuerttemberg.

GOVERNMENT bond markets sold off on Tuesday following the release of stronger than expected NAPM figures in the US. Already spooked by the Fed's shift to a tightening stance, the market is holding its breath ahead of non-farm payroll data today (Friday). The employment data is to hold the key to sentiment for coming weeks. While strong data could push the long bond over 6%, it could also offer the market a new bottom and the potential for more stability. That could provide a springboard for new issuance.

CSFB AND MPS are marketing stock in Banca Monte dei Paschi di Siena (MPS) following the approval this week of the deal by Consob, the Italian stock exchange authority. The Italian bank - the world's oldest - is being floated in a deal that could raise as much as Eu2.1bn.