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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."

A consortium of JP Morgan and Goldman Sachs is locked in a bidding battle with Morgan Stanley Dean Witter to buy Credito Fondiario e Industriale SpA (Fonspa), an Italian mortgage bank. The bidders are finalising their due diligence and must submit bids at the end of next week.

Ireland's largest mortgage lender, Irish Life & Permanent Plc, securitised its domestic home loans for the first time this week, in a Eu600m deal that is the biggest securitisation of Irish assets. Before its merger with Irish Life earlier this year, Irish Permanent had taken its UK mortgage portfolio off balance sheet with a £400m securitisation arranged, like this week's deal, by Greenwich NatWest. Launched last November, Auburn Securities 1 parcelled loans originated by Capital Home Loans Ltd, a UK non-bank lender acquired by Irish Permanent in 1996.

* UK healthcare company Bupa will launch its £250m securitisation of operating revenues from nursing homes next week through Merrill Lynch. UK Care No 1 will comprise £185m of fixed rate triple-A bonds and £65m of single-A paper with average lives over 20 years and final maturity in 2029. The senior notes will mature as a bullet through a swap. * Paribas plans to launch its securitisation of employee mortgages for Electricité de France, worth nearly Eu1bn, next week. The bank will bring the Eu1bn Domos 6 mortgage securitisation for its subsidiary Paribas Retail Financial Services the following week.

European options on an underlying S were initially introduced as a mean of protection against a rise or fall of S between today and the expiry of the option.