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MEXICAN telecom start up Grupo Alestra issued the largest Latin American corporate bond since the Russian crisis this week in a $570m two tranche 144A offering. The deal, led by Morgan Stanley Dean Witter and NationsBanc Montgomery Securities, consisted of a $270m seven non-call life tranche launched at par to yield 12.125% or 668bp over Treasuries and a $300m 10 non-call life portion, also at par, to yield 12.625% with a spread of 708bp.

LEHMAN Brothers has executed what is believed to be the first domestic securitisation in Thailand, parcelling some 6,800 residential mortgages into securities denominated in baht. Known as STaRS -- Senior Tradable Residential-backed Securities -- the deal is understood to have been placed by Global Thai Finance and Securities Co, the Thai subsidiary of Peregrine Investment Holding Ltd that Lehman bought in July 1998.

GOLDMAN Sachs and ING Barings are shortly to launch the Dfl 3.5bn to Dfl 4bn sale of stock in Libertel, the Dutch mobile phone operator. Some 25% of the group's equity capital will be raised through a divestment of secondary stock by ING Asset Management.

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THE EUROLOAN market is gearing itself up to take on one of Europe's biggest leveraged buy-outs -- the £1.3bn acquisition of AstraZeneca PLC's specialty chemicals division backed by private equity houses CinVen Group Ltd and Investcorp. Bankers have been trying to second guess the structure of the deal which is being kept under close wraps by arrangers Chase Manhattan and JP Morgan until it is launched to co-arrangers and sub-underwriters possibly today (Friday) or Monday.

THE FEDERATION of Malaysia embarks on global roadshows next Tuesday with a roughly $2bn offering that may make or break the recent recovery in Asian spreads.

DESPITE the Ascension day holiday in Europe and geopolitical upheavals, the Euromarkets remained on form this week. The markets shrugged off Yeltsin's latest demarche, China's anger over Kosovo and the resignation of US treasury secretary Robert Rubin to end the week with a positive tone. Goldman Sachs achieved a stunning debut in its newly floated form with a $1.8bn (increased from $1.5bn) 10 year global bond issued at 112bp over Treasuries. The lead declined to comment on the transaction but syndicate managers confirmed overwhelming demand for the bonds in Europe and the US.

THE FEDERATION of Malaysia embarks on global roadshows next Tuesday with a roughly $2bn offering that may make or break the recent recovery in Asian spreads.

Egypt International arrangers Chase Manhattan, Dresdner Kleinwort Benson, Paribas and WestLB will close general syndication by the end of next week on the $220m international tranche of the senior secured credit facility for the Egyptian Company for Mobile Services (ECMS). Early commitments are already in and the deal is heading for a strong close.

* Barclays Capital has arranged a Eu1.5bn Euro-MTN programme for MBNA Europe Funding. Signed last Friday, the programme will provide 30%-40% of the funding for the arm of MBNA International Bank. An inaugural issue will be roadshowed next week, but no details are available. Future issuance will mainly be plain vanilla, with two or three bonds launched per year. The programme allows for reverse enquiry.

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MEXICAN state owned bank Nacional Financiera (Nafin) yesterday launched what is the first ever Mexican peso denominated Eurobond and at three years the longest maturing fixed rate peso debt ever issued by a public entity. The 144a 'Europeso' issue is listed in London, launched off the bank's Euro-MTN programme, but was understood to have been mostly sold to US investors.