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Opponents of the planned EU wide withholding tax are continuing their fight against the proposed directive, despite the resignation of German finance minister Oskar Lafontaine last week. An Ecofin meeting on Monday, at which the proposal was discussed, was overshadowed by Lafontaine's departure and the mass resignation of European commissioners.

Fortis, the Benelux-based financial services group, is shortly to launch its first ever public bond issue after signing a Eu3bn Euro-MTN programme. Fortis is likely to be one of the top financial sector credits in the Euromarkets. Its stockmarket capitalisation of Eu41bn is the ninth largest among financial services providers in Europe, and puts Fortis on a par with insurance giant Groupe Axa.

LEAD manager Deutsche Bank has completed the sale of stock in Fortune City.com, the US internet group, whose shares started trading on the Neuer Markt yesterday (Thursday). The deal generated a book of demand that was several times oversubscribed. According to one banker: "This company offers an almost unique story from a sector where there is no shortage of paper."

Land Sachsen-Anhalt will launch a Eu1bn benchmark transaction in July via Deutsche and Warburg Dillon Read after holding roadshows in the US and Asia. The approach is aimed at enhancing the borrower's reputation for being willing to listen to the market.

GOLDMAN SACHS this week filed a registration statement with the SEC to prepare for its $2.7bn+ IPO. The filing signals the end of an epoch as Wall Street's last partnership goes public. Reaction to the filing - in comparison with last year's aborted plans - reveals that there is greater belief this time over the group's valuation. The IPO will be one of the most important - and possibly one of the largest - to be hosted by the New York market. It is certain to attract keen interest from a wide variety of investors around the world.

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THE REPUBLIC of Argentina received a mixed response this week to a floating rate note structure it launched via Barclays Capital to raise $300m of five year money. The deal was considered fairly priced at 600bp over Libor and with a yield of 10.75%. It swapped into about 666bp over Treasuries, making it cheap to Argentine 2003s at 600bp but expensive to the 2005s at 700bp.

Asia Bosporus Funding Corp

AT&T will create one of the largest ever corporate bond issues next week when the US telecoms group launches its long awaited $6bn three tranche offering via Merrill Lynch and Salomon Smith Barney.

AT&T WILL create one of the largest ever corporate bond issues next week when the US telecoms group launches its long awaited $6bn three tranche offering via Merrill Lynch and Salomon Smith Barney.

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Australia On March 13 the Victorian gov- ernment awarded the Strautus Networks and Energy 21 gas distribution and retail businesses to a consortium comprising Boral Energy and Envestra for A$1.67bn.