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COSTA Rica joined the rush of Latin borrowers into the US market this week with a $300m 10 year 144A deal, led by CSFB. The deal was priced slightly above its 400bp area spread talk, at 412bp, in part because of the slump the Latin bond markets suffered this week.

THE REPUBLIC of Latvia this week completed roadshows for its debut international issue in the public Eurobond markets this week. A team of senior funding officials, headed by finance minister Ivars Godmanis, hosted investor presentations in Vienna, Frankfurt, Zurich and London for the expected Eu150m five year issue. Credit Suisse First Boston will lead manage the deal early next week.

THE FEDERATION OF MALAYSIA submitted an SEC filing last week in the clearest sign yet that the government is on the verge of launching its eagerly anticipated global bond offering. Market observers now believe that roadshows are being prepared for mid to late May.

THE CITY of Moscow has started talks with arranging banks to restructure its loan commitments. Interest payments are due in mid-June on a $200m loan, signed in June 1997 that was arranged by Deutsche Morgan Grenfell, West Merchant Bank and Société Générale.

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THE FEDERATION OF MALAYSIA submitted an SEC filing last week in the clearest sign yet that the government is on the verge of launching its eagerly anticipated global bond offering. Market observers now believe that roadshows are being prepared for mid to late May.

GERMAN conglomerate Mannesmann is set to launch the largest ever corporate euro issue in mid-May, a Eu2bn to Eu2.5bn 10 year deal via Deutsche, Dresdner Kleinwort Benson and Commerzbank. Proceeds of the transaction will be used to refinance a Eu1bn loan the company is currently seeking to back its acquisition of German telecommunications company o.tel.o.

Mannesmann has mandated a group of banks to arrange another facility, this time backing its acquisition of o.tel.o. Bankers say the loan, likely to be short term, totals about Eu1bn and that Deutsche, Dresdner and Commerzbank are leading the deal.

Egypt Arranger Citibank has seen strong interest from potential participants in the general syndication of the $150m term loan for National Bank of Egypt.

PFANDBRIEF issuers are set to base their latest drive into the international markets around previously established benchmarks, highlighting the rewards the German mortgage banks are reaping for the flexible manner in which they approached the new euro sector early in the year. Rheinische Hypothekenbank will today (Friday) increase its January 2005 benchmark, Hypothekenbank in Essen will soon launch the latest of its global transactions, and Allgemeine Hypothekenbank (AHB) has listed the first jumbo on the Paris stock exchange.

* Warburg Dillon Read has arranged a Eu750m Euro-MTN programme for Norges Statsbaner, the Norwegian state owned railway operator. The company operates nearly all of Norway's rail lines directly, and a subsidiary runs the remainder. Since late 1996, when the Norwegian government divided the company into two entities, NSB has not managed the infrastructure of the railways. Jernbaneverket, the Norwegian National Rail Administration, performs this role.

THE TWO pre-eminent US asset backed issuers, Citibank and MBNA America Bank, both launched deals in European currencies this week, breaking a nine month drought of US product outside dollars. Credit Suisse First Boston lead managed both issues. MBNA brought the first ever securitisation of US assets in euros, with a Eu750m five year floating rate note priced at 14bp over three month Euribor.