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Defying difficult primary market conditions, the sale of stock in the Spanish yellow pages group TPI by Telefónica has attracted very strong investor interest. Lead managers Credit Suisse First Boston, Deutsche Bank, Argentaria, BBV and La Caixa will price the deal over the weekend, with all the signs pointing to a very successful conclusion.

Fitch IBCA offered a new methodology for comparing the strengths of multilateral development banks this week when it published a report looking at the credit strength of borrowers such as the Asian Development Bank and the World Bank from a quantitative perspective. During last year's global financial turmoil the spread differential between triple-A rated supranationals widened to levels seemingly incompatible with their identical ratings. And while considerations such as liquidity played their part in the realignment of credits, several supranationals complained that the market was not correctly pricing risk.

n Eurofima Rating: Aaa/AAA

n Caisse Autonome de Refinancement Rating: Aaa/AAA

The Republic of Turkey will today (Friday) price its $500m 10 year global bond via Chase Manhattan and Morgan Stanley Dean Witter. The B1/B rated transaction, launched yesterday, was issued on an indicated spread of 670bp-685bp over the 5.5% May 2009 US Treasury.

Syndicate managers in London reported this week that the United Mexican States is gearing up to launch a euro market offering in the coming weeks, with a likely seven year maturity. Mexico has not issued a euro or Ecu bond since 1997 and it is expected to award the mandate for the new transaction within the next fortnight. The UMS is then likely to come to the market before August in order to beat the exodus of retail investors from the market for the traditional European holiday period.

First National Bank of Chicago has quietly arranged and signed a £60m five year club deal for Cattles plc, one of the UK's leading consumer finance companies. The loan carried a margin of 62.5bp over Libor and a commitment fee of 27.5bp.

n Countrywide Home Loans Inc Rating: A3/A

The mood improved on Wall Street this week as fears of inflation subsided and comments by Fed chairman Alan Greenspan yesterday (Thursday) indicated that any interest rate increase later this month was unlikely to be the first in a series. However, conditions remain unfavourable for new issues and, with the pipeline already bursting with record new filings from May, the outlook remains uncertain.

n Australia & New Zealand Banking Group Ltd Rating: Aa3/AA-/AA-

SUMITOMO Bank has won the mandate to arrange a Eu50m five year term loan for Bank of Valetta, Malta's largest bank that was last in the market in July 1998. Syndication has been launched with co-arrangers offered a flat fee of 25bp for a commitment of Eu7.5m, managers a flat fee of 20bp for a commitment of Eu5m and participants a flat fee of 15bp for a commitment of Eu2.5m.

Belgium Crédit Agricole Indosuez and ING Barings are close to winning the mandate to arrange a Eu300m credit for Sidcenter, a development by Sidmar.