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THE BROADGATE office development at the heart of the modern City of London was securitised this week. The landmark transaction for the complex -- home to ABN Amro, Bankers Trust, the EBRD, Lehman Brothers and UBS -- took European property finance into new territory. The deal stands as an emblem of securitisation's arrival at the centre of the capital markets.

A DEBATE is brewing this week over the pricing of the $150m five year export financing for the Czech Export Bank. The deal is being arranged by ABN Amro and Commerzbank, and is split into two tranches. The first is a $100m revolver, and the second is a $50m term loan. The pricing is important -- this is the first bank deal to come out of the Czech Republic in 1999.

>* World Bank

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THE GERMAN government is to press ahead with Deutsche Telekom's Eu10.3bn ($10.95bn) capital increase, regardless of whether the German national operator pushes ahead with its jumbo

BBV, CITIBANK, Goldman Sachs, La Caixa, Merrill Lynch and Warburg Dillon Read are arranging a $16bn loan for Repsol to support its $13.4bn bid for Argentine oil and gas company YPF.

THE REPUBLIC of Argentina left no doubts about the renewed vigour in the Latin new issue market in euros this week when it issued a blow-out Eu500m 10 year deal -- the longest dated and largest Latin euro offering this year. The transaction, led by CSFB and Deutsche Bank, was increased from an initial Eu350m, then to Eu400m at launch and finally to Eu500m at pricing, after attracting a swarm of largely institutional investors with its 9% coupon and 520bp launch spread. The deal traded up to 99.60/65 on the break, from a reoffer of 99.55, taking its spread to 513bp.

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Finland

>* European Bank for Reconstruction & Development

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GOVERNMENT bond markets fell in Europe and the US ahead of employment figures in the States today (Friday). Uncertainty over the direction of US interest rates has been heightened by data suggesting that the worst is over for the global economy as well as continued evidence of a buoyant US economy. The yield on the long bond rose through 5.75% and the 10 year Bund broke the 4% barrier. However, swap spreads have tightened, as have credit spreads, albeit lagging swaps.