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Salomon Smith Barney has launched the $325m sale of stock in Christiania Bank. The Norwegian government will sell 16% of the bank's equity to bring its ownership down from 51% to 35% through the divestment of 90m ordinary shares. Salomon is keen to execute the deal quickly and will price the shares at the end of next week. Although the local market looks strong, increasing stockmarket volatility is damaging investors' confidence in the long term prospects for equity investment. In these conditions, swiftly executed deals will be the safest way to ensure successful equity offerings.

Action in the swaps market this week was dominated by the continuing multitude of new issues in the euro bond market, although arbitrage in the dollar market showed signs of returning. By Thursday, 10 year dollar swap spreads were at a mid-market of about 77bp, a couple of basis points wider than the close last week. This opened some arbitrage opportunities for borrowers of dollars, but there were few issuers looking to step into the market. Japanese entertainment group Sony is poised to bring a $1bn 10 year global, a deal which is highly likely to be swapped.

Corporate credits continue to fill the pipeline of new issues in the coming weeks in both the euro and the dollar sectors, with investors' hunger for telecoms paper set to be satisfied by a host of jumbo issues from the market's hottest sector. AT&T is at the forefront of most syndicate managers' minds, with roadshows set to begin on Monday for its jumbo bond financing. AT&T and its lead managers Merrill Lynch and Salomon Smith Barney will spend three days with investors in Europe before heading to the US. Its multi-tranche issue, which is likely to comprise short, intermediate and long term tranches, should be launched the following week.

* Bank Nederlandse Gemeenten NV

GLOBAL co-ordinator Enskilda Securities has launched the sale of stock in Teleste, the Finnish supplier of cable network equipment. The lead manager, taking advantage of the fact that institutions have comparatively few holdings in this sector, is marketing the shares to local and international equity investors with a view to completing the sale in two weeks' time.

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Arranger Credit Suisse First Boston has received the first commitments from banks for its syndication of the £476m Coryton independent power project. Sell down should be completed by the end of next week. Banks have been invited to join the deal at three levels. Senior lead managers taking £20m receive participation fees of 15bp for tranche 'A' and 45bp for tranches 'B' and 'C'. Lead managers taking £15m receive participation fees of 12.5bp for tranche 'A' and 37.5bp for tranches 'B' and C'. Managers receive 10bp for tranche 'A' and 30bp for tranches 'B' and 'C' for takes of £10m.

Investment grade US corporate bonds rallied this week, despite a flurry of multi billion dollar deals and a looming AT&T offering of possibly as much as $8bn to $10bn in the next few weeks. Lucent Technologies launched a rare $1.36bn 30 year global bond, becoming only the third US corporate to go to the global markets with such a long dated deal. Heller Financial issued $600m of five year bonds (JP Morgan and Merrill Lynch), increased from $500m, Freddie Mac priced a $3bn monthly reference note of 10 year bonds at 62.5bp over Treasuries and in the high yield market Charter Communications was due to launch a $3bn three tranche offering today (Friday).

* SNS Bank Nederland NV

Ford Motor Credit took full advantage of market conditions for its debut in the euro denominated bond markets this week. Ford was able to squeeze an extra couple of basis points out of its debut Eu1bn five year and the subsequent swap to dollars. It was assisted by a basis swap market that has moved decisively in favour of US borrowers wishing to convert euros to dollars in recent days.

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Belgium The Eu595m non-recourse project financing funding the build out of KPN Orange, Belgium's third cellular network is to be signed on Monday.