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NEW ISSUES dominated the US market this week. Despite a wobble on Wall Street early in the week, the first quarter of 1999 is fast shaping up as one of frenetic activity. Although technology stocks and established names remain favourites with investors, there is an increasing number of middle and small cap companies lined up for the next few weeks as the IPO market starts to broaden out.

* The City of Prague, central and eastern Europe's top rated municipal credit, is understood to have asked banks to submit proposals for a probable Eu200m seven to 10 year issue. Expectations are that a lead management mandate will be awarded towards the end of this month. In April 1994 Prague, rated by Standard & Poor's at the A- sovereign ceiling for the Czech Republic, was the first central and eastern municipality to tap the Euromarkets, launching a well received $250m 7.75% five year Eurobond via Nomura which matures on May 10 this year.

* Bayerische Landesbank Girozentrale Rating: Aaa/AAA

THE US BOND buying spree continued apace this week as underwriters poured new issues into the primary market in an attempt to keep up with rampant investor demand. Domestic and global bonds emerged from several quarters, with rare but popular credits such as Pepsico, Ford Motor Company, Associates and Bank of America tapping a buoyant market for corporate debt and Fannie Mae once again underlining the value of liquidity with a new $4bn benchmark note.

* European Investment Bank Rating: Aaa/AAA/AAA

Norway Citibank and Deutsche Bank will hold a bank presentation today (Friday) to support the syndication of the Eu110m five year revolving credit for Det Norske Veritas. Arrangers report a small number of banks have been invited.

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GLOBAL co-ordinators Argentaria and Merrill Lynch have successfully executed the $200m sale of stock in Transportes Azkar, the Spanish parcel delivery firm. The shares were priced at the weekend at Eu11.25, a level which represented the top end of the range given to institutional investors. Retail investors were sold shares at a fixed price of Pta1,790.

* Bayerische Landesbank Rating: Aaa/AAA

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TELEWEST has mandated four of its traditional lenders to arrange a £1.5bn facility. Some 11 banks were invited to bid and after a lengthy beauty contest, the media and telecommunications company selected Chase (bookrunner), CIBC Wood Gundy (bookrunner), Bank of New York and Toronto-Dominion. However, Euroweek understands that the four banks and the borrower have yet to agree on the deal's terms and that the market will have to wait another two weeks to see the deal in its entirety.

* Bank Nederlandse Gemeenten NV Rating: Aaa/AAA