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LEAD MANAGERS Schroders and Powszecyhny Bank Kredytowy w Warszawie (PBK) were vindicated in their efforts to bring the sale of the Polish government's stock in Telekomunikacja Polska (TPSA) at such a difficult time by the shares' early trading performance this week. Sceptical salesmen had doubted the deal's feasibility after the emerging markets crisis of recent months. But last week the shares were successfully placed with a wide variety of institutions and attracted strong levels of interest from the domestic retail market.

* Municipality Finance Ltd Guarantor: Municipality Guarantee Board

SPAIN'S national telecoms operator, Telefónica, will shortly announce the banks mandated for the $500m sale of stock in Telefónica Publicidad e Información (TPI), its wholly owned yellow pages business. The deal, likely to come at the end of the first quarter, will be one of the most important corporate deals in the Madrid stockmarket next year.

SOUTH AFRICA'S leading telecoms operator, Telkom, this week ushered in a new era in the country's domestic debt market when it became the first corporate to launch a Eurobond-style issue. Lead managed by JP Morgan and Standard and Corporate Merchant Bank, the ground-breaking transaction was launched for R1.5bn against an R1bn-R2.5bn indicative size range. It was then quickly increased to R2bn on the back of strong investor demand.

THE $2BN EUROBOND issue for Formula One, the company that promotes international motor racing, is nearing its climax. Amid a storm of press speculation about threats to the deal from EU competition authorities, lead manager Morgan Stanley Dean Witter is finalising plans to launch the bond, and adopting tactics that show just how high the stakes are. At the end of last week the bookrunner invited Deutsche Bank, Merrill Lynch, Salomon Smith Barney and Warburg Dillon Read to participate as co-leads, offering them each $100m of bonds.

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BOTH NEW and secondary issues performed strongly this week as the US equity markets continued their rebound of the previous few weeks. Goldman Sachs completed the secondary offering for mortgage fund provider Freddie Mac, raising some $879m. The company offered 15m shares, mainly to US investors. Goldman priced the stock at $58.625, representing the close on Monday. The stock had climbed slightly since the deal was announced, when it was trading at around $57. There is an additional over-allotment option for 2.25m shares.

* Caisse Nationale des Autoroutes Rating: Aaa/AAA

A FLOOD of money into high yield bond funds has become the main driver of the US corporate bond market's current strength, as investors speed down the credit curve in search of yield. More than $3bn has charged into high yield funds, the first time such funds have attracted more than $1bn three weeks in a row, according to AMG Data.

* European Investment Bank Rating: Aaa/AAA

THE QUARTER point cut in rates by the US Federal Reserve this week sent bond prices dramatically higher and confirmed that the market has rebounded strongly from the gloom of just a short time ago. Proof of the improved background was the successful execution of a $1bn seven year bond for Argentina. The deal, increased from $750m, has warrants attached exerciseable into the Argentina 30 year bond. A 10 year deal for Pemex was also increased, from $300m to $600m.