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The US equity markets enjoyed a lull in issuance this week, following weeks of frenzied activity. The holiday-shortened week witnessed fewer new IPO registrations, but several companies filed for secondary offerings. Pinnacle Holdings succeeded with its second attempt at an IPO this week, raising some $280m. The Florida-based company postponed its flotation last July when the markets soured, but yesterday (Thursday) lead manager BT Alex Brown got the deal away, coinciding with a sharp rally in the US markets.

* Abbey National Treasury Services

* Bank of Western Australia Ltd Guarantor: State of Western Australia

Abbey National this week launched a jumbo mortgage backed bond that bankers say heralds the arrival of securitisation on the centre stage of the UK mortgage market.

Abbey National this week launched a jumbo mortgage backed bond that bankers say heralds the arrival of securitisation on the centre stage of the UK mortgage market.

A NUMBER OF high quality central European companies are shortly preparing to come to the international equity capital markets, shrugging off investor concerns about the state and progress of the region's economies. This week disappointing macroeconomic data dented confidence about the prospects for stable and sustained economic growth in Hungary, which affected the performance of several stockmarkets such as Warsaw, Budapest and Tallinn.

ALSTOM has finally given permission to Banque Nationale de Paris, Chase Manhattan and HSBC to launch its debut Eu1.5bn facility to co-arrangers. For over three weeks, the market has been waiting for the jumbo facility while the borrower agreed the term sheet.

The republic of Argentina launched a blow-out $1bn global bond with warrants this week, providing much needed evidence that investors are willing to support the country’s large borrowing needs — provided it pays up.

The French government will shortly announce the lead banks for the sale of the newly formed entity born from the merger between state owned Aérospatiale and the Matra defence unit of Lagardere Group. Lagardere is paying $342m for a 33% stake in the group, and an additional 20% will be floated in the first half of this year.

The republic of Argentina launched a blow-out $1bn global bond with warrants this week, providing much needed evidence that investors are willing to support the country’s large borrowing needs — provided it pays up.

China Sponsor Beijing Municipal Government has invited banks to bid for an advisory mandate for Beijing No 10 Water Treatment Plant's build-operate-transfer project to upgrade water services in Beijing.

For Asia's beleaguered debt capital market professionals, starved of new issue activity for the best part of two years, any chance to generate business is welcome indeed. The euro could well be such an opportunity.