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INVESTMENT bankers are bombarding the Brazilian government with bond proposals, including deals similar to Mexico's $1.5bn 1995 floating rate Cetes note, as pressure increases on the republic to crack open the international financing market for the country's cash-starved corporates. Brazil wants to raise $16bn to $30bn this year and is keen to hear any proposal on how to go about it. "There is no way they can do all that, but they need to come back to the market as soon as they can," said one banker in New York.

EUROPEAN corporates this week demonstrated the win/win opportunities available in the euro credit market by launching aggressively priced transactions that nevertheless met strong demand from both retail and institutional investors. Automobile manufacturer DaimlerChrysler launched a Eu600m bond, its largest offering to date; holding company CIR increased its transaction to Eu500m on the back of strong demand; and Italy's Finmeccanica issued Eu300m of floating rate notes. Next week, Carrefour will raise up to Eu1bn of 10 year funds via Barclays and BNP at around 42bp over OATs.