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Both the euro and the dollar bond markets offered investors the widest range of credits to choose from this week as bankers continued to marvel at the astonishing tone of the major currency sectors in the first few weeks of 1999 and the wide variety of credits tapping them. Emerging market issuers made a welcome return to the international bond markets. Latin issuers continued to search for novel ways to raise funds, with Argentina raising $1bn of bonds with warrants and Pemex a similar amount in bonds linked to oil receivables.

The drought of Latin American corporate bond issues was finally broken this week when YPF launched a successful $225m 10 year Yankee bond at almost 300bp through the sovereign Argentinian yield curve. The deal, sole led by Merrill Lynch, was increased from $150m and priced on Thursday night at 99.684, with a coupon of 9.125% and a yield to maturity of 9.174. Its launch spread was 412.5bp over Treasuries at a time when the Republic of Argentina's 2006s have been trading around the 705bp region and its 2017s at around 669bp.

The drought of Latin American corporate bond issues was finally broken this week when YPF launched a successful $225m 10 year Yankee bond at almost 300bp through the sovereign Argentinian yield curve. The deal, sole led by Merrill Lynch, was increased from $150m and priced on Thursday night at 99.684, with a coupon of 9.125% and a yield to maturity of 9.174. Its launch spread was 412.5bp over Treasuries at a time when the Republic of Argentina's 2006s have been trading around the 705bp region and its 2017s at around 669bp.

* ABB International Finance NV Guarantor: keepwell agreement from ABB Asea Brown Boveri Ltd

JP Morgan and Ford Motor Credit made the most of an increasing European appetite for private sector global bonds by respectively launching $1bn and $2bn five year blow-out deals on Thursday. Ford came to the market with a $2bn 5.75% five year offering at 83.5bp over Treasuries via joint bookrunners Bear Stearns and Morgan Stanley Dean Witter, while JP Morgan made its global bond market debut with a $1bn five year issue at 93bp over and a coupon of 5.75%.

British Sky Broadcasting surprised the market and showed the pace at which a credit culture is developing in Europe this week when it launched a $600m global bond via Merrill Lynch. Until recently, the thought of a credit such as BSkyB - which is rated Baa2/BBB- with negative outlook from both Moody's and Standard & Poor's - accessing anything other than US investors through the Yankee bond market would not have been considered.

India Arranger ANZ Investment Bank signed a $165m 10 year facility for Dabhol Power Project Co on February 12 in London.

Argentina BankAmerica will close syndication of the $200m 364 day L/C facility for Banco Rio de la Plata SA today (Friday).

The Republic of Lebanon broke new ground for the single European currency this week when it became the first Middle Eastern sovereign to raise funds in euros. Until now Lebanon's sole non-dollar bond financing had been a DM250m 6.5% five year Euro-DM issue in May 1997 - but this week the B1/BB- rated issuer launched a Eu300m five year euro tranche alongside a more traditional $200m five year dollar tranche.

The Republic of Lebanon broke new ground for the single European currency this week when it became the first Middle Eastern sovereign to raise funds in euros. Until now Lebanon's sole non-dollar bond financing had been a DM250m 6.5% five year Euro-DM issue in May 1997 - but this week the B1/BB- rated issuer launched a Eu300m five year euro tranche alongside a more traditional $200m five year dollar tranche.

HSBC and Warburg Dillon Read took advantage of the momentum generated by the success of part one of the financing of the Channel Tunnel Rail Link by immediately launching the follow-up tranche this week, a £1bn bond due 2010. The hard work of explaining the credit story of LCR Finance PLC - the vehicle set up to raise money to build the rail link between the tunnel and London, whose bonds are guaranteed by the UK government - had already been completed in the long run-up to the launch of LCR's record £1.225bn of 2028 bonds and £425m of 2038 bonds last Wednesday.