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* European Investment Bank Rating: Aaa/AAA

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THE LATIN equity new issue market was dealt another blow this week when Colombian power distributor Interconexión Eléctrica (ISA) shelved plans to for a $200m initial public offering in the wake of last week's embarrassing postponement of the $175m Celumovíl deal. Celumovíl, a Colombian cellular phone company, was to be the first Latin new issue to come to market this year. However, it was pulled by lead managers Salomon Smith Barney and Santander Investment late last week when it failed to drum up sufficient investor demand even at a lower price range.

India Bayerische Landesbank (Singapore), Commerzbank (South East Asia), DBS Bank and ING Barings are bidding as a group for a $100m five to seven year financing for Power Finance Corp Ltd. ANZ Investment Bank and Sumitomo Bank are submitting a separate bid while ABN Amro is entering a solo bid. Responses are due by March 31. The mandate for BPL US West Cellular Ltd's $200m-$275m telecommunications project financing has not yet been awarded. ABN Amro Bank, BA Asia and CIBC Markets are expecting the mandate to be announced within the next two weeks.

* Barclays Bank plc Rating: Aa3/AA-

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THE PIPELINE of issuance from Latin American credits is building up for the weeks ahead, with a mix of corporates, sovereigns and supranationals scheduled to launch deals. Mexican manufacturer Sanluis Corporación will price its $150m 10 put five year Euro-144a issue led by Chase next week. The spread talk is 325bp to 350bp over Treasuries.

COCA-COLA Amatil of Australia has hired SBC Warburg Dillon Read to advise on the flotation of its European operations, Coca-Cola Beverages (CCB), which is to be listed in London later this year with an initial market capitalisation expected at around $3.2bn (£2bn). Although there will be no capital increase, with the parent receiving the proceeds of the spin-off, the move enables CCB to raise equity capital in the future.

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THE UNITED Mexican States this week provided resounding evidence that US investor appetite for dollar product from Latin issuers has improved by launching a $1bn 10 year global bond led by Morgan Stanley Dean Witter. In a surprise move, the UMS launched the deal overnight and priced the offering yesterday (Thursday) morning at par to give a spread of 288bp over US Treasuries from a spread talk of 280bp and 290bp -- at a time when the outstanding UMS 2007s were trading around 282bp to 284bp. The new 10 year tightened in to around 286bp over before weakening slightly in a US Treasury sell-off to trade around 99.75.