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CABLE & Wireless Communications is set to issue the biggest Yankee deal yet this year with a $1bn offering split into five, seven and 10 year tranches. HSBC and Merrill Lynch are joint lead and joint books for the issue, the company's debut in the US markets.

* Council of Europe Rating: Aaa/AAA

* De Nationale Investeringsbank Rating: Aa3/AA+

* Bank Nederlandse Gemeenten Rating: Aaa/AAA

Bulgaria London Forfaiting Asia has brought in three banks into its $10m credit facility for First Investment Bank. BNP/Dresdner, WestMerchant and Bank Kreiss have joined the deal has joint arrangers.

* Abbey National Treasury Services plc Guarantor: Abbey National plc

Brazil * Federative Republic of Brazil

THE LEVEL of fees for international equity issues fell yet again this week when Dresdner Kleinwort Benson was mandated as global co-ordinator for the $5bn sale of stock in Endesa on a spread of 1.7% -- the lowest rate yet for a Spanish privatisation. That rate is down on the 1.75% spread for the final divestment of Argentaria shares, currently being completed by Morgan Stanley Dean Witter, and considerably lower than the 1.95% that Merrill Lynch received when it lead managed the last sale of Endesa shares.

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* European Investment Bank

A WIDE range of German companies are planning to tap the equity market over the next 12 months, offering investors an equally diverse spread of deals -- encompassing divestitures by companies unwinding cross-holdings as well as flotations. In the former category, Salomon Smith Barney this week successfully offered 11.8m shares in Continental, representing a 10.3% stake in the German tyre manufacturer. The shares were sold by Norddeutsche Landesbank and a group of other core investors that took the stake in the late 1980s to help defend the company against a hostile bid.