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EQUITY BULLS propelled the US markets to a new record high this week with the Dow index reaching 8,675 on Wednesday. Some investors took profits yesterday (Thursday), prompting the Dow to slide slightly, but Nasdaq stocks remained buoyant as technology shares shrugged off last week's anxiety over first quarter profit earnings. The stockmarket remains strong with many analysts focusing on continued evidence of a robust US economy from the country's corporates.

* Federal National Mortgage Association (Fannie Mae) Rating: Aaa/AAA

THE REPUBLIC of Korea has bitten the bullet and accepted the need to set a market driven benchmark for its forthcoming $3bn global. Early indications are that the government will launch a single 10 year bond in April with a coupon of around 10% to yield more than 400bp over Treasuries.

THE REPUBLIC of Korea has bitten the bullet and accepted the need to set a market driven benchmark for its forthcoming $3bn global. Early indications are that the government will launch a single 10 year bond in April with a coupon of around 10% to yield more than 400bp over Treasuries. The deal will be the first time that Korea has accessed the international bond markets directly and could prove a watershed for Asian credits.

ARRANGERS of the Eu6bn loan facility for GEC Plc have closed syndication. The jumbo credit was well supported and an oversubscription was achieved. SBC Warburg Dillon Read and Barclays were yesterday (Thursday) scaling back co-arrangers and senior lead managers. About 10 co-arrangers have joined the deal and some 18 senior lead managers have committed.

Argentina BankBoston NA, Credit Suisse First Boston, Crédit Lyonnais and ING Barings are in the market with a $150m three year refinancing for Multicanal. The facility is priced at 212.5bp over Libor and amortises in equal semi-annual instalments after one year's grace.

MERRILL Lynch has won the coveted role of joint global co-ordinator alongside Deutsche Morgan Grenfell for the DM3bn capital increase for Mannesmann, the German industrial conglomerate.

MERRILL Lynch has won the coveted role of joint global co-ordinator alongside Deutsche Morgan Grenfell for the DM3bn capital increase for Mannesmann, the German industrial conglomerate. Goldman Sachs will act as joint bookrunner on the deal, one of the most eagerly awaited blue-chip German equity offerings, at a time when the country's leading corporates are queuing up to tap US and international markets.

ING BARINGS has been mandated to lead the largest Mexican corporate bond issue so far this year -- a $500m long dated Yankee offering for Grupo Minero Mexico, the country's leading mining firm. The issue, for which roadshows start in Europe today (Friday) and continue in the US next week, is likely to be launched in around 10 days' time. Although details on the transaction are sketchy, it is expected to have a multi-tranche format. A 10 year issue looks certain, as well as a possible longer tranche or tranches at 20 and/or 30 years.

Cyprus Bank of Tokyo-Mitsubishi, Commerzbank and Crédit Lyonnais have launched syndication of the $100m five year standby revolving credit for the Republic of Cyprus. The loan is priced at 27.5bp over Libor and has a commitment fee of 13bp. Three levels of participation in general syndication are offered with lead managers receiving fees of 20bp for takes of $7.5m, managers taking fees of 17.5bp for $5m and participants 15bp for $2.5m.

* Deutsche Morgan Grenfell has been mandated to lead manage a debut Eurobond for the Czech Republic's SPT Telecom. It should emerge for DM500m over a five year tenor and be launched at the end of March or the beginning of April. Thanks to its A rating from Standard & Poor's, the SPT Telecom issue will represent a rare opportunity for fixed income investors to book an investment grade asset from a corporate operating in the fast growing industry in central and eastern Europe.