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CREDIT Suisse First Boston has launched an innovative two tranche financing in the US 144A market for Telecom New Zealand Finance Limited which achieved the capital treatment requirement of the borrower. The deal consisted of a $150m five year issue paying a coupon of 6.25% and priced to yield 85bp over Treasuries; and a $150m 10 year issue with a coupon of 6.5% and paying a spread of 105bp over. The bonds were rated Aa2/AA- by Moody's and Standard & Poor's respectively. Merrill Lynch and Morgan Stanley were co-leads on both tranches.

Market appraisal:

* Aegon NV

A BUSY pipeline is beginning to build in the sterling high yield corporate bond sector following the launch of the largest deal in the nascent market to date. Last Friday, bookrunner Goldman Sachs launched a two tranche sterling/dollar financing for UK telecom and cable TV company Diamond Holdings.

* Santander International Ltd

Croatia

* Bank Austria AG

THE EUROPEAN Investment Bank will next week award Goldman Sachs, Merrill Lynch and Paribas the prized mandate for its first euro-denominated global bond, Euroweek has learnt.

THE EUROPEAN Investment Bank will next week award Goldman Sachs, Merrill Lynch and Paribas the prized mandate for its first euro-denominated global bond, Euroweek has learnt.

Argentina

Belgium

FANNIE MAE took the international bond markets by storm once again this week when it launched the second issue from its benchmark note programme. Already the triple-A rated US agency's strategy of issuing highly liquid deals appears to be paying dividends in terms of the pricing it can achieve.