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* Abbey National Treasury Services plc

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TWO European arms of the information services to hotels group ITT are to launch high yield deals totalling $500m in the next two weeks, making this the largest financing to date in the growing European high yield corporate debt market. Joint bookrunners Chase, Goldman Sachs and Lazard Frères were conducting roadshows for the deal this week in Europe and the US. No pricing details are available as yet, but a range is likely to be set next week after sounding out investors and the deal is expected to be launched the week after.

Swiss francs * TPP

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DRESDNER Kleinwort Benson and SBC Warburg Dillon Read will shortly launch the German government's sale of stock in its national airline, Lufthansa, after the government this week launched a marketing campaign aimed at retail investors in the local market. The authorities will use the now established methods of offering greater allocations to reward early commitments from retail investors. These buyers will also

Israel The $75m five years at a split 32.5bp rising to 35bp over Libor term loan being arranged for ICL-Israel Chemicals Ltd by CSFB and Dresdner Bank Luxembourg SA was signed on Tuesday in London.

MITSUI TRUST this week took advantage of the swelling appetite for Japanese bank convertible issues with a ¥100bn offering via Goldman Sachs and Mitsui. Launched for MTI Capital on behalf of Mitsui Trust, the deal was one of the most popular yet to emerge. The offering is the latest in a line-up that so far this year has included issues from Toyo Trust, Asahi Bank and Sumitomo Trust.

Compiled by Gerard Perrignon, Hambros Bank Ltd, London. Tel: +44 171-865 1759 The New Zealand market had a quiet week, with the direction being gleaned from currency movements and price action in the Australian and US markets. Beginning the week at +77bp, the 10 year Kiwi/US spread closed Thursday night at +83bp.

Monoline insurer CapMac (Capital Markets Assurance Corp) has set up Euro and US MTN programmes which have an aggregate ceiling of $5bn. The facility has been arranged by Merrill Lynch. CapMac, which has already set up CP conduit vehicles to provide short term funding as well as credit enhancement to its clients, is looking to develop its existing products and services by providing longer term funding. It intends to finance this with issuance under the programme.

OUTOKUMPU OY, the Finnish mining giant, is making a rare appearance in the syndicated loan market for a $400m revolving credit. The loan, jointly arranged by Citibank International plc, Merita Bank Ltd and Union Bank of Switzerland, will act as the company's core working capital and liquidity insurance facility.