Australia's third-largest telecommunications company, AAPT, pulled back from a proposed $300 million issue of medium-term notes last week as investor concerns about the cost of third generation (3G) mobile telephony spectrum caused volatility in the corporate bond market.

The company announced instead a $100 million issue of commercial paper. In a statement released by lead manager ANZ Investment Bank, Mr Tony Rogge, AAPT's chief financial officer, described the company's roadshow for its $600 million debt securities program, under which the MTN issue was to have taken place, as an "overwhelming success".