With longstanding client relationships playing a major role, Merrill Lynch raised more than $17 billion in debt capital for seven countries and governmental agencies over only a few days in January.

As governments moved to replenish their coffers for 2008, bankers priced $5.9 billion in bonds for Greece and $1 billion each in debt capital for Turkey and Colombia.

Merrill Lynch also raised $4 billion each for the European Investment Bank, the European Union’s financing institution, and Fannie Mae, the national mortgage lender in the United States, $1 billion for Network Rail, which operates much of the transit system in the United Kingdom, and $500 million for the Tennessee Valley Authority, the largest federal power agency in the United States.

In the largest of the transactions, Merrill Lynch helped the Greek government in its first syndicated deal of 2008, a €4 billion bond.

The offering for the European Investment Bank was also marked by exceptional demand, with the order book reaching $7.5 billion from a field of more than 100 investors from the United States, Europe, the Middle East, Africa and Asia. The completed bond, at $4 billion, turned out to be EIB’s largest U.S. denominated offering.

Bankers were also pleased with the $1 billion raised for Turkey, noting that it was the country’s first bond in 2008, with demand from more than 80 high-quality institutional accounts reaching nearly twice the money needed.

Among other transactions, Colombia achieved its tightest yields and spreads ever for 10- and 30-year bond issuance with its $1 billion in notes, led by Merrill Lynch. Despite volatile markets, the money was raised, representing 40 percent of the country’s funding needs for the year.

The Tennessee Valley Authority, created by congressional charter in 1933, serves 8.7 million people and 650,000 businesses in a seven-state area. A quality that made Merrill Lynch’s work with the agency distinct was the firm‘s ability to price the $500,000 bond at 40 years.

Network Rail maintains Britain’s tracks, signaling system, rail bridges, tunnels and key stations. The agency’s bid for the $1 billion, three-year eurodollar issue was met with a strong reception by a wide range of investor interest internationally, including Asia. More than 35 institutional investors participated in the pricing.