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CWO`s ann:Local Capital Markets Accessed

Document date:  Wed 13 Oct 1999
Published:  Wed 13 Oct 1999 00:00:00
Document No:  193320
Document part:  A
Market Flag:  Y

CABLE & WIRELESS OPTUS LIMITED                1999-10-13  ASX-SIGNAL-G

HOMEX - Sydney                                                        

Cable & Wireless Optus said today it would establish a program to
access local capital markets, allowing it to further diversify its
funding sources and extend its debt maturity profile. 

ANZ Investment Bank has been mandated to arrange a A$1 billion
combined Medium Term Note (MTN) and Commercial Paper (CP) 0
ANZ has also been mandated as Lead Manager for the initial issue.

The Commonwealth Bank of Australia and Merrill Lynch will join ANZ
Investment Bank as MTN dealers, while the Commonwealth Bank of
Australia, Banque Nationale de Paris and National Australia Bank will
join ANZ Investment Bank as dealers for the CP program.

Cable & Wireless Optus will assess market conditions for the first
MTN issue from the program following the release of its half-year
results in Nov0

Given the dramatic reduction in debt following last year's float, the
funding is not immediately required, but will be put in place to
diversify the debt profile.

Cable & Wireless Optus is Australia's leading integrated
communications company - servicing more than three million customers
each day. The company provides a broad range of communications
services including mobile, national and long distance services, local
telephony, business network services, Internet an0
d satellite services
and information and entertainment services.

Since commencing operations in 1992, Cable & Wireless Optus has
invested more than $7bn in the construction of fixed, mobile and
satellite networks, including central business district and suburban
local access networks. These networks provide the company with an
advanced technology platform capable of delivering integrated
communications, information and entertainment services.

Cable & Wireless Optus has inve0
stment grade ratings from Standard and
Poor's and Moody's. It is a member of the Cable & Wireless Group, a
leader in global communications operating in more than 80 countries
around the world.

For more information: 
Stephen Woodhill 
Phone: 02 9342 7850