I’m not really sure if ‘disco ball effect’ is the appropriate term but it does look like a disco ball. This effect was created using the ‘lens tool’ in CorelDraw’. It’s one of those tools one hardly uses. See steps below
Draw a circle and add some text as shown in the image below, then delete the circle (it was just a guide)
Select the Lens tool > Effects. It should bring out a menu window on the side
Now create a circle over the text and select the Fish Eye preset from the Lens tool side bar. Adjust the circle as you wish and add some colour.