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Israel's state owned electricity monopoly, the Israel Electric Corporation (IEC), has completed a blowout $600m 10 year Eurobond, handled by Salomon Smith Barney as sole bookrunner, proving that Israeli credit has not suffered from months of violence in the country. The final book was just short of $2bn on a bond that was roadshowed as a mere $300m affair. Deutsche Bank was a joint lead on the deal, but did not receive any bonds to distribute. Pricing, at 255bp over Treasuries, was inside pre-launch talk of 263bp.

* Bank Austria AG Guarantor: deficiency guarantee from City of Vienna

* Alliance & Leicester plc Rating: A1/A+/AA-

* Europäische Hypothekenbank SA Rating: Aaa/AAA

Citibank/SSSB, Danske Bank and Nordea are thought to be close to winning the mandate to arrange the refinancing for Tele Danmark's Eu650m revolver. However, bankers looking at the deal were surprised when Telenor and Tele Danmark were this week reported to be in talks aimed at a merger.

Tesco has issued a £

Coca-Cola Enterprises has axed Societe General and UBS Warburg from its $3.5 billion Euro-MTN programme. Lehman Brothers arranged the facility in September 1997 and it has $2.53 billion outstanding off 10 issues.

Globals * Alcoa

The Eu3bn multi-currency facility for Marconi is in general syndication. The lead arrangers are ABN Amro, Barclays Capital (joint bookrunner), BNP Paribas, Citibank/SSSB, Commerzbank, CSFB, Deutsche Bank, HSBC (joint bookrunner), IBJ, IntesaBci, JP Morgan, Royal Bank of Scotland, UBS Warburg and WestLB.

China Lead arranger Citibank/Salomon Smith Barney (Hong Kong) has closed the $160m portion of the $600m refinancing for Shanghai General Motors Corp.

China * People's Republic of China

BioInvent, the Swedish biotechnology company, announced its Skr338m (Eu37m) IPO yesterday (Thursday). The company will offer 6m shares comprising 4.5m new shares and 1.5m existing shares owned by the company's current shareholders. After the issue, 21% of the company will be in freefloat. A price range of Skr60-Skr75 has been set. Bookbuilding will run from May 21 to June 6. The shares are expected to start trading on the O-list of the Stockholm exchange on June 12.