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What could be the most momentous decision in the European equity capital markets in 2001 will be made this weekend. On Monday, bankers across continental Europe will focus their attention on Paris, as France Télécom announces a bookbuilding range for the IPO of Orange, which is expected to raise Eu9bn-Eu13bn. There have already been more than 600 one-on-one meetings with investors. "An incredibly intensive premarketing campaign has taken place across Europe," said one banker. Sales meetings took place yesterday (Thursday) in Paris and continue today (Friday) in London. Bookbuilding will begin on Tuesday.

Argentina received strong international demand for a $500m add-on to its existing 30 year bond this week in a transaction targeted local pension funds, fuelling market confidence that its imminent $3bn plus dollar exchange offer will be well received.

Argentina received strong international demand for a $500m add-on to its existing 30 year bond this week in a transaction targeted local pension funds, fuelling market confidence that its imminent $3bn plus dollar exchange offer will be well received.

China Arranger BA Asia is waiting on one straggler before closing the $200m 264 day letter of credit facility for COSCO (Cayman) Co. Most of the original syndicate have signed up for the rollover and the few that dropped out have been replaced with new lenders.

Asia * HomeSide Mortgage Securities Trust 2001-1

Svensk Exportkredit issued a ¥500 million ($4.21 million) power-reverse dual-currency note, dated January 19. Salomon Smith Barney was the lead dealer. The note is callable, depending on the following market conditions: the forward FX rates, the interest rate differential between dollar and yen and the interest rate in Japan. A member of the borrower's treasury says: "We haven't seen much plain vanilla for quite a while. This is a very typical structure. Japanese investors are doing lots of these to enhance their yield." Other borrowers to issue twenty-year yen trades between ¥500 million and ¥800 million are Export Finance & Insurance Corp (EFIC) (also via Salomon Smith Barney), Kommunalbanken (via Mizuho International), Bayerische Landesbank and African Development Bank.

The Republic of Italy this week once more demonstrated its innovative approach to raising funds, launching a strategic sterling bond and an opportunistic euro transaction designed to exploit the segmentation of the market. The £700m tap of the republic's 6% 2028 bond brought the issue up to the crucial £1bn size, giving the sterling market a true sovereign benchmark. The republic had no target size in mind when first contemplating the deal - the £700m launched was the result of investor demand. "At £1bn, we now have a very liquid benchmark," said Fabrizio Ghisellini, Italy's head of international funding, "and, in order to underline that liquidity, syndicate banks have committed to making a market with a given spread in the secondary market."

Reseau Ferre de France has issued three times this year and each time has been in sterling. Their latest trade is a 35-year £

Swiss francs were chosen for three trades at the end of last week. Credit Lyonnais Finance did two 364-day deals in the currency, one for Sfr2 million ($1.22 million) and the other for Sfr30.01 million. They pay single coupons of 12.19% and 8.53% respectively. And Rheinhyp Rheinische Hypothekenbank did a one-year Sfr89 million trade via Commerzbank, its parent. The fixed-rate note pays a coupon of 3.26%. The issuer also did a 10-year euro50 million ($48.94 million) trade that pays a final coupon of 5.74%.

Denmark Barclays (bookrunner) and Bank of Tokyo-Mitsubishi have won the mandate to arrange a Eu200m multi-currency revolver for Danish plastics producer Borealis. The deal will be launched to banks for a take of Eu25m.

The Republic of Romania continued its recent run of success in the euro denominated bond market this week with a Eu100m tap of its Eu150m 11.5% 2005 bond issued last November. "Romania has been doing well," said an emerging market syndicate head in London. "In less than six months, it has gained a good reputation ."