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ISRAEL'S largest and most profitable financial institution, Bank Hapoalim, this week launched the first issue off its recently established global MTN programme. The $200m five year floating rate note issue was lead managed by Merrill Lynch, which also arranged the debt issuance facility.

India DKB Merchant Bank (Singapore) and NatWest Markets have relaunched the $65m facility for ITC Ltd.

FRANCE's privatisation of France Télécom has been a runaway success, with the institutional offering to domestic and international investors closing earlier this week some 20 times oversubscribed, and the retail offer attracting 3m private shareholders by last night.

FRANCE's privatisation of France Télécom has been a runaway success, with the institutional offering to domestic and international investors closing earlier this week some 20 times oversubscribed, and the retail offer attracting 3m private shareholders by last night. Institutional investors submitted orders for more than Ffr400bn ($67bn) in shares, while the size of the retail offering -- which closes on Tuesday (October 14) -- has already been increased to accommodate the rampant demand.

THE BELEAGUERED Eurodollar sector received a welcome boost this week when Westpac launched the first successful five year issue to come to the market since the beginning of September. Bankers said that careful premarketing of the $500m issue, led by Nomura and SBC Warburg, combined with the borrower's willingness to adopt a sensible approach to launching its first strategic fixed rate issue, to provide a template for other issuers looking to complete large-scale financings in a still nervous market.

* World Bank Rating: Aaa/AAA

THE DM5bn privatisation of German airline Lufthansa is moving into its final stages, with syndicate members confident of a smooth reception despite this week's falls in European stock markets. Yesterday's 30bp rate rise by the Bundesbank sent Frankfurt's Dax stock index tumbling by more than 2%.

* Ville de Montréal Rating: A2

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LUKOIL, Russia's premier oil company, is poised to return to the Euro-convertible bond market for a new financing, Euroweek has learned. Market sources say syndicate invitations have been received from SBC Warburg Dillon Read for the issue, whose details will be publicly announced next week.

FINNISH paper company Metsä-Serla priced a $300m convertible subordinated capital note issue after an oversubscription on the public tranche of 8.5 times. "We were delighted with the response," said a banker at global coordinator and book runner Salomon Brothers. "To achieve $1.6bn of demand for a Finnish convertible is probably unprecedented." The issue was designed to improve the company's capital structure by reducing financial leverage and improving its equity ratio. The Finnish Company Act was revised in September, allowing the bond proceeds to be treated as equity.