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France Natexis Banque has arranged a £70m revolver for Gaz de France to support its acquisition of North Sea oil and gas fields from Ranger Oil and Lasmo.

* Deutsche Telekom International Finance BV Guarantor: Deutsche Telekom AG

Poland's BRE Bank put away a Eu200m five year floating rate note (FRN) issue yesterday (Thursday) through lead managers Commerzbank and Merrill Lynch, suggesting that the FRN may become the flavour of the month for emerging market debt. It was priced with a coupon of 37.5bp over three month Euribor and at an issue/reoffer price of 99.754.

Market report: Compiled by Jim Webber, TD Securities, London, Tel: +44 207 282 8216

Canary Wharf Group plc, owner of the Canary Wharf office development in London's Docklands, this week issued its second securitisation of buildings in the complex, using an innovative structure including variable funding notes that could form a new template for commercial property securitisations. Though investors appear to have liked the deal, shaky credit markets denied Canary Wharf the blowout reception that greeted its first securitisation in November 1997.

CREDIT Agricole Indosuez, Goldman Sachs and Morgan Stanley Dean Witter completed the Eu1.85bn sale of Cap Gemini stock by Ernst & Young partners who received the stock as part payment for the takeover of the company's consultancy operations. The shares were priced at Eu173 and yesterday (Thursday) closed at Eu187. The price was a slim discount to the market price but bankers conceded the stock had come off substantially since the deal was announced. When the deal was announced the stock price was around Eu212 and it reached a peak of around Eu350 in March.

DEUTSCHE Telekom (DT) has announced the size of its third equity offering which could raise up to Eu14bn, making it the largest offer yet for the German giant. Barring a market meltdown, bankers are certain of success. However, the funds raised will be substantially lower than the Eu20bn observers were predicting two months ago. Since then, DT's share price has shed 42%.

Czech Republic CRC, the refinery company, is looking for proposals from banks for a new syndicated credit facility.

Poland * BRE Bank International Finance BV

* Bayerische Handelsbank AG Rating: A+