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The introduction of the euro was certain to herald a fundamental change in the nature of Europe's capital markets. But the speed of change has taken everyone by surprise -- not least in the new euro bond markets.

ARGENTINE domestic bonds tightened as much as 48bp this week as momentum grew behind the Republic of Argentina's plan to raise new cash as well as swap local bonds and FRBs for two new domestic bonds.

THE FRENCH Trésor has launched the privatisation sale of stock in Aérospatiale Matra, the national defence group. The government hosted sales briefings last night (Thursday) to assess the initial response to a pre-marketing period that began last week. The deal, led by SB with ABN Amro Rothschild, Lazard Capital Markets and Merrill Lynch as joint lead managers, should generate strong interest from investors seeking exposure to a liquid stock in an undersold sector.

SG (co-ordinator), Banque Nationale de Paris, Crédit Lyonnais, Barclays, Deutsche Bank, HypoVereinsbank and ING/BBL have launched syndication of

>* Bank of China

Australia General syndication for Texas Utilities Australia's A$1.1bn acquisition financing closed last week oversubscribed but was not increased. Lead arrangers National Australia Bank and Toronto-Dominion Australia kept A$150m and A$78.3m respectively while BA Australia and Deutsche Bank Australia absorbed A$61.3m apiece.

FOLLOWING the successful Eu144m sale of stock in Telinfo, international and local investors are gearing up to buy a variety of Belgium stocks. Primary activity in the Brussels market has been subdued in recent years but is picking up as more privately owned companies see the benefit of floating at current rich valuations. "This market is ripe to host a variety of mid-cap deals," says a local banker. "There are some exciting opportunities to buy primary equity from growth sectors and we expect investors to be supportive of the dealflow in the next few months."

GENERAL syndication of the Eu1.7bn six year multicurrency revolver for Bombardier is approaching completion. Lenders have showed great interest in the deal and over $450m has been raised -- an outstanding amount for a general syndication for a non-European credit. Arrangers ABN Amro, Commerzbank, Deutsche Bank and SG are just waiting on a couple of stragglers before they wrap up the deal.