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"One should not oversimplify borrower categories," says Johannes Attems, senior director and member of the board at Oesterrichische Kontrollbank. "Some investors consider us a quasi-government issuer, others see us as an export credit agency."

Réseau Ferré de France is a state owned entity responsible for the development and financing of France's rail infrastructure. It was set up in 1997 to enable the return to financial health of France's beleaguered rail system - which, by the end of 1995, was buckling under debt of Ffr200bn and an annual deficit of Ffr15bn.

The growth in European retail equity investment over the past few years has been a major driver in the growth of the continent's equity capital markets - nowhere more so than in Germany.

Ever since the Neuer Markt came into existence two years ago, Germany's growth stockmarket has consistently proved its doubters wrong. Much to the disappointment of the knockers, the bubble has not yet burst, liquidity is growing at an impressive rate, investors are proving to be perfectly sophisticated and investment banks - domestic and foreign - are falling over themselves for a piece of the primary market action.

The week beginning May 10 delivered something of a jolt for the scores of investors - largely, but by no means exclusively, German retail buyers - who had come to believe that the performance of the Neuer Markt was becoming a one-way street.

THE ASIAN Development Bank (ADB) swept past the half way mark of its 1999 funding programme this week with a surprise re-entry into the Kangaroo market. Launched on Wednesday, the transaction has taken ADB's total this year past the $3bn mark -- over half the roughly $6bn that is likely to be raised from a $7.1bn programme, according to head of funding Peter Balon.

DBS AND Morgan Stanley Dean Witter closed the highly successful 200m share institutional tranche of Allgreen Properties' $152m IPO this week. The price range for the issue was increased during the final week of the roadshow, and the tranche was up to 18 times oversubscribed.

THE REPUBLIC of the Philippines launched its novel re-financing of a $610m one year loan last Friday, attempting to mitigate aggressive pricing with an extremely flexible structure. Local officials commented that although arrangers ING Barings and PNB Capital went out with a $400m launch size, all parties are confident that it will be possible to increase the deal to $600m. About 80% of the issue is likely to be taken up by banks registered in the Philippines, with the remaining 20% heading offshore.

ROADSHOWS for a $500m to $1bn issue by the China Development Bank (CDB) begin in Hong Kong tomorrow (Saturday) in an important test of investor confidence over the strength of the Chinese economy and health of its financial system. Roadshows for the Merrill Lynch and Salomon Smith Barney-led issue have been divided into two teams led by CDB governor Chen and chief economist Dr Gao Tien.

Australia JB Were is set to launch a A$72m IPO for Housewares International, which is expected to close on May 14 and list on May 25. A total of 72m shares will be sold at A$1 in the deal which is a spin off from Premier Investments. The shares come with a p/e ratio of 10 times and a dividend yield of 7%.

THE SUCCESS of a $1.6bn recapitalisation of Siam Commercial Bank (SCB) by Salomon Smith Barney has confirmed the return of investor appetite for Thai banking stocks -- and prompted a search for the next bank from the sector to avail itself of the government's Tier 1 recapitalisation programme. SCB was the first bank to take advantage of the plan, under which the government buys half of the cumulative convertible voting preferred shares and institutional investors purchase the other half of the issue which has warrants attached.