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One of the largest non-IPO equity offerings ever from North America will close on Monday with the pricing of a $3bn combined stock offering and convertible bond issue for Canadian entertainment and drinks group Seagram. Goldman Sachs is leading the offer, which is being predominantly aimed at US and Canadian investors. Just 3.5m of the 37m shares on offer are being sold outside North America. In addition to the $2bn common stock offering, Goldman is leading a $1bn convertible bond - with indicated terms of a 7%-7.5% coupon and premium of 18%-22%.

Venezuela is expected to announce a bond mandate of up to $2bn within days, following president Hugo Chavez's first ever meeting with bankers in New York this week. Chavez told investors in New York yesterday that: "We believe this is the time to go to the

LEAD MANAGER Goldman Sachs has reduced the total proceeds from the IPO of Charles Vogele, highlighting the increasing reluctance of investors to take up small cap paper in the primary market. Some Sfr900m ($588m) was raised through the group's flotation. Although this is sizeable by the standards of the Swiss market, it is less than half that anticipated when Vogele announced its intention to list.

Wachovia Corp is poised to launch its debut fixed rate benchmark bond in the US dollar market following a week-long roadshow in Europe. A $500m to $750m five year global transaction is anticipated next week if market conditions allow. Merrill Lynch will lead manage the transaction with Wachovia Securities acting as joint lead.

n ABN Amro Bank NV Rating: Aa2/AA

ONE OF the main talking points in the loan market this week was the underwriting and general syndication launch of the $585m of senior debt backing CinVen Group Ltd and Investcorp's buy out of Astra-Zeneca's specialty chemicals business. Arrangers Chase Manhattan (bookrunner) and JP Morgan launched the deal to co-arrangers two weeks ago, inviting 16 banks to join at this level.

Freddie Mac set the pace among US agency issuers in the international bond markets this week when it announced plans to issue five and 10 year bullet Reference Notes in specific months, and hired TMCC's Jerome Lienhard to run its borrowing operations. Details of the new issuance calendar and new recruit came in a week when Freddie Mac raised $5bn in the global markets despite difficult market conditions, illustrating just how far US agency issuers have gone down the international route since Fannie Mae launched its first Benchmark Notes in January last year.

Market commentary: Compiled by Jim Webber,

CSFB AND Cazenove, as foreshadowed by Euroweek, have been appointed as global co- ordinators for the sale of stock in Freeserve. The nine month old internet group will be spun off by Dixons, the UK's largest electrical goods retailer, in a move to rationalise its core operations and cash in on the strength of investor demand for internet stocks.

International Lease Finance Corporation, one of the world's largest aircraft leasing companies, has established a $2bn Euro-MTN programme, to complement its US debt shelves. The firm buys commercial aircraft from Boeing and Airbus and leases them to airlines around the world. It owns 440 aircraft with a value of $16.4bn.

India A $50m credit for Haldia Petrochemical Corporation will soon be launched into syndication by arranger ANZ Investment Bank. The 8-1/2 year deal will support the development of the borrower's petrochemical plant.

THE DANISH primary equity market is to benefit from a flurry of activity as several of the country's corporates tap international and local investors for new funds. As foreshadowed by Euroweek two weeks ago, Robert Fleming (through its joint venture with Aros Securities) will run the books on the flotation in ISS, the local cleaning services company.