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GERMAN systems software group Software AG has shrugged off the poor response to last week's flotation of telecom company debitel -- and mounting pressure on software shares worldwide -- to launch its DM1bn initial public offering. The offering for the Darmstadt-based group, for which Lehman Brothers is global co-ordinator and bookrunner, is expected to be the largest European software sector IPO this year and one of the biggest ever offerings in the sector.

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European Investment Bank

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Czech Republic The mandate for the Eu200m bond for the City of Prague is to be awarded by the start of the week. The bond market was chosen as the city wanted 10 year money.

Republic of Austria

Banque Sofinco

FANNIE Mae will attempt to repeat the success of its Benchmark Note issuance programme and create a liquid, international market for callable product later this month when it launches a new issuance programme -- Callable Benchmark Notes. Callable debt is a key part of the US agency's funding, allowing it to manage the interest rate risk on its $433bn mortgage portfolio. In 1998, Fannie Mae issued more than $90bn of its $147bn long term funding in callable and other option-embedded funding instruments.

CORPORATE new issue activity is hotting up in Spain in the wake of the government's successful sale of shares in defence group Indra, with construction group Ferrovial Agroman leading a potentially long line of private sector flotations. Morgan Stanley Dean Witter and BBV are leading the IPO, which could raise around $1bn through the sale of some 30%-35% of the company. The IPO follows a reorganisation of Ferrovial -- whose interests include construction, real estate and services -- including a merger of its construction business with its Agroman subsidiary.

NEXT WEEK will see the London and Frankfurt launch of a Eu500m deal for Amev Leven, the life insurance company that is the jewel in the crown of financial services group Fortis. Earlier this week the deal was selling well with banks, insurance companies and fund managers at roadshows in Amsterdam, Paris and Brussels.

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Market commentary: Compiled by Jim Webber, TD Securities, London