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* Bayerische Hypovereins Finance NV Guarantor: Bayerische Hypo- und Vereinsbank AG

Australia Financial close for the A$80m 12 year fundraising for the Brisbane Air Train Project through Airtrain Citylink will be next week. Macquarie Bank is the arranger and adviser.

THE BLOW-OUT convertible bond launched this week for Axa, the insurance group, further underlines the dominance of French issuers in the fast growing market for euro denominated equity-related debt. In the first six weeks of 1999 an array of France's best known groups -- including Vivendi, Promodes, Bouygues, Artemis and Moulinex -- have used the equity-related market to capitalise on the huge interest in the euro from international investors and the growing demand for convertible and exchangeable debt as an asset class. The Axa deal involves the sale of Eu1.32bn in 15 year subordinated convertible bonds.

* New South Wales Treasury Corp Guarantor: State of New South Wales

BRITISH AMERICAN Tobacco launched the largest single tranche euro corporate bond this week in a vivid illustration of the opportunities opening up for corporate borrowers in Europe's single currency market.

EURO SWAP spreads against cash tightened this week. Ten year spreads against Bunds came in to 35bp bid and to 28bp over OATs, while swap rates were generally firmer in line with weakness in underlying bond markets. Dealers are trading on the belief that spreads to cash will tighten yet further. These conditions do not suggest ideal conditions for borrowers wishing to issue debt and swap out of fixed euros and therefore at the end of the week, the pipeline was looking fairly thin.

BRITISH AMERICAN Tobacco launched the largest single tranche euro corporate bond this week in a vivid illustration of the opportunities opening up for corporate borrowers in Europe's single currency market.

THE BATTLE for new equity capital markets business between international and local investment banks in Germany is becoming increasingly intense. This week Veba, one of Germany's largest industrial groups, announced that it had appointed Dresdner Kleinwort Benson and Warburg Dillon Read to act as joint global co-ordinators for the flotation of Stinnes, one of the world's foremost groups in the field of haulage and logistics. ABN Amro Rothschild is advising Veba on its plans to list Stinnes' shares. The process will begin at the start of the second quarter when marketing to local and international investors should start.