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SUBSCRIPTIONS open today (Friday) for Europe's first public offering of an equity linked municipal bond. Bookrunners Crédit Lyonnais Belgium and Crédit Communal de Belgique say they do not know of any deal in the past that has linked a sovereign or a municipality to an equity index. The issue is a Bfr5bn (nearly Eu124m) five year deal from the Walloon region in Belgium, linked to the Wall-21 index.

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France Alstom has officially mandated Chase Manhattan, Banque Nationale de Paris (agent) and HSBC (documentation) to arrange a Eu1.5bn revolving credit, Alstom's debut borrowing since its split away from GEC in 1998.

THE FRAGILITY of international financial market conditions was all too clear this week as Brazil's currency devaluation threatened to trigger another major downturn in global credit and equity markets.

* Deutsche Finance NV Guarantor: Deutsche Bank AG

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SALOMON Smith Barney has been appointed as global co-ordinator with Christiania Bank for the government's sale of stock in the Norwegian bank -- one of a slew of bank deals coming from the region. Prime among the other offerings is one from Den norske Bank, led by Warburg Dillon Read.

DEPFA WILL STRIKE the latest blow in the Pfandbrief market's battle for international recognition next week when it launches what could be the largest ever jumbo from the sector. The mortgage bank is set to raise at least Eu2.5bn through a 10 year global Pfandbriefe, at around 40bp over the new Bund.

DEPFA WILL STRIKE the latest blow in the Pfandbrief market's battle for international recognition next week when it launches what could be the largest ever jumbo from the sector.

Croatia Chase Manhattan and Zagrebacka banka have signed the DM40m three year term loan for the City of Zagreb.

THE NEW shape of the international primary bond markets was confirmed this week as the two main currency blocs, the dollar and the euro, dominated new issue activity. Only a handful of sterling transactions distracted attention away from the now two core currencies. Although the deal flow of the first week of the year could not be maintained, as the market slowed on the back of concerns about Brazil's fiscal predicament, frequent issuers remained keen to get deals into the market as early in the New Year as possible.

* Abbey National Treasury Services Guarantor: Abbey National