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THE PARIS stockmarket hit another high this week as investors waited eagerly for two of the largest corporate share sales in the market's history -- the flotation Alstom, the Anglo-French engineering group, and Rhodia, the spin-off of Rhône-Poulenc's specialty chemicals business. Heavy blue chip buying by foreign and local investors lifted the CAC40 to 4211.54. "Investors are looking at many of the large continental deals through rose-tinted spectacles," conceded one banker this week.

LEAD MANAGERS Goldman Sachs and Morgan Stanley Dean Witter defied volatile market conditions in New York and London this week to raise £1bn for BCE, the Canadian telecoms group, through the sale of its 14.25% stake in Cable & Wireless Communications (CWC), the UK telecoms concern. After London market dropped 140 points and New York fell 170 points yesterday (Thursday), salesmen were predicting further weakness on both sides of the Atlantic because of worries about Asia as the yen slumped against the US dollar this week.

OUR STORY that Barclays Capital had stolen a march and legged over the opposition by hosting the best and most imaginative party at the Euromoney Global Borrowers and Investors Forum has caused a public outcry. Competitors are blubbing. Questions have been raised in the house. There are even suggestions that Viscount Bridport, a managing partner of Bridport & Cie in Geneva, might make a rare appearance and dazzle the House of Lords with a motion on behalf of the losers that, "we wuz robbed and where's our compensation?" Quite frankly, we can't see what the fuss is all about. If the likes of Merrill Lynch, Morgan Stanley and Deutsche (Morgan Grenfell RIP) can't get their party skittles into line are we supposed to play nursery nanny and come running with a diaper in one hand and a suppository in the other?

* Baden-Württemberg L-Finance NV Guarantor: L-Bank

India Sumitomo Bank has been mandated as financial adviser for the 100MW Atria Power project in the state of Karnataka. Sumitomo will advise the sponsor, Atria Group, on raising around $20m in equity and $70m in debt.

THE MARKET for convertible bonds showed signs of weakness as UK and continental stockmarkets lost between 1% and 3% in late sessions this week. Despite the reassurance from Federal Reserve chairman, Alan Greenspan, that US interest rates would remain unchanged, the markets showed some signs of investor unease and this took its toll on some of the more tightly priced convertibles issued this week.

THE ISRAELI government this week pushed its privatisation programme on to a new stage by announcing the sale of stock in El Al Israel Airlines, the national carrier, and confirming its intention to divest a stake in national chemicals group Israel Chemicals as well as approving the sale of stock in Israel Discount Bank. The country's privatisation ambitions have been thwarted by an uncertain government policy toward the state sales. Only two weeks ago, Merrill Lynch sold 2.5% of the national telecom group, Bezeq, to the diversified UK telecom operator, Cable & Wireless, which already held 10% of the group.

* Seashell Securities

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Argentina ABN Amro Bank NV and Deutsche Bank AG have launched syndication of a five year term loan for steel company, Siderar SAIC. Pricing on the loan ranges from 90bp to 190bp over Libor. The facility will be repaid in four semi-annuals after three and a half years' grace. Siderar SAIC -- $100m

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