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CHINA National Textiles Import and Export Corp (Chinatex) is believed to have raised $100m through an issue of credit enhanced one-year convertible bonds. The deal was not reported outside the PRC, and Bank of America, which was arranger and provider of the letter of credit on the deal, did not respond to calls. The company is one of one of only six enterprises permitted by the State Administration of Foreign Exchange to issue commercial bonds in the US. The proceeds refinanced a $100m commercial paper programme which has recently matured. No pricing or placing information was known and bankers in Hong Kong expressed ignorance of the issue.

India The $75m amortising loan for BPL Mobile Communications arranged by Bankers Trust Co (Singapore) has been cancelled as the borrower chose to raise the amount through a local currency funding, following the failure to attain approval from India's finance ministry for dollar financing.

* Ambroveneto International Bank Guarantor: Banca Intesa

THE ITALIAN treasury has begun the fourth sale of shares in national oil and gas group Eni, announcing the structure of the transaction this week and filing a prospectus with Consob, the national stockmarket regulator. In keeping with past practice -- and to protect Eni's outstanding share price -- the exact size of the deal will not be announced until the first phase of the premarketing period is concluded on June 13.

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FRENCH building materials producer Lafarge this week offered investors a glimpse of the future euro debt market with the launch of a Eu500m eight year issue -- the largest fixed rate euro issue for a rated corporate. The transaction, launched to refinance Lafarge's bank debt accumulated following its takeover of UK company Redland, hit the market at 40bp over following extensive roadshows across Europe.

Arrangers BancAmerica Robertson Stephens, SG and Barclays (Miami) have achieved an oversubscription on their two year loan style FRN for Banco Hipotecario Nacional and the facility has been increased from $150m to $200m. The facility which was priced between 150bp and 200bp over Libor was signed on May 28.

THE Republic of Lebanon is pressing ahead with plans for its second Euromarket transaction this year, despite suffering a blow to its ratings this week. Yesterday (Thursday) Fitch IBCA cut its BB sovereign rating for Lebanon to BB-, citing the country's rising levels of debt which the agency said made it likely that Lebanon would lose its net creditor status by 2000.

* BBL International Finance SA Guarantor: Banque Bruxelles Lambert

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THE SUPPLY of small to medium cap stocks to international investors from the Frankfurt stockmarket continues to grow -- offering new opportunities for exposure to the German economy at a time when the equity market is booming. Over the past weeks, concerns about an increase in German rates and another Asian crisis have checked the surge of Europe's stock markets, which have soared this year.