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* Council of Europe Social Development Fund Rating: Aa1/AAA

DRESDNER Kleinwort Benson and Aros Securities are about to complete their $186m sale of shares in Vestas Wind Systems. The deal was launched two weeks ago but demand has been so strong that the book was closed last week - ahead of schedule.

* Christiania Bank Rating: A2/A

* Réseau Ferré de France (RFF) Rating: Aaa/AAA/AAA

* Banesto Issuances Ltd (Cayman Islands) Guarantor: Banco Español de Crédito

Czech Republic Bayerische Landesbank and Crédit Lyonnais are to appoint co-arrangers early next week for their facility for Radiomobil, the Czech mobile telephone operator. The two arrangers tried to launch a DM300m deal for it in November 1997 but postponed it due to poor market conditions. This time the deal is for DM250m and the terms and conditions have been improved. The tenor is still five years, but the pricing may be higher than the November loan which carried a margin of 30bp over Libor. The loan is not non-recourse, as had been thought by some in the market.

* Grupo Jose de Mello, the private Portuguese group with interests in finance, insurance and food production, will sell up to 9.1m shares in Cia de Seguros Imperio on the Lisbon stock exchange. The deal will represent around 20% of the insurer's equity capital. Grupo Mello holds around 73.7% of Imperio through a variety of sub-holdings. Gan of France owns 10.2% and Imperio already has a free float of around 16.1% in Lisbon

* Bayerische Vereinsbank AG Rating: Aa2/AA+

THE EUROPEAN Investment Bank will today launch a partly paid sterling bond to be led by HSBC Markets as bookrunner and PaineWebber as joint lead. The maturity will be five years and the spread 11bp over the Gilt. Some 25% of the deal will be paid now with the 75% balance settling in a year's time.

THE EIB is considering bringing a jumbo drachma transaction to the market next month. The issue may be between Dra30bn and Dra50bn in size. This would make it the largest transaction launched in the drachma market this year.

JP Morgan Securities Inc and NationsBanc Montgomery Securities LLC have arranged a $750m revolver for Cross Timbers Oil Co. Pricing for the five year loan is based on the amount outstanding under the loan.

THE US stockmarkets opened higher this week, lifted by better than expected first quarter results from blue chips like Disney, Microsoft and Proctor & Gamble By yesterday (Thursday), however, worries over rising interest rates and overseas markets prompted to a wave of selling that led to the Dow Jones closing down over 33 points. New issue activity is gathering momentum as the second quarter gets into gear and some companies that filed earlier this year or late last year finally come to the market; several deals were completed this week with mixed success.