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AS FIRST quarter earnings reports started to pour in this week, US stocks pulled back from two consecutive days of record highs - with the Dow Jones closing down yesterday (Thursday) by more than 85 points. The US market was also affected by the sell-off in Asian markets overnight on Thursday - especially by the Nikkei's fall below 16,000 - although the Dow continues to trade above the psychologically important 9,000 level.

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FRANCE'S bid to become the issuer of reference in Europe's single currency market received a substantial boost this week with the successful completion of its offer to consolidate over half its Ecu denominated debt into four highly liquid lines. More than 60% of the eight illiquid OAT and BTAN lines were exchanged for one of the four alternatives, a proportion that exceeded the French treasury's, and most bankers' expectations. Over Ecu10bn ($10.97bn) of the old lines was exchanged for Eu11.5bn of the liquid lines. Unlike more recent Ecu issues, the lines exchanged do not have parallel French franc bonds to merge into after Emu.

ARRANGERS and providers of syndicated loans for Russian borrowers have found 1998 a complete contrast to 1997. Russia, with the economies of central and eastern Europe, led the way in terms of demand for new borrowing via the loan market in 1997. Indeed, in 1997, 331 loans worth over $32bn were signed from the region, with Russia weighing in with $14.5bn of deals signed.

* European Bank for Reconstruction and Development Rating: Aaa/AAA

THE RUSSIAN Federation's first ever Eurolira bond is likely to surface next week, following roadshows this week. Senior finance officials from the Ba3/BB-/BB+ rated sovereign held a series of well attended investor presentations in Rome, Milan and Lugano alongside bankers from joint lead managers Credito Italiano and JP Morgan.

THE RUSSIAN Federation's first ever Eurolira bond is likely to surface next week, following roadshows this week. Senior finance officials from the Ba3/BB-/BB+ rated sovereign held a series of well attended investor presentations in Rome, Milan and Lugano alongside bankers from joint lead managers Credito Italiano and JP Morgan.

MORGAN Stanley Dean Witter, Deutsche Morgan Grenfell and Dresdner Kleinwort Benson have been mandated as joint global co-ordinators of the planned flotation of Société Européenne des Satellites, Europe's largest satellite operator. Banque Générale du Luxembourg will act as domestic lead manager for Luxembourg-based SES's float, for which preparations got underway this week after shareholders gave their support to the IPO plan.

Denmark JP Morgan (coordinator) and Den Danske (facility agent) have signed the $350m seven year multicurrency revolving credit for Tele Danmark. The loan, which was sold down on a club basis, was well supported in syndication but not increased. Banks have had to be scaled back to $29m from their original commitments of $35m.

* Bayerische Hypothekenbank Rating: Aa2/A+

THE KINGDOM of Sweden will next week launch a euro denominated domestic government bond - the first such security that will not have to be redenominated when monetary union takes place in January 1999.

* Crédit Local de France Rating: Aa1/AA+