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IN THE LATEST of a string of innovative convertible issues, Morgan Stanley Dean Witter this week completed a Ffr943.8m structured deal for Dexia Belgium which enabled the company to divest its remaining 3.5% stake in Dexia France. The bonds, which were issued via Cregem Finance, have a seven year maturity and carry a 3-1/4% coupon, after being indicated at 3-1/4% and 3-1/2% to investors. The notes are exchangeable into Dexia France ordinary shares at a premium of 19%, after being indicated at a premium of 17% to 20%.

* Hellenic Republic Rating: Baa1/BBB-

Estonia Arrangers Bankgesellschaft Berlin AG, Barclays, Dai-Ichi Kangyo Bank, Chase Manhattan plc and Deutsche Bank signed a DM100m one year club deal for Hansapank on November 24 in London.

* Hellenic Republic Rating: Baa1/BBB-

Argentina * Republic of Argentina

French retailer Groupe André is set to become the latest issuer to tap the growing European high yield debt market with a Ffr800m five year floating rate note jointly led by Crédit Lyonnais and Merrill Lynch. Roadshows for the transaction, which is being price talked in a range of 150bp to 170bp over three month Pibor, began in Paris yesterday (Thursday) before ending in London today.

The prospect of a first Indian company achieving a listing on Nasdaq has moved a step closer, with one of the subcontinent's most respected software developers, Infosys Technology, soliciting final bids from investment banks last week. Officials told Euroweek that, although a final decision has yet to be taken on whether to proceed with the plan, the company is keen to move forward and envisages a $50m to $75m ADR offering within six to eight months.

India American Express Bank has been mandated to arrange a $26.5m fundraising for Applicomp India Ltd, a manufacturer of compressor motors for refrigerators.

GOLDMAN Sachs and Mediobanca this week bowed to the uncertainty in global stockmarkets by setting a maximum issue price for the sale of shares in Banca di Roma at Lit1,450, the mid-point of the Lit1,200 to Lit1,700 indicated price range they announced last week. Demand for the deal has been building slowly until this week when several sizeable orders came into the book.

* European Investment Bank Rating: Aaa/AAA

Argentina The $600m two tranche facility being arranged by Chase Securities Inc, Credit Suisse First Boston and JP Morgan Securities Inc for Maxus Energy Corp was signed on November 25.

* Argentabank Lux SA Guarantor: Argenta Banque d'Epargne