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CIMENTS FRANÇAIS SA is making a rare foray into the syndicated loan market for a new Ffr1.5bn amortising term loan that is being jointly arranged by Natexis Banque and Société Générale SA. The company, which is the latest French corporate to tap the syndicated loan market following a spate of mandates from the country's leading borrowers, will use the proceeds to refinance a number of existing arrangements including the outstanding element of its Ffr2bn 10 year Natexis Banque arranged loan signed in December 1995.

* Canada Rating: Aa2/AA+

* Eurofima Rating: Aaa/AAA

THE GLOBAL stock offering for Pliva, the Croatian pharmaceuticals group, has been indefinitely postponed by the Croatian government and lead manager Daiwa Europe. The decision bears out predictions in recent days that new issues from emerging market companies would be the most likely casualties of the unsettled conditions in world equity markets.

Hungary Crédit Lyonnais is in the initial stages of launching its recently mandated $50m term loan for first time borrower Hungarian Export-Import Bank.

THE REPUBLIC of Colombia plans to return to the international capital markets next year to raise as much as $1.8bn. Antonio Urdinola, the country's newly appointed finance minister, said he wanted to raise about $1.5bn to $1.8bn in the international markets -- including syndicated loans -- to help finance the public sector deficit.

* Crédit Local de France Rating: Aa1/AA+

Belgium Sumitomo Bank has completed syndication of its $200m term loan for Sidmar.

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* The Finnish new issue market is set to host a number of important IPOs if the local market can weather the volatility which has affected the world's stockmarkets. Lead manager UBS is expected to complete the sale of stock in two Finnish corporates -- Elcoteq, and forestry products group Enso. The firm released an indicated price range of between Fmk60 and Fmk75 for the Elcoteq offer which will be completed next week.

Emerging markets commentary Compiled by ANZ Investment Bank, London. Contact: Jerome Booth, tel: +44 171-378 2959

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