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* Caisse Centrale du Crédit Immobilier de France Rating: A1/AA-/AA-

COMPUTACENTER became the latest UK company to attract the interest of international and local equity investors this week when it completed the sale of its primary and secondary shares in a global offering led by Goldman Sachs. The 44.3m shares were priced at 670p, the top end of the indicated price range. This reflected the demand from investors, which pushed subscription levels to around 13 times the number of shares on offer.

* VNU -- Verenigde Nederlandse Uitgeversbedrijven BV Amount: Dfl 600m

South Africa Arrangers American Express Bank, Bayerische Vereinsbank, Deutsche Bank, Fuji Bank and Kredietbank have closed general syndication of the $150m three year term loan for Investec Overseas Finance BVI. There was excellent appetite in syndication, resulting in an oversubscription, and the borrower is considering an increase.

China BA Asia has closed a $100m 364 day direct pay L/C facility for Chinatex Capitals Inc. The borrower is the financing vehicle for guarantor China National Textiles Import Export Corp which is controlled by the Ministry of Foreign Trade & Economic Cooperation (Moftec).

Australia Deutsche Morgan Grenfell completed the $500m Euro-MTN programme for Bendigo Bank last week. The multi-currency programme was signed on May 15. Roadshows have been held over the past two weeks in Hong Kong, Singapore, Dublin and London, producing wide spread investor interest. Bendigo is still to decide between an inaugural public issue or a private placement.

Competition for LBO mandates has reached cut-throat levels, with many banks prepared to take big risks to secure a leading place on arranger league tables and boost their market share. So far the US firms appear to be winning, thanks largely to their ability to offer a one-stop shopping service (encompassing loans, bonds, mezzanine and equity) which is attractive to borrowers. The big European banks are fighting back, determined to avoid ceding one of the fastest growing areas of the European financing market to the Wall Street firms. There is no end to the battle in sight. And even a couple of deal disasters may not be enough to ease the bidding war.

Market commentary Compiled by Gerard Perrignon, RBC DS Global Markets, London. Tel: +44 171-865 1759

A EUROPEAN Commission draft directive to impose a minimum 20% withholding tax on cross border interest payments, was this week blasted by bankers as outrageous, disruptive and having serious repercussions for the Eurobond market. Under the planned directive, EU member states would have to either levy the tax themselves or provide information to other member states on interest income from savings, including Eurobonds, of EU citizens.

THE REPUBLIC of Kazakhstan has appointed JP Morgan to lead manage the country's debut euro denominated bond offering, likely to be just one of a growing number of Euromarket transactions from the well regarded Central Asian state in the coming months. This is the first time that JP Morgan has been awarded the sole bookrunner's role on a euro issue.

GOLDMAN SACHS is gearing up for the June launch of one of the most important sales to emerge from the Turkish market -- the international offering of stock in conglomerate Koç. The largely primary offering, set to be concluded in July, will consist of ordinary shares and GDRs and looks set to encompass a capital raising of between $200m and $300m. Goldman has held the books on the Koç sale since last year and the transaction has been eagerly awaited by investors for some time. The group is one of the largest of the country's conglomerates and has activities in an array of activities.