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THE THREAT of a potentially hectic period of French privatisation activity in the remaining months of the year has eased with the news that the partial privatisation of Air France has been put back until 1999. Yesterday the transport ministry confirmed that the sale, originally scheduled for the autumn, would not go ahead until the first quarter of next year.

* DePfa Bank Rating: Aa3/AA

HAS THE searing summer heat wave been scrambling the brains of some market traders? The rumours late last week that Deutsche Bank was about to make a knockdown bid for JP Morgan can surely only be the result of an excessive intake of magic mushrooms or other illegal substances. Just to add more spice to the magic mushroom salad, the rumour mill then suggested that Credit Suisse might also want to put its slippers under JP Morgan's bed.

Arranger ANZ Investment Bank has launched general syndication of a $25m facility for Tata Electric. Proceeds will be used for general corporate purposes.

A PROPOSED restructuring of Russia's domestic debt, the de facto devaluation of the rouble on Monday and further downgrades by the rating agencies of the country's debt combined to create the worst possible scenario for underwriters desperately trying to be bullish about the fourth quarter. Rumours on Thursday of a possible devaluation of the Venezuelan bolivar and the consequent dramatic spread widening across emerging market bonds moved to the high grade markets, and gave rise to doubts that any kind of stability would return in the near term.

Domestic issuance: * Centrobanca

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ARRANGER Warburg Dillon Read has successfully concluded the first stage in the syndication of its £180m facility supporting the acquisition by JJB Sports of Sports Division. Warburg Dillon Read fully underwrote the entire debt to allow the borrower to acquire its nearest competitor -- Sports Division.

Belgium Potential co-arranging banks will be approached next week by arrangers Dresdner Kleinwort Benson and JP Morgan for the project financing for the KPN-Orange Belgium NV mobile telecoms project.