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CADES, the state agency established to fund France's welfare debt, is setting up a series of debt issuance facilities in a bid to bring greater flexibility and efficiency to its borrowing programme. The agency is to establish a $2bn shelf registration with the SEC and is preparing an Ecu10bn Euro-MTN programme, which will be signed early next year. A Ffr10bn domestic BMTN facility has also been launched.

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Jamaica Citibank has been mandated by the Government of Jamaica to arrange a $100m one year bridge facility which will come to the market at the end of December or in early January.

CREDIT Suisse First Boston and Deutsche Morgan Grenfell have been appointed as international lead managers for the offering of shares in Australian Mutual Provident (AMP), the country's largest insurer and asset manager. The demutualisation of AMP is likely to raise around A$10bn -- making it the largest and most important Australian equity offering of 1998, and second in size only to this year's highly successful privatisation of national telecom operator Telstra.

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* BBL International Finance SA Guarantor: Banque Bruxelles Lambert SA

* Bank Nederlandse Gemeenten NV Rating: Aaa/AAA

* Air Canada Rating: Baa3/BB-

FOLLOWING THE listing last week of the first bond issue on the Botswana Stock Exchange, news emerged this week of the first bond issue which will be traded on the Uganda Securities Exchange (USE). The East African Development Bank, majority owned by the governments of Uganda, Kenya and Tanzania and headquartered in the Ugandan capital Kampala, has become the first entity to issue medium term Ugandan shilling risk with the launch of a Ush10bn ($10m) four year issue via arrangers Cedef Assets of the UK and Uganda's Nile Bank

Bulgaria The International Finance Corporation has completed a $23.3m loan facility for Luxury Hotels for the construction of a Hilton hotel in Sofia.

* DSL Finance NV Guarantor: Deutsche Siedlungs- und Landesrentenbank

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