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* ABN AMRO Rothschild has launched the sale of stock in Holland Chemical International. The lead manager is marketing investors for their interest in the shares at between Dfl 36 and Dfl 40. Salesmen in the local market report that domestic investors have not been unduly affected by the correction which Amsterdam and other markets have suffered this week but that the issue price may not be set at the top of the range. The deal is well covered with high quality interest, which has not evaporated in the face of the 4% fall on the local bourse.

France Syndication of the high profile Ffr60m revolving credit being arranged for triple-A rated Cades closes today (Friday). The final syndication outcome for the zero weighted deal should be known early next week.

* Baden Württemberg L-Finance NV Guarantor: L-Bank

LEAD manager Merrill Lynch has launched an offer of stock for the Brussels based airline Virgin Express. The company filed a registration statement with the SEC on Wednesday in preparation for the offer of 2.14m primary shares and will commence roadshows next week. Merrill expects to raise around $100m when it prices the shares on November 12-13.

* Bayerische Hypotheken- und Wechsel-Bank AG Rating: Aa2/A+ (on watchlist for upgrade)

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THE $480m global equity offering of stock in Chile's Banco Santiago fell victim to market turmoil yesterday (Thursday) when potential investors abandoned the deal indefinitely on the eve of pricing. Just hours before the deal was scheduled to be priced on Thursday evening, the central bank called joint lead managers Goldman Sachs and Merrill Lynch and suspended its sale of 22% of Banco Santiago common stock.

THE German state of Hesse launched a DM1bn transaction targeted at international investors this week in a deal which provides a pointer to the increasingly competitive capital market expected in Europe after monetary union. When the euro is in place, investors are likely to look to new credits which offer a pick-up to government bonds. Regional states, as quasi-sovereigns which sometimes have better economic fundamentals than the sovereign, are likely to be considered a prime option after 1999.

India Asian Paints (India) has mandated SBI International Merchant Banking Group to arrange a $6.4m working capital loan. The six year deal is secured by a charge over assets. The borrower is a leading manufacturer of paints and varnishes in India. It has six joint ventures in Fiji, Tonga, Solomon Islands, Vanuatu and Queensland, Australia.

* Bayerische Hypotheken- und Wechsel-Bank Rating: Aa2/A+ (on watchlist for upgrade)

ON WEDNESDAY night, immediately before one of the worst single-day market corrections on record, the French Trésor invited a team of investment bankers to bid to buy its last remaining stake in the privatised steel group Usinor Sacilor. The authorities own around 7.7% of the company, following an all but complete sell down in 1995. All that remains with the Trésor now is a residual holding which will be used to satisfy commitments to Usinor employees.