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FOLLOWING the hugely successful sale of stock in France Télécom, the Trésor is preparing the next phase of its privatisation programme. Next year the government plans to sell shares in Air France, Crédit Lyonnais and Crédit Foncier, the French mortgage bank. The markets had expected the sales of FT2 and either one of Crédit Lyonnais or Air France in 1998 but the government's divestment in the national carrier and the troubled bank had to be shelved due to difficult market conditions and problems with the labour unions at Air France.

THE B1/B rated Republic of Turkey this week completed its final fundraising of 1998, a DM200m tap of its DM800m 9.5% November 30, 2001 Euro-Deutschmark offering. Conducted as a block trade by sole lead Deutsche Bank, the increase was launched at an issue price of 101.80 -- flat to the offer side of the outstanding DM800m transaction.

ACTIVITY in the UK primary equity market is likely to gather pace next year as a wide variety of corporate groups prepare to list shares. The London Stock Exchange has suffered with many other European bourses from a comparative dearth of new issue volumes in the last quarter as the volatility in global stockmarkets eroded issuer and investor confidence, but postponed deals could be quickly revived in 1999.

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Deutsche Bank London is arranging the debt financing that will back PPM Ventures' purchase of a controlling stake in Orefi, the privately owned French Industrial parts distributor. The debt totals Ffr480m. Deutsche plans to syndicate it in the new year.

* European Investment Bank Rating: Aaa/AAA

* Merrill Lynch & Co Rating: Aa3/AA-

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Belgium The co-arranging phase of the Bfr24bn non-recourse facility that is financing the development of KPN-Orange, Belgium's third cellular network, is heading for a successful close. Co-arrangers were invited to take Bfr2bn for a pre-commitment fee of 15bp.

Asset backed securities: * One-For-All Asset Funding Co Ltd

LATIN new issuance slowed to a trickle this week, with the biggest deal a $100m Euro/144A bond issue by Argentine morgtgage bank Banco Hipotecario. Anxious to get another bond issue away this year before its privatisation in the year ahead, BH offered a juicy 12% coupon on its two year deal due December 2001.

Argentina Citibank, BankBoston and Deutsche Bank will fund a $200m 18 month facility for Transportadora de Gas del Sur SA (TGS) on December 23.