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SBC WARBURG Dillon Read has launched a complex Ffr2.5bn recapitalisation of Société Foncière Lyonnaise, including the offer of new and secondary shares, the private placement of a convertible bond and the public sale of a convertible bond without pre-emptive rights. The refinancing is aimed at increasing the free float of the property company which will then be able to purchase additional investments from Société Générale and GAN for Ffr2.15bn and Ffr676m respectively.

* Landwirtschaftliche Rentenbank Rating: Aaa/AAA

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* 3i Group Rating: A1/AA-

* Abbey National Treasury Services Guarantor: Abbey National

RUSSIAN oil company Tatneft is set to take advantage of its popularity with international investors by obtaining a listing in New York after filing full registration statements with the US SEC. The Tatarstan-based company, which had long been expected to sell ADSs in the US market, will instead invest in a full registration in order to open its shareholder base up to the widest possible range of investors. The company this week became the first Russian corporate to launch a public international fixed rate bond with a $300m Eurobond via Dresdner Kleinwort Benson.

EUROMARKET debuts from Russian oil company Tatneft and electricity and heat utility Mosenergo proved blow-out successes this week as investor sentiment towards Russia reached all-time highs, prompting spreads on outstanding Russian issues to test new lows.

THAILAND is laying plans to return to the international capital markets in the coming two months with the world's largest ever bond issue. The financing will bolster depleted foreign exchange reserves, provide funds for financial restructuring and, if successful, help restore the country's battered reputation in the international markets.

EUROMARKET debuts from Russian oil company Tatneft and electricity and heat utility Mosenergo proved blow-out successes this week as investor sentiment towards Russia reached all-time highs, prompting spreads on outstanding Russian issues to test new lows. First to come to market was Tatneft, Russia's fourth largest oil producer, which claimed the prize of being the first Russian corporate to issue a fixed rate public Eurobond.