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* Deutsche Bank Ireland Guarantor: Deutsche Bank AG

MEXICAN tortilla maker Grupo Gruma this week sold a blow-out $250m 10 year offering at a level inside the UMS and Pemex. The deal, led by Lehman Brothers and Bear Stearns, was launched yesterday (Thursday) at $100m larger than initially planned and, at 165bp over Treasuries, the tightest end of its spread talk.

ICI, Imperial Chemical Industries plc -- which has already taken the syndicated loan market by complete surprise twice this year for jumbo financings -- is back for its third major syndication of the year. The well regarded company, which caught the market's imagination with its well priced $8.5bn acquisition facility over the summer, has mandated traditional leads Midland Bank and NatWest Markets to arrange a new $1.5bn standby revolving credit that will back its commercial paper issuance activities.

ICI, Imperial Chemical Industries plc -- which has already taken the syndicated loan market by complete surprise twice this year for jumbo financings -- is back for its third major syndication of the year. The well regarded company, which caught the market's imagination with its well priced $8.5bn acquisition facility over the summer, has mandated traditional leads Midland Bank and NatWest Markets to arrange a new $1.5bn standby revolving credit that will back its commercial paper issuance activities.

* Bayerische Vereinsbank Rating: Aa1

THE ITALIAN Treasury this week unveiled the successful core shareholders which will take a stake in its national telecoms operator, Telecom Italia. The government has already launched the initial pre-marketing phase for the privatisation of TI and will announce the indicative offer size on Saturday with bookbuilding and roadshows due to commence on Monday. The core shareholders or nucleo stabile will include Assicurazioni Generali (which will take up 0.3%), Ina (0.25%), Banca Monte dei Paschi di Siena (0.5%), Fondazione Cariplo (0.5%) and Credit Suisse Group (0.67%). These investors will be subject to a 12 month lock up.

India Industrial Finance Corporation of India's $100m seven year fundraising has closed. Arrangers Fuji Bank (Singapore), Mitsubishi Trust & Banking Corp, Sakura Finance Asia, State Bank of India (Tokyo), and Tokyo-Mitsubishi International (HK) pledged $13m apiece.

DRESDNER Kleinwort Benson and SBC Warburg Dillon Read this week launched the final stage of the $3bn privatisation sale of shares in German airline Lufthansa, kicking off a two week period of roadshows to institutional investors. The early order period to encourage participation by local retail investors ends this week. Initial reports of the response are encouraging -- although the level of retail interest has not matched that in the Spanish government's Endesa sale, where retail orders are already apparently sufficient to cover the entire deal.

* Cerabank (Luxembourg) SA Amount: Lfr2bn

Egypt The National Bank of Egypt is on the verge of making its debut in the syndicated loan market for a $150m facility that will reset the country's pricing benchmark as well as push maturities out to five years.

* ABN AMRO Hoare Govett is to arrange the $1bn Euro-MTN programme for Norway's state owned electricity producer Statkraft. The facility is expected to sign in November but as the issuer has already completed most of its funding for the year issuance under the programme is not expected to start until early 1998.