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THE SHAPE of Korea Telecom's privatisation hung in the balance last night with the government and lead manager Morgan Stanley locked in a fierce debate over how to restructure the deal to ensure its success in the face of continuing market volatility.

Argentina * Republic of Argentina

* Deutsche Pfandbrief- und Hypothekenbank Bank AG Rating: Aa3

* The largest IPO ever to emerge from Norway is attracting record levels of interest. Goldman Sachs and Fearnley Fonds are leading the global offer of stock in local energy group, Fred Olsen. The company, which is majority owned by the founder, Fred Olsen, is raising around 30% in new capital which will represent the sale of 15m ordinary shares with a 400,000 share greenshoe.

JOINT global co-ordinators, Argentaria, Merrill Lynch and Banco Santander, this week filed registration statements with the SEC and the Spanish stock exchange authority (CNMV) in preparation for the sale of stock in the Spanish electricity utility, Endesa. The statements reveal that the government will sell 25% of Endesa's equity capital in the form of 260,005,599 ordinary shares. Of this some 67% (175,503,779 shares) will be earmarked for Spanish investors and within this 149,503,219 will be sold to retail buyers, with 15,600,336 targeted at Endesa employees.

* Financière Neopost SA Amount: Ffr500m Euro/144A

12850

THE French government this week launched the sale of stock in France Télécom, revealing an indicated price range for the shares of between Ffr170 and Ffr190 which was very much in line with last week's expected range of Ffr170 to Ffr200. The authorities will sell a stake of 21.1% in the company; at the mid-point of the price range this will value the sale at between Ffr35.9bn and Ffr40.1bn ($6bn to $6.7bn). The deal has been structured so that 7.5% of the company's equity capital or 75m shares, will be offered to local retail investors.

The $100m facility for Industrial Credit & Investment Corp of India has closed. Arrangers are Bank of Tokyo-Mitsubishi, Fuji Bank (Singapore) and Sakura Finance Asia. Senior managers include Banca Monte dei Paschi di Siena SpA (Singapore), Banco Exterior de España SA (Hong Kong), Landesbank Rheinland-Pfalz Girozentrale and Norddeutsche Landesbank. National Bank of Abu Dhabi is joining as a manager.

THE FORTHCOMING international offering for Telecom Italia gathered momentum during pre-marketing this week despite competition for investors' attention from issues for France Télécom and Portugal Telecom. Salesmen in London reported that investors are showing healthy appetite for the shares -- fuelled if anything by Italy and France's contrasting approaches to telecom privatisation.

CREDIT LYONNAIS, JP Morgan and Merrill Lynch sparked a feeding frenzy this week with a Ffr40bn ($6.7bn) deal for Cyber-Val 09/97 -- by far the largest single bond ever to hit the Euromarkets.

CREDIT LYONNAIS, JP Morgan and Merrill Lynch sparked a feeding frenzy this week with a Ffr40bn ($6.7bn) deal for Cyber-Val 09/97 -- by far the largest single bond ever to hit the Euromarkets.