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THE PORTUGUESE privatisation programme moved up a gear this week when the government launched the sale of all but 10% of its stake in Cimpor, the cement producer floated last year by lead managers Morgan Stanley Dean Witter and BPI. The IPO was one of the most successful offerings from Portugal in 1997 and the two firms have been mandated for the new deal, which will be targeted at local and foreign investors. There will be a small tranche for domestic retail, who will be offered stock at a slight discount to institutions.

Outside events seemed to be diverting the attention of many market professionals towards the end of the week. The long weekend will tee off for many today (Friday) with holidays in most of Europe. It will give some the opportunity to ponder the outcome of the EU meeting at which members of the single currency will be confirmed and euro conversion rates will be set.

France's blue chips are rewriting the unwritten laws of how the country functions through a series of transactions to unwind long-standing relationships and dispose of peripheral assets.

The sudden outbreak of weakness in Germany's DAX stockmarket index this week is unlikely to disrupt the flow of primary market deals, with a number of flotations of small to mid-cap companies due in the coming weeks. In addition, the slew of capital increases from major German corporates is continuing, with Mannesmann and Daimler-Benz scheduled to begin their long-awaited rights offerings shortly.

BLESSED WITH AN ABUNDANCE OF HYDRO-carbon and mineral resources which have earned it the epithet of 'The Second Kuwait', Kazakhstan has emerged as the leading economic force in central Asia.

The Greek government is taking advantage of buoyant domestic stockmarket conditions to hurry along its privatisation programme, divesting minority stakes in a number of industrial and financial groups. This week the government sold a 3.3% stake in national telecom carrier OTE to raise $400m in the largest bought deal yet seen in the Greek market. The stake was sold to Credit Suisse Boston and Salomon Smith Barney, with the process being co-ordinated by domestic lead manager National Bank of Greece.

India Crédit Agricole Indosuez and Fuji Bank (Singapore) have joined co-ordinating arranger Bank of America NT & SA (Singapore) as lead arrangers to launch the DM53,983,683 US$ equivalent loan for National Thermal Power Corp Ltd.

Ineos plc, a European chemicals company, gave a fillip to the developing European high yield debt market this week with a DM190m transaction that was warmly received on both sides of the Atlantic. Bookrunner BT Alex Brown, with co-manager Barclays Capital, successfully placed the paper with a combination of US and European dedicated high yield accounts.

In the same week as Israelis celebrated the 50th anniversary of the founding of the modern State of Israel, the Israeli shekel became the latest Eurocurrency. The International Finance Corporation (IFC) claimed the honour of being the first issuer to tap the new Eurobond currency sector, which has been created following the liberation of Israel's foreign exchange controls.

In the same week as Israelis celebrated the 50th anniversary of the founding of the modern State of Israel, the Israeli shekel became the latest Eurocurrency. The International Finance Corporation (IFC) claimed the honour of being the first issuer to tap the new Eurobond currency sector, which has been created following the liberation of Israel's foreign exchange controls.

* International Finance Corp Rating: Aaa/AAA