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Market round-up Compiled by Gerard Perrignon, Hambros Bank Ltd, London. Tel: +44 171-865 1759

L-BANK, Südwestdeutsche Landesbank and Landesgirokasse announced this week that the three Baden-Württemberg based banks intend to merge from January 1 1999 to form a single public law institution -- Landesbank Baden-Württemberg -- which is intended to enhance their presence in the international financial markets. A merger of the institutions has been on the agenda for many years, but impending monetary union has persuaded what will be the owners of the new bank -- the state of Baden-Württemberg, the Savings and Giro Associations of Baden and Württemberg and the city of Stuttgart, the state capital -- to grant approval, in the hope of strengthening the region as a financial centre and improving the competitiveness of the three banks.

DRESDNER KLEINWORT Benson, Morgan Stanley Dean Witter and SBC Warburg Dillon Read are emerging as frontrunners for the mandate to float Neste IVO, the Finnish holding company, which will be awarded by the government next week. The company is being created by the merger of oil company Neste and power utility Imatran Voima (IVO), for which Dresdner advised Neste and SBC Warburg advised the government.

FRENCH WELFARE debt repayment fund Cades this week made a triumphant start to its 1998 funding programme with the Ffr8bn first tranche of a euro-fungible transaction that should eventually total around Eu3bn by January 1999.

FRENCH WELFARE debt repayment fund Cades this week made a triumphant start to its 1998 funding programme with the Ffr8bn first tranche of a euro-fungible transaction that should eventually total around Eu3bn by January 1999.

IN A decision reflecting the increasing move of the European fixed income market away from currencies towards credit and yield curve plays, Credit Suisse First Boston has restructured its government bond market making activities. The firm's core European government trading operation will now be structured by maturity, rather than by individual currency. The move will initially apply to five currencies -- Deutschmarks, French francs, Belgian francs, Dutch guilders and Austrian schillings -- as well as all strips (zero coupon bonds).

* Commerzbank AG Rating: Aa2/AA-

* Bayerische Vereinsbank Rating: Aa1/AA+

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* The Kingdom of Morocco is the latest addition to the growing pipeline of Arab sovereigns looking to tap the Euromarkets for the first time in 1998. The Moroccan authorities are said to be planning a debut issue of up to $400m in size with an expected three to five year tenor.

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