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FRENCH WELFARE agency Cades this week signed a Eu10bn Euro-MTN facility in the first of a series of steps aimed at expanding its funding options in the international capital markets. The facility will be followed up by an SEC shelf registration, enabling the agency to tap the US bond market, and at a later stage by a Japanese shelf registration. The US shelf registration is expected to be completed in the next few days.

* Council of Europe Social Development Fund Rating: Aa1/AAA Amount: Ck500m

* Société Générale Rating: A1/A+

* Allianz Finance BV Guarantor: Allianz AG Holding

THE EUROPEAN high yield market took another step forward this week with the launch of the first junk bond to be denominated in the future European currency. The Eu235m for Cellular Communications International was launched on a discount basis, raising proceeds of Eu146.7m. These have been used by the company to refinance an existing dollar liability.

Croatia Lead managers Bayerische Landesbank Girozentrale and Bayerische Vereinsbank have signed the DM25m term loan for Croatia banka dd. Syndication was well supported, with an impressive oversubscription resulting in an increase of to DM30m. Bayerische Vereinsbank acted as co-ordinator and facility agent. Joining the two arrangers as managers with fees of 35bp flat were Banca Commerciale Italiana, Berliner Bank AG, Erste Bank der Oesterreichischen Sparkassen, Istituto Bancario San Paolo di Torino, Landesbank Schleswig-Holstein International, Vereins-und Westbank and GZB Bank-Genossenschaftliche Zentralbank. Lead managers' fees were 50bp flat. The loan has a margin of 110bp over Libor.

* Cellular Communications International Inc Rating: B2

* DePfa Finance NV Guarantor: Deutsche Pfandbrief- und Hypothekenbank AG

Argentina * Argentina Synthetic Sovereign Investments

France Bankers Trust and Citibank are planning to fund banks into the Ffr2.4bn debt facilities backing the LBO of Danone's non-yoghurt business on March 27. Some 27 banks have come into the deal and an oversubscription has been achieved in syndication.

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* Crédit Commercial de France Rating: Aa3/A1