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THE DIFFICULTIES which bankers face in pricing Latin new issues look set to be highlighted again next week when the Republic of Argentina returns to the market with a Eu1bn 10 year offering. The deal should be the largest and most agressive emerging market deal in the euro-denominated market to date.

* ING Bank Guarantor: ING

Czech Republic Banks have until April 9 to submit bids for the mandate to arrange a Ckr4bn facility for the City of Prague. The loan, which has a Deutschmark value of about DM200m, is the city's first syndicated facility in the Euroloan markets although it tried to raise a $250m loan in 1996 as part of a $750m financing programme.

* Baden-Württemberg L-Finance NV Guarantor: L-Bank

Argentina * Republic of Argentina

FANNIE Mae tested the depth of demand for superliquid dollar bond issuance when it launched the first repeat maturity issue for its benchmark note programme. The $4bn five year deal, lead managed by Bear Stearns, JP Morgan and Merrill Lynch, did not match the runaway success of its inaugural $4bn five year deal at the beginning of the year.

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FRANCE this week underlined its aspiration to becoming the issuer of reference in Europe's single currency market when it launched an $18.5bn equivalent exchange offer representing more than half its outstanding Ecu denominated debt.

FRANCE this week underlined its aspiration to becoming the issuer of reference in Europe's single currency market when it launched an $18.5bn equivalent exchange offer representing more than half its outstanding Ecu denominated debt. The Trésor has offered to exchange a series of older OAT and BTAN lines which would not be fungible with existing French franc denominated government bonds in an attempt to ensure that its benchmark curve, once redenominated into euro from January 1999, is as liquid and transparent as possible.

* BGB Finance (Ireland) plc Guarantor: Bankgesellschaft Berlin, Berliner Bank, LB Berlin

SYNDICATION of the £400m debt facilities supporting Cinven's purchase of IPC Magazines Group plc from Reed Elsevier is to close imminently. Around 20 banks have come into the deal including co-lead arrangers Barclays and Fuji and co-arrangers Banque Paribas and Salomon Smith Barney. Bankers suggest the deal will close not fully subscribed but £20m or £30m short of Goldman's original target.

GOLDMAN Sachs this week extended its good run in the Dutch equity market, completing the offering of stock in retailer Koninklijke Ahold following last week's successful Dfl 443m sale of Nutreco shares in tandem with Rabo Securities. The US firm sold Ahold shares at Dfl 67, just below the Dfl 67.30 closing price, and placed around 40% of the international tranche into the US. Foreign demand was also strong from Germany and only in the UK, where investors are fairly fully-weighted, was demand thin.