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* Bayerische Vereinsbank Rating: Aa1

THE ITALIAN Treasury this week unveiled the successful core shareholders which will take a stake in its national telecoms operator, Telecom Italia. The government has already launched the initial pre-marketing phase for the privatisation of TI and will announce the indicative offer size on Saturday with bookbuilding and roadshows due to commence on Monday. The core shareholders or nucleo stabile will include Assicurazioni Generali (which will take up 0.3%), Ina (0.25%), Banca Monte dei Paschi di Siena (0.5%), Fondazione Cariplo (0.5%) and Credit Suisse Group (0.67%). These investors will be subject to a 12 month lock up.

India Industrial Finance Corporation of India's $100m seven year fundraising has closed. Arrangers Fuji Bank (Singapore), Mitsubishi Trust & Banking Corp, Sakura Finance Asia, State Bank of India (Tokyo), and Tokyo-Mitsubishi International (HK) pledged $13m apiece.

DRESDNER Kleinwort Benson and SBC Warburg Dillon Read this week launched the final stage of the $3bn privatisation sale of shares in German airline Lufthansa, kicking off a two week period of roadshows to institutional investors. The early order period to encourage participation by local retail investors ends this week. Initial reports of the response are encouraging -- although the level of retail interest has not matched that in the Spanish government's Endesa sale, where retail orders are already apparently sufficient to cover the entire deal.

* Cerabank (Luxembourg) SA Amount: Lfr2bn

Egypt The National Bank of Egypt is on the verge of making its debut in the syndicated loan market for a $150m facility that will reset the country's pricing benchmark as well as push maturities out to five years.

* ABN AMRO Hoare Govett is to arrange the $1bn Euro-MTN programme for Norway's state owned electricity producer Statkraft. The facility is expected to sign in November but as the issuer has already completed most of its funding for the year issuance under the programme is not expected to start until early 1998.

BEAR STEARNS brought a new triple-A credit to the Euro-French franc market on Tuesday with a Ffr1.5bn six year deal for Asset-Backed Capital Ltd, a Cayman Islands registered investment company which became operational in May 1996 and now has over $5bn of assets on its balance sheet. The company is a bond arbitrage vehicle, which funds itself by issuing debt and buys in-

HUNGARIAN national telecoms operator Matav will file a registration statement with the US SEC next week ahead of its global share offering via Credit Suisse First Boston and Merrill Lynch. The news follows months of speculation that the company plans to obtain a New York listing for its shares as part of its forthcoming international debut.

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NATWEST Markets is launching the jumbo standby revolving credit supporting its proposed $5bn plus ROSE II corporate loan securitisation programme. News of the bank's second loan securitisation, which follows last year's $5bn ROSE I securitisation has been anticipated by the market for some weeks.