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BANQUE NATIONALE de Paris has made several key appointments to its global fixed income division, including the hiring of four members of the debt team at CDC Marchés, to reinforce its international bond business. The moves, which bankers suggest will lead a series of team transfers between French houses, represent the first time a group from one French bank has been poached by another.

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CDR FINANCE, the French state owned entity formed to purchase Crédit Lyonnais assets, is quietly establishing a Ffr3bn standby facility through sole arranger Société Générale SA. The five year facility, which is being guaranteed by EPFR, has a five year tenor and pays a spread of 6.75bp over Libor or Pibor. There is a commitment fee of 3.25bp.

Brazil The $126m syndicated import finance facility being arranged for Ceval Alimentos SA by Citicorp Securities Inc was signed last Friday.

GLOBAL co-ordinator JP Morgan this week rode the turbulent equity market conditions to complete the DM1.7bn international capital increase on behalf of Bayerische Vereinsbank. The funding coincides with a DM1.3bn domestic rights issue which was completely taken up by existing investors, marking the largest deal of its kind to emerge from the German market without pre-emptive rights.

CIMENTS FRANÇAIS SA is making a rare foray into the syndicated loan market for a new Ffr1.5bn amortising term loan that is being jointly arranged by Natexis Banque and Société Générale SA. The company, which is the latest French corporate to tap the syndicated loan market following a spate of mandates from the country's leading borrowers, will use the proceeds to refinance a number of existing arrangements including the outstanding element of its Ffr2bn 10 year Natexis Banque arranged loan signed in December 1995.

* Canada Rating: Aa2/AA+

* Eurofima Rating: Aaa/AAA

THE GLOBAL stock offering for Pliva, the Croatian pharmaceuticals group, has been indefinitely postponed by the Croatian government and lead manager Daiwa Europe. The decision bears out predictions in recent days that new issues from emerging market companies would be the most likely casualties of the unsettled conditions in world equity markets.

Hungary Crédit Lyonnais is in the initial stages of launching its recently mandated $50m term loan for first time borrower Hungarian Export-Import Bank.