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BOOKRUNNER SG is nearing the conclusion of the French government's sale of stock in Aerospatiale Matra, the country's national defence group. The deal involves a 17% divestment by the Trésor and has inspired extremely strong demand from both the French market and from international institutional buyers. The government is selling 65.2m shares at an indicated price range of between Eu17 and Eu19.50. Of these, 30.9m are targeted for local retail investors and 34.3m for institutional buyers, while 7.24m will go to employees.

THE PORTUGUESE government has launched the sale of shares in Brisa, the national toll motorway operator.

THE WAVE of confidence sweeping through continental European markets has spread to Switzerland, with this usually quiet market set to produce a raft of medium sized IPOs. Lead manager Goldman Sachs will next week launch the pre-marketing period for the flotation of shares in Charles Voegele Holding. The company is the largest independent clothing retailer in Switzerland and is seeking a dual listing for its shares in Zurich and Frankfurt.

PORTUGAL TELECOM and Swiss Re this week reignited a convertible market from which participants expect a busy few months before the summer lull sets in. The Portugal deal in particular had been eagerly anticipated by dedicated convertible and fixed income investors which, despite this week's uptick in bond yields, show little sign of losing interest in the market for equity-linked debt securities.

Hong Kong A number of banks are looking at providing a fundraising for Inchroy Credit Corp.

IN ONE OF the fastest, one of the largest, and certainly the smoothest of stock offers this year, bookrunner HSBC and joint lead managers Merrill Lynch, Cazenove and JP Morgan this week completed the $3bn sale of shares in HSBC Holdings. The deal was executed in under 12 hours.

EARLY stage telecom credits appeared to have lost none of their appeal for high yield investors this week, with the successful pricing and placement of a dual tranche transaction for Sweden-based competitive local exchange operator, Tele1 Europe. Lead managed by Lehman Brothers, the size of the deal grew during the two week roadshow and was finally launched at the larger end of expectations as a dual currency issue comprising $150m and Eu100m tranches.

MANILA Electric (Meralco) formally asked for proposals to underwrite the company's debut bond issue this week. Having previously relied almost exclusively on concessional funding to meet its financing needs, the Lopez-owned group has only ever turned to the loan markets on three occasions over the past 20 years. Specialists said that the group is hoping to award a mandate, secure a rating and launch before the summer break in August, with a deadline for initial submissions set for next Wednesday.

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