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Argentina * Republic of Argentina

* EFG Hermes is to lead manage the $130m sale of equity in Orascom Construction Industries (OCI), the Egyptian building group. The deal will involve the flotation of around 14% to 15% of OCI's equity capital and early indications of interest represent an encouraging sign of investor confidence in the region.

Euro FRNs

* Alcatel Alsthom SA Rating: A1/A+

INVESTORS across Europe flocked to buy the first euro denominated collateralised loan obligation this week, as HypoVereinsbank launched a Eu2.22bn structure that the leads claimed could set the quality standard for European securitisations.

INVESTORS across Europe flocked to buy the first euro denominated collateralised loan obligation this week, as HypoVereinsbank launched a Eu2.22bn structure that the leads claimed could set the quality standard for European securitisations. Many of the buyers were making their first plays in the asset backed market, in a search for highly rated, liquid paper that offers a yield pick up over supranationals, sovereigns and Pfandbriefe. The deal's euro denomination, three year hard bullet maturity and unique credit characteristics all helped placement.

* Bayerische Hypovereins Finance NV Guarantor: Bayerische Hypo- und Vereinsbank AG

Australia Financial close for the A$80m 12 year fundraising for the Brisbane Air Train Project through Airtrain Citylink will be next week. Macquarie Bank is the arranger and adviser.

THE BLOW-OUT convertible bond launched this week for Axa, the insurance group, further underlines the dominance of French issuers in the fast growing market for euro denominated equity-related debt. In the first six weeks of 1999 an array of France's best known groups -- including Vivendi, Promodes, Bouygues, Artemis and Moulinex -- have used the equity-related market to capitalise on the huge interest in the euro from international investors and the growing demand for convertible and exchangeable debt as an asset class. The Axa deal involves the sale of Eu1.32bn in 15 year subordinated convertible bonds.

* New South Wales Treasury Corp Guarantor: State of New South Wales

BRITISH AMERICAN Tobacco launched the largest single tranche euro corporate bond this week in a vivid illustration of the opportunities opening up for corporate borrowers in Europe's single currency market.