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Austria Creditanstalt, HSBC and Union Bank of Switzerland have won the coveted mandate to arrange a Asch7.5bn project finance facility for Connect Austria, the consortium developing Austria's DCS 1800 network. Connect is owned by TeleNor, Tele Danmark, Viag and Orange. The deal is in due diligence and the arrangers expect to launch financing later in the second quarter. France

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FRANCE'S bid to become the issuer of reference in Europe's single currency market received a substantial boost this week with the successful completion of its offer to consolidate over half its Ecu denominated debt into four highly liquid lines. More than 60% of the eight illiquid OAT and BTAN lines were exchanged for one of the four alternatives, a proportion that exceeded the French treasury's, and most bankers' expectations. Over Ecu10bn ($10.97bn) of the old lines was exchanged for Eu11.5bn of the liquid lines. Unlike more recent Ecu issues, the lines exchanged do not have parallel French franc bonds to merge into after Emu.

THE KINGDOM of Sweden will next week launch a euro denominated domestic government bond - the first such security that will not have to be redenominated when monetary union takes place in January 1999. "This is the final piece of the puzzle for the first phase," said a new issue head at one of the joint bookrunners. "There is nothing beyond this for product evolution before the euro."

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THE RUSSIAN Federation's first ever Eurolira bond is likely to surface next week, following roadshows this week. Senior finance officials from the Ba3/BB-/BB+ rated sovereign held a series of well attended investor presentations in Rome, Milan and Lugano alongside bankers from joint lead managers Credito Italiano and JP Morgan.

THE KINGDOM of Sweden will next week launch a euro denominated domestic government bond - the first such security that will not have to be redenominated when monetary union takes place in January 1999.

* GECC Rating: Aaa/AAA

Asset backed securities: * Collateralised Mortgage Obligations Denmark A/S