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Province of Manitoba Rating: Aa3/AA-

THE PEOPLE'S Republic of China posted a landmark transaction for Asia this week with the launch of an increased $1bn 10 year global bond.Despite scepticism over the true placement of the Credit Suisse First Boston and Goldman Sachs led deal, participants claimed that the ability to complete such a large and long dated transaction so close to year end -- and eight months after the last Asian sovereign transaction -- marked a substantial achievement.

BAYERISCHE Landesbank (Paris branch), Crédit Lyonnais and Paribas say that general syndication of the Ffr3bn five year revolving credit for Comptoir des Entrepreneurs will close next week fully subscribed. Around seven banks have joined the facility. The loan carries a margin of 7.5bp for years one to three and 8.5bp for years four and five. There is a facility fee of 7.5bp for years one to three and 8.5bp for years four and five, irrespective of whether the loan is drawn or not. However, if more than 33% of the facility is drawn, a utilisation fee of 2.5bp is also available.

DEUTSCHE Bank this week launched the largest ever issue of euro-denominated exchangeable bonds, a hugely successful Eu1.8bn offering exchangeable into Allianz ordinary shares.

DEUTSCHE Bank this week launched the largest ever issue of euro-denominated exchangeable bonds, a hugely successful Eu1.8bn offering exchangeable into Allianz ordinary shares. The deal allows Deutsche to sell some of its Allianz holding at a premium to the current share price, while deferring any capital gains tax liability. It may be the first of a number of similar divestments, if Deutsche seeks to unwind extensive industrial crossholdings, perhaps to help finance its planned acquisition of Bankers Trust.

Bayerische Hypo- und Vereinsbank Amount: DM750m lower tier two capital

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SPECULATION that the underwriting phase of the $365m senior debt package backing the MBO of magazine distributor Hebdomag has failed to attract a single bank was strongly denied by lead arranger DLJ yesterday (Thursday). The loan market has been abuzz this week over talk that Hebdomag -- DLJ's first sole-arranged European loan -- had crashed after each of the nine banks invited to join the deal refused the offer.

MERRILL Lynch has completed the highly successful offering of convertible bonds for Airtours, the world's largest holiday tour operator. The lead manager marketed the £250m deal, which was launched two weeks ago, to dedicated convertible investors. The issue is a boost for the UK convertible market, which has been relatively quiet this year, and could be a precursor to a busier 1999.