SOCIÉTÉ Nationale des Chemins de Fer (SNCF), the French railway operator, has signed is $2bn Euro-MTN programme. Arranger ABN AMRO Hoare Govett will be joined in the dealer group by Banque Paribas, Deutsche Morgan Grenfell, JP Morgan, Morgan Stanley, Nomura and UBS. A fundamental reform of SNCF last year meant that the company's borrowing requirements have been greatly reduced and it is now expected to be a much less frequent issuer in the capital markets.
January 23, 1998