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FRANCE this week underlined its aspiration to becoming the issuer of reference in Europe's single currency market when it launched an $18.5bn equivalent exchange offer representing more than half its outstanding Ecu denominated debt.

FRANCE this week underlined its aspiration to becoming the issuer of reference in Europe's single currency market when it launched an $18.5bn equivalent exchange offer representing more than half its outstanding Ecu denominated debt. The Trésor has offered to exchange a series of older OAT and BTAN lines which would not be fungible with existing French franc denominated government bonds in an attempt to ensure that its benchmark curve, once redenominated into euro from January 1999, is as liquid and transparent as possible.

* BGB Finance (Ireland) plc Guarantor: Bankgesellschaft Berlin, Berliner Bank, LB Berlin

SYNDICATION of the £400m debt facilities supporting Cinven's purchase of IPC Magazines Group plc from Reed Elsevier is to close imminently. Around 20 banks have come into the deal including co-lead arrangers Barclays and Fuji and co-arrangers Banque Paribas and Salomon Smith Barney. Bankers suggest the deal will close not fully subscribed but £20m or £30m short of Goldman's original target.

GOLDMAN Sachs this week extended its good run in the Dutch equity market, completing the offering of stock in retailer Koninklijke Ahold following last week's successful Dfl 443m sale of Nutreco shares in tandem with Rabo Securities. The US firm sold Ahold shares at Dfl 67, just below the Dfl 67.30 closing price, and placed around 40% of the international tranche into the US. Foreign demand was also strong from Germany and only in the UK, where investors are fairly fully-weighted, was demand thin.

GOLDMAN Sachs is poised to float two German growth stocks in deals that promise to strengthen further Frankfurt's growing reputation as a market for high-tech and small cap stocks. The first transaction is set to be the sale of stock in Jenoptic, which has been anticipated for some time but was postponed last year when the deluge of issues from German blue-chips caused sentiment to turn temporarily against new issues.

SCHRODERS continued its run of successes in central Europe this week, successfully completing the sale of stock in Hungarian electricity group Demasz. The UK firm sold 1,233,800 shares in the company at a price of Huf17,500 or $16.42 for the GDRs, representing the top of the indicated price range of Huf15,500 to Huf17,500.

India Eight banks have joined the $70m tranche of the $123.5m project financing for Tata Communications Co Ltd arranged by BA Asia and Toronto Dominion (South East Asia). The eight year facility is split between a $70m portion and a $53.5m rupee equivalent tranche.

FOLLOWING the launch last week of the first issue of automatically convertible equity securities (ACES), Goldman Sachs this week successfully priced and sold a second such issue for AXA Colonia Konzern Finance. There could be many more such issues to come, according to Goldman officials.

Argentina ABN Amro Bank, Deutsche Bank and Dresdner Bank Luxembourg are receiving a good response to their $400m loan-style FRN for Perez Companc SA. Pricing on the facility is 90bp over Libor for the first six months, 100bp for months seven to 12, 110bp for months 13 to 18 and 125bp for the last six months. Co-arrangers have been asked to commit $30m apiece and general syndication is due to be launched in the middle of April.

* General Electric Capital Corp Rating: Aaa/AAA