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* ABN AMRO Rothschild has launched the sale of stock in Holland Chemical International. The lead manager is marketing investors for their interest in the shares at between Dfl 36 and Dfl 40. Salesmen in the local market report that domestic investors have not been unduly affected by the correction which Amsterdam and other markets have suffered this week but that the issue price may not be set at the top of the range. The deal is well covered with high quality interest, which has not evaporated in the face of the 4% fall on the local bourse.

ROBERT Fleming and CentreInvest this week successfully married the Russian auction system with a western-style bookbuilding for the offer of shares in Uralmash, one of the country's leading heavy industry groups which specialises in the manufacture of mining excavation equipment. The deal closed last night and the issue price will be released today (Friday) following the collection of bids taken by Robert Fleming after sounding out investors at an indicated minimum price of $7.25.

ON WEDNESDAY night, immediately before one of the worst single-day market corrections on record, the French Trésor invited a team of investment bankers to bid to buy its last remaining stake in the privatised steel group Usinor Sacilor. The authorities own around 7.7% of the company, following an all but complete sell down in 1995. All that remains with the Trésor now is a residual holding which will be used to satisfy commitments to Usinor employees.

SBC WARBURG Dillon Read this week launched the sale of convertible bonds in Lukoil, Russia's largest oil company. The transaction is a landmark deal, offering investors $350m in six year high yield, premium exchangeable redeemable bonds with a rich conversion premium of 64% (giving a conversion price of $177.78 per GDR or $44.44 per ordinary share) and a tight semi-annual coupon of 1%. The financing was issued through a special purpose financing vehicle, LUKInter Finance BV, and has been rated by Standard & Poors at BB-. At these terms buyers can convert the bonds, known as HYPERbonds, into shares at any time during their life.

THE HUNGARIAN government this week launched the privatisation sale of stock in its national telecoms operator, Matáv. The deal is lead managed by Credit Suisse First Boston, Merrill Lynch and Creditanstalt. Matáv will become the first central European company to be listed on the NYSE and will be the fourth European telecom operator to be offered to international investors in the last month after Portugal Telecom, France Telecom and Telecom Italia. Salesmen in London point to several benefits which Matáv offers to telecom investors, such as its high levels of potential growth and a market which has put in an incredible 120% performance in the past 12 months.

FRENCH pharmaceuticals group Rhône-Poulenc has successfully raised Ffr6.7bn through a sale of shares and warrants. The deal was around three times oversubscribed and attracted high quality demand from a variety of accounts. Société Générale, UBS and Morgan Stanley Dean Witter acted as global co-ordinators with Crédit Lyonnais acting as senior co-lead manager.

India Asian Paints (India) has mandated SBI International Merchant Banking Group to arrange a $6.4m working capital loan. The six year deal is secured by a charge over assets. The borrower is a leading manufacturer of paints and varnishes in India. It has six joint ventures in Fiji, Tonga, Solomon Islands, Vanuatu and Queensland, Australia.

LEAD manager Merrill Lynch has launched an offer of stock for the Brussels based airline Virgin Express. The company filed a registration statement with the SEC on Wednesday in preparation for the offer of 2.14m primary shares and will commence roadshows next week. Merrill expects to raise around $100m when it prices the shares on November 12-13.

THE mounting crisis in Asian markets dominated sentiment on Thursday following the sharp fall in the Hang Seng index and attacks on the Hong Kong dollar. Equity markets fell globally as a result of the Hong Kong turmoil, and government bond markets rallied dramatically as investors sought a safe haven from the stockmarket turbulence.

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CHINA FAILED to live up to its new found reputation as the safe haven in Asia this week when whipsawing markets ravaged a $500m global bond from the People's Republic and soured the trading debut of China Telecom, the country's largest equity offering.Despite signs on Friday that regional markets were attempting to stage a rally from the week's lows, casualties were already beginning to emerge.