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France Bankers Trust and Citibank are planning to fund banks into the Ffr2.4bn debt facilities backing the LBO of Danone's non-yoghurt business on March 27. Some 27 banks have come into the deal and an oversubscription has been achieved in syndication.

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* Crédit Commercial de France Rating: Aa3/A1

BRAZILIAN bond issuance stepped up a gear this week as media group Globopar launched the first corporate benchmark bond of the year and BNDES, the national development bank, made an inaugural visit to the Ecu/euro market. Globopar's offering -- a $300m 10 year deal, with call options starting after five years -- had originally been planned for launch on October 24, the very day when the Hong Kong market crashed and Asia's turmoil spilled over into emerging markets around the world.

SBC WARBURG Dillon Read, UBS and ING Baring this week launched the global stock offering for Hagemeyer, the largest sale of corporate shares to be hosted by the Dutch market. The deal could raise as much as Dfl 3.9bn ($1.9bn) and will comprise the sale of stock to institutional and retail investors in the Dutch market as well as an institutional placement in the international markets and into the US via Rule 144A.

What is going on at SBC Warburg Dillon Read, one of the least happy hunting grounds in the Euromarkets at the present time? Is it true that the bank has been using the legendary Andy Siciliano for target practice and may even have asked whether he would like to be a human cannonball? As one of the guiding lights from O'Connor, which now runs most of the SBC show, we had always assumed that Siciliano was one of the very few people within the bank who didn't have to wear body armour. Was Siciliano blamed for making a total cock-up of the SBC Warburg-UBS integration in London? We have rarely seen a situation handled so ham-fistedly or incompetently. Recriminations have been rife on both sides and even the SBCW employees have been firing poisoned arrows at their own negotiators who are supposed to be in the driving seat.

A NEW borrower added to the growing diversity of high quality corporate names in the international bond markets this week when Diageo launched its maiden Euromarket transaction. Credit Suisse First Boston and JP Morgan lead managed the $500m five year deal, which follows recent benchmark offerings for corporates such as Sony Corp and Procter & Gamble.

THE ISRAELI government is planning to revitalise its privatisation programme with a further sale of shares in Bezeq, its national telecoms operator. The country's progress at privatisation has, at best, been sporadic. But it hopes this deal will bring in a meaningful amount of foreign investment to the Tel Aviv stockmarket.

* Merrill Lynch & Co Inc Rating: Aa3/AA-

Deutsche MG shakes up global markets division DEUTSCHE Morgan Grenfell has made a number of senior appointments in its global markets division in London.

A STRING of small and mid-cap French companies are preparing flotations, offering international investors the chance to gain exposure to a range of high growth industries such as bio-technology. Many of them will be listing their shares on the Nouveau Marché in Paris. Some are also seeking a dual listing on Nasdaq to access the US investor base for high growth sectors.

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