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SBC WARBURG Dillon Read has launched a complex Ffr2.5bn recapitalisation of Société Foncière Lyonnaise, including the offer of new and secondary shares, the private placement of a convertible bond and the public sale of a convertible bond without pre-emptive rights. The refinancing is aimed at increasing the free float of the property company which will then be able to purchase additional investments from Société Générale and GAN for Ffr2.15bn and Ffr676m respectively.

RUSSIAN oil company Tatneft is set to take advantage of its popularity with international investors by obtaining a listing in New York after filing full registration statements with the US SEC. The Tatarstan-based company, which had long been expected to sell ADSs in the US market, will instead invest in a full registration in order to open its shareholder base up to the widest possible range of investors. The company this week became the first Russian corporate to launch a public international fixed rate bond with a $300m Eurobond via Dresdner Kleinwort Benson.

* Lead manager Smith Barney has launched a sale of stock for insurance group SAFECO Corp. The deal, valued at $518m, is expected to be priced early next week and is attracting strong interest from US and international investors. Credit Suisse First Boston, Goldman Sachs, Merrill Lynch and Fox-Pitt Kelton are co-lead managers. The stock is listed on Nasdaq and the shares were trading at $51 when the deal was announced. A total of 12m shares are being offered with 10m being targeted at US investors.

THAILAND is laying plans to return to the international capital markets in the coming two months with the world's largest ever bond issue. The financing will bolster depleted foreign exchange reserves, provide funds for financial restructuring and, if successful, help restore the country's battered reputation in the international markets.

THAILAND is laying plans to return to the international capital markets in the coming two months with the world's largest ever bond issue. The financing will bolster depleted foreign exchange reserves, provide funds for financial restructuring and, if successful, help restore the country's battered reputation in the international markets.

A SLIGHT tightening in swap spreads lightened the gloom marginally on Thursday but failed to alleviate the general despondency in the Eurodollar market. Comments of "melt-down" and "bloodbath" were on the lips of many market participants, with one leading syndicate head describing the dollar market as being in the worst state he had ever seen.

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THE HELLENIC Republic is poised to launch its first dollar global bond since November 1994 to take advantage of the country's improving economic fundamentals and credit outlook. The Greek treasury is seeking $1bn, preferably over 10 years, but is also examining the possibility of issuing a 20 or 30 year tranche as well if a market exists for such a long dated transaction. The focus of sales for the long dated tranche would be in the US.

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MEXICAN tortilla maker Grupo Gruma this week sold a blow-out $250m 10 year offering at a level inside the UMS and Pemex. The deal, led by Lehman Brothers and Bear Stearns, was launched yesterday (Thursday) at $100m larger than initially planned and, at 165bp over Treasuries, the tightest end of its spread talk.

* ABN AMRO Hoare Govett is to arrange the $1bn Euro-MTN programme for Norway's state owned electricity producer Statkraft. The facility is expected to sign in November but as the issuer has already completed most of its funding for the year issuance under the programme is not expected to start until early 1998.