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India ANZ Investment Bank has closed a $100m seven year credit for Power Finance Corporation oversubscribed. This is the first large cross-border syndicated loan to an Indian borrower since the southeast Asian financial crisis began last summer.

TWO OF the largest deals of 1998 are set to hit the French equity market in the next few days. This weekend, CSFB and Goldman Sachs will price the sale of shares in Alstom, the Anglo-French engineering group, with the sale of stock in speciality group Rhodia set to follow immediately after. Momentum for the Alstom deal has been building in the last few weeks with international and local French investors showing strong interest in the stock.

* BGB Finance (Ireland) plc Guarantor: Bankgesellschaft Berlin AG, Berliner Bank AG, Landesbank Berlin Girozentrale

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Brazil London Forfaiting and Finanz AG Zurich have signed a $30m loan for Banco Barclays e Galicia. The facility has a one year maturity and is priced at 150bp over Libor. Hamburgische Landesbank Girozentrale joined as a co-arranger. In general syndication, Baden-Württembergische Bank (Stuttgart), Banco de Chile (Miami), Dresdner Forfaitierungs (Zurich), Executive National Bank (Miami), Inter-Europa Bank (Budapest), Istituto Bancario San Paolo di Torino (London) and LBS Bank (New York) joined as lenders.

DESPITE secondary market volatility, there were a host of successful transactions this week from Germany and demand is likely to remain strong enough for a continued increase in new supply. Goldman Sachs, Commerzbank and Landesbank Hessen Thüringen this week completed the sale of stock in Jenoptik, the east German technology group. The deal was more than 26 times oversubscribed despite being priced at the top of the DM28 to DM34 indicated range at which shares were marketed to investors.

MERRILL Lynch is defying investors' fears about the emerging markets as well as harsh conditions in hi-tech industries to bring a deal for a company with some exposure to both sectors. The two tranche straight equity and convertible transaction is for Global Telesystems (GTS), a telecoms group with operations in Europe including central Europe and Russia.

THE UNITED Mexican States will stay away from the international bond markets until its spreads tighten at least another 25bp to 35bp, its general director of public credit, Carlos Garcia Moreno, said in London yesterday. "We will definitely be looking at market opportunities in the next few months, but we are in one of the categories where if anything we will be looking to retire debt more than issuing debt," he said at the Euromoney global bond conference.

Bahrain Arranger Gulf International Bank has closed and signed a $250m seven year loan for United Arab Shipping Company. Arab Banking Corporation and National Bank of Kuwait joined GIB as underwriters.

* JP Morgan has won the mandate to arrange a Euro-MTN programme for the City of Rome. The programme, which will be denominated in euros, is the first to be established by an Italian municipal government. The size of the programme has yet to be decided, but it is likely to be around Lit500bn equivalent. The first issue to be launched off the programme, also denominated in euros, will come during the third quarter of this year. * SNS bank Nederland NV, the banking entity of Dutch all finance-institution SN Reaal Group NV, has launched a Eu2bn debt issuance programme. As a result of its growing activities in the Dutch retail market, together with the increased European scope of its traditional domestic investors, SNS has launched the programme to broaden its investor base. The total outstanding public debt of SNS Reaal Group and SNS bank amounts to over Dfl4.5bn. SNS bank Nederland has a A2 rating from Moody's.

* Lead manager Merrill Lynch has completed the roadshows for the $75m five year debut Eurobond for Polish steelmaker Huta Imienia Tadeusz Sendzimira Kakowie SA (HTS). Market conditions permitting, the floating rate issue will be launched next week via HTS's Dutch registered vehicle, Polish Steel BV. Price talk is 175bp-200bp over three month dollar Libor. Pricing will step up by 150bp if HTS is not privatised by March 1999 in accordance with certain ownership covenants which dictate that the either the Polish state or one of two Western steel consortia vying for control of the company hold a 51% stake in HTS. The proceeds of the transaction will be used to refinance short term debt and for capital expenditure purposes.