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France The Ffr1.5bn three year extendible term loan being arranged by Natexis Banque-BFCE and Société Générale for Ciments Français SA has been completed.

* Crédit Local de France Rating: Aa1/AA+

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GAZPROM'S $3bn gas receivables loan closed yesterday (Thursday) amid rumours that the general syndication was not as successful as hoped. Between 25 and 30 banks are believed to have joined at the senior lead manager, lead manager and manager levels, after general sell-down was launched in early November. Senior lead managers are offered fees of 70bp for $60m or more. lead managers 60bp for $30m to $59m, managers 50bp for $15m to $29m and participants 40bp for $5m to $14m

GOLDMAN Sachs and IMI have been appointed as global coordinators on the forthcoming offering of stock in Saipem, the oil exploration arm of Eni. The nomination is not due to be announced until next week, but Euroweek has learnt that the two banks have snapped up the top spots in the spin-off from the Italian oil and gas giant, which is still partially owned by the country's government.

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ASIA LTD, the Singapore based monoline insurer part owned by CapMAC, launched the second major public bond this week from its 'black box' vehicle Securitization and Infrastructure Funding Corp. Sifco placed $45m and ¥2bn of floaters due July 2002 through Nomura Singapore. The notes are guaranteed by Asia Ltd, which is rated A by Standard & Poor's, AA by Duff & Phelps and AA+ by NIS.

MOBILE PHONE operator SK Telecom made a surprise return to the ADR market this week and defied expectations that equity issuance from Korea would be impossible in the current climate. The company and its lead managers, SBC Warburg and Sunkyong Securities, had postponed a $100m issue in late September, when market volatility precluded its hoped for pricing. SK Telecom has returned with a similarly sized issue, but at far below the original indicative terms.

THE NZ$155m IPO for New Zealand's leading pay TV provider, SKY Network Television, overcame Asia's stockmarket woes by closing 10 times oversubscribed this week. The 8.475m share greenshoe was exercised, helping to fill the huge demand for a stock that bankers expect to make the country's top 10 index next year. SKY closed yesterday (Thursday) more than 13% above its issue price of NZ$2.40 -- the top of its indicative range. Some 49m new shares were issued, and state owned NZTV sold 7.5m existing shares. The IPO valued the company at around NZ$800m.

BANKERS IN ASIA dismissed as pre-Christmas madness speculation that the Indonesian government is preparing to raise up to $1.5bn in the international debt markets before the end of the year. Salomon Brothers has been rumoured to hold a mandate, but officials at the firm denied all knowledge of it.

BANK OF East Asia reopened the Hong Kong securitisation market with a $260m residential mortgage backed deal brought by UBS. The transaction is the first asset backed issue from the special administrative region since Dah Sing Bank's $300m mortgage securitisation at the end of June.

THE UK's largest diversified industrial conglomerate, BTR, has announced plans to sell down one-third of its businesses by 1998. The sales could include two of its manufacturing companies in Australia, which may raise over A$4bn in IPOs. Goldman Sachs is financial adviser on the sale of BTR's glass and packaging arm, while Schroders has a similar role for its building materials unit. Both firms are planning IPOs for the first half of next year, but are also trying to find buyers for the businesses.