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* Bayerische Landesbank Rating: Aaa/AAA

* Dresdner Finance BV Guarantor: Dresdner Bank AG

Argentina Arrangers Société Générale and Banco Supervielle Société Générale SA have completed syndication of the $130m five year loan-style FRN for Gas Argentino SA.

* Crédit Local de France Rating: Aa1/AA+

MERRILL LYNCH and Merita this week won the prized advisory mandate for the sale of Telecom Finland, one of a series of privatisations to emerge from the Nordic region next year. Finnish analysts expect the deal to take place in the second half of 1998 with the stock listed on several regional bourses and possibly the New York Stock Exchange. They also believe there will be a substantial free float, although the Finnish authorities have not indicated how much of the company will be sold. Bankers estimate that the company is worth as much as $7.7bn.

Morocco The $200m five year multicurrency term loan at 45bp over Libor arranged for the Kingdom of Morocco by Arab Banking Corporation, Banque Commerciale du Maroc, Banque Marocaine du Commerce Extérieur, Barclays, Commerzbank AG, Crédit Lyonnais, Deutsche Bank AG, DG Bank, Dresdner Bank Luxembourg SA and Sumitomo Bank was launched into syndication on December 2.

THE SUCCESSFUL completion of a $358m GDR offering by India's Mahanagar Telephone Nigam Ltd (MTNL) this week defied the spillover from the Asian currency crisis and the country's troubled political scene, providing fresh impetus to its notoriously slow privatisation programme.

THE SUCCESSFUL completion of a $358m GDR offering by India's Mahanagar Telephone Nigam Ltd (MTNL) this week defied the spillover from the Asian currency crisis and the country's troubled political scene, providing fresh impetus to its notoriously slow privatisation programme. Many bankers had expected the deal to be withdrawn after a proposed $700m offering from the Gas Authority of India (Gail) failed to make it to the market in early November.

NATIONAL GRID's shareholders this week seemed to be swinging in favour of the company's plan to issue £300m to £500m of convertible bonds in an attempt to optimise its capital structure. The scheme, which was designed by HSBC and announced last week, was greeted coolly by a minority of the 40 largest National Grid shareholders. But the company says it will allow it to cut its tax liability, increase gearing and minimise dilution of its equity. Several other UK companies have indicated that they may restructure their capital in similar ways.

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Market report Compiled by Gerard Perrignon, Hambros Bank Ltd, London. Tel: +44 171-865 1759