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AS foreshadowed in Euroweek, SBC Warburg has been mandated to lead manage the recapitalisation for the Paris-based property group, Société Fonciere Lyonnaise (SFL). The bank will run the books on the process which will include the sale of a range of instruments to international and local investors. The company will raise Ffr600m through the issue of new shares where the proceeds will be used directly by SFL. Existing shareholders will then sell stock to raise up to a further Ffr600m. Additionally, the lead manager will construct an equity linked debt financing which will take the form of a Ffr1.2bn offering of convertible bonds.

* Bayerische Vereinsbank Overseas Finance Guarantor: Bayerische Vereinsbank AG

EUROPEAN issuers continued to tap the market for equity-linked debt finance, with a variety of synthetic and vanilla deals launched into a market which still offers a warm reception to quality names. SGL Carbon this week raised DM150m in six year exchangeable bonds through lead manager, Commerzbank. The German carbon-graphite electrode company is familiar to the equity capital markets, having gone public more than two years ago in a deal led by Kleinwort Benson and Dresdner Bank.

* International Finance Corp Rating: Aaa/AAA

* General Electric Capital Corp Rating: Aaa/AAA

* Eksportfinans A/S Rating: Aa1/AAA

LEAD MANAGER Commerzbank this week braved earlier choppy market conditions to raise DM1.2bn for the diversified German steel producer, Thyssen. The firm sold 3m ordinary shares in an international offer which was priced early this week at DM400 against a close of DM408. In the week preceding the pricing considerable weakness in the US market had spread to continental Europe.

THE Republic of Turkey enjoyed a blow-out reception for its $600m 10 year Euro/144A offering this week, confounding the predictions of some market participants that the B1/B rated sovereign would struggle to attract a strong US investor bid for its paper. At $600m the transaction was the country's largest ever dollar issue and at 10 years its longest dated international bond since it lost its investment grade status in 1994.

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BRAZILIAN bank Unibanco scored in lire this week while other Latin new issues snored in a dollar market worn out by $7.2bn worth of 30 year global bonds recently issued by Pemex, Venezuela and Argentina. Italian and other European investors snapped up Unibanco's offering of Lit175bn of six year Eurobonds with an attractive 10% coupon for the first two years and stepping down to 7% thereafter.

* DePfa Bank Europe Guarantor: Keepwell agreement from DePfa Bank AG