FRANCE'S CAECL ISSUES THREE BILLION FRANC BOND
Caisse d'Aide a l'Equipement des
Collectivites Locales (CAECL) is issuing a three billion franc
two-tranche domestic bond, the lead managers said.
    The first two billion franc tranche at a fixed rate of 8.90
pct is led by Credit Lyonnais, Banque Indosuez and Union de
Garantie et de Placement, with Credit Lyonnais as book-runner.
    The non-callable, 13 year and 80 days bond is issued at
100.419 pct. Payment date is May 28 with the first coupon
payment in 1988.
    The second one billion franc, variable-rate tranche is led
by Banque Indosuez, Credit Lyonnais and UGP, with Indosuez as
book-runner.
    The 12 year 94 day bond is issued at 98.672 pct. Interest
is based on average state bond yields (TME), with a margin of
less 0.24 pct on the basis of TME at 8.45 pct. Payment date
will be May 28 with the first coupon payment in 1988.
 REUTER
