CREDIT NATIONAL ISSUES BILLION FRANC CONVERTIBLE
Credit National is issuing a one billion
franc convertible bond issue in two tranches both paying 8.50
pct and in 5,000 franc units, lead managers Caisse Nationale de
Credit Agricole, Union de Garantie et de Placement and Morgan
et Cie said.
    Both tranches will be redeemable at the end of their lives
and both have a payment date of April 27.
    One seven year tranche will be priced at 99.94 pct. Each
bond will be convertible on a one-for-one basis for a 8-1/2
year, 8.50 pct bond priced at 98.76 pct, redeemable at the end
of its life.
    This bond will pay a first coupon of 4.25 pct on April 27
next year and the payment date will be October 27, 1987.
    A 13-year tranche, priced at 97.74 pct, will also be
convertible until October 10, 1987 on a one for one basis for a
8.50 pct, 10-1/2 year year bond priced at 98.08 pct.
    This bond will pay a first coupon of 212.50 francs on
October 27 next year and the payment date will be October 27
this year.
 REUTER
