BFCE ISSUES THREE BILLION FRANC DOMESTIC BOND
Banque Francaise du Commerce Exterieur is
issuing a three billion franc, 8.50 pct, 11 years and 302 days
domestic bond with warrants at an issue price of 96.42 pct,
lead manager Banque Nationale de Paris said.
    The 600,000 bonds of a nominal 5,000 francs are identical
to those of the BFCE five billion franc 8.50 pct January 1987
issue, bringing the total of the issue to eight billion francs.
    Interest will be paid for the first time on February 2,
1988, and on the same date of each subsequent year. Redemption
will be in three tranches on February 2, 1997, 1998 and 1999.
    Each bond will carry a warrant and two warrants will give
the right to subscribe to an 8.50 pct nominal bond between
December 22, 1987 and January 22, 1988.
    The exercise price of the subscription warrants will be 99
pct. BNP said that if all the warrants were utilised, the total
of the January 1987 issue would rise to 8.5 billion francs.
 REUTER
