Italy's state-owned &lt;Banca Nazionale delLavoro - BNL> said it would issue 120 mln dlrs of five-year
convertible eurobonds, an operation to be lead-managed by
&lt;Credit Suisse-First Boston Ltd>.
    BNL president Nerio Nesi told a news conference that the
issue, to be placed on the main international markets and
listed in Luxembourg, would be the first equity linked issue by
an Italian bank on the Euromarket.
    BNL officials said the issue is scheduled for mid-March and
additional financial details were not immediately available.
    They said the operation would be through the issue of
depositary receipts by BNL's London branch. They said the bonds
would carry warrants issued by its &lt;Efibanca> subsidiary and
convertible into BNL saving shares within five years.
    The officials said a banking consortium led by Credit
Suisse-First Boston would at the same time arrange for the
private placing of an unspecified number of BNL savings shares
with foreign institutional investors.
    The operation was to further its aim of obtaining a listing
on foreign stock exchanges with a view to future capital
increases through ordinary share issues, they said.
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