The French electricity utilityElectricite de France is issuing a five billion French franc
bond in three tranches, co-lead manager Banque Paribas said
here.
    The issue is also being lead-managed by Credit Lyonnais.
    The first two billion franc tranche carries a fixed
interest rate of 8.30 pct, with a life of 11 years 316 days and
redeemable en bloc at par at the end of its life. The issue
price will be 96.44 pct and the payment date is March 30.
    The second tranche of 1.5 billion francs will be
denominated in 5,000 franc units and carry an 8.50 pct coupon,
payable December 14 each year.
    The issue price will be 98.18 pct and it will have a life
of 12 years 259 days. Redemption will be en bloc at par at the
end of its life, and the payment date will be March 30.
    Each bond will carry a warrant permitting subscription on
December 14, 1987 to a fixed-rate bond, which will be
integrated with the previous issue at an issue price of 98.18
pct, and with a nominal coupon of 8.50 pct.
    The life of the issue will be 12 years.
    A third tranche of 1.5 billion francs will be issued at a
variable interest rate, and the whole issue will be quoted on
the Paris Bourse.
    Paribas and Credit Lyonnais will be market makers for the
first two tranches, the communique added.
 REUTER
