In their first deal since they signed an exclusive agreement to develop credit enhancement business in France, Financial Guaranty Insurance Company and AXA, a French insurance group, have agreed to insure a 400 million franc private-placement bond issue for the Communaute Urbaine de Lile, in Northern France.

Credit Local de France served as the lead manager for the triple-A rated issue. Completion of the deal was announced Dec. 15.

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