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* Inter-American Development Bank Rating: Aaa/AAA

* Bank Nederlandse Gemeenten NV Rating: Aaa/AAA

* LW Rentenbank Rating: Aaa/AAA

* British Steel plc Rating: A-

* Société Générale Acceptance NV Guarantor: Société Générale

* Arbed SA Amount: Lfr500m (increase to Lfr2bn issue launched 01/04/98)

* ASB Bank, the Auckland savings bank, has signed a $750m Euro-MTN programme in a bid to diversify its sources of funding away from the domestic New Zealand market. Growing funding needs prompted ASB's decision to extend its medium term borrowing operations into the offshore markets, said an official at the bank: "We have been experiencing large annual growth rates over the past three to four years. That has prompted a need to look around."

* Bayerische Vereinsbank AG Rating: Aa2/AA+

DEFINING the HKMA's role at the forefront of the development of Hong Kong's increasingly sophisticated bond market, executive director Peter Pang outlines a five pronged approach. First, since the introduction of an Exchange Fund note issuance programme in 1990, the HKMA has built up a functioning yield curve for other borrowers to price off.

Argentina Bank of Nova Scotia, Industrial Bank of Japan and ANZ Banking Group have joined Banque Nationale de Paris, Bayerische Landesbank and Banco Bilbao Vizcaya as co-arrangers on the $400m two year term loan being arranged by ABN Amro Bank, Deutsche Bank and Dresdner Bank Luxembourg for Perez Companc SA. Banque Paribas has also joined at the managing agent level. Commitments are due by April 29.

Bahrain The $200m five year term loan for Arab Banking Corporation has been increased to $250m. The deal was well supported in general syndication as well as at the co-arranger level. Some $225m was raised from nine co-arrangers and $205m was raised in the general syndication. Arrangers are Chase Manhattan, JP Morgan, NatWest, Bank of Tokyo-Mitsubishi and Paribas. Co-arrangers, who were offered takes of $15m each for fees of 30bp are Arab Bank, Banca Monte dei Paschi di Siena, Bayerische Landesbank, Deutsche Bank, Gulf Bank, Gulf International Bank, National Bank of Bahrain, National Bank of Kuwait and WestLB.

LATE Friday (April 17) night Merrill Lynch was forced to pull the $100m facility for Ina, the Croatian oil company. The problem was a lack of appetite in syndication. According to a source at Merrill Lynch, $75m of commitments from eight banks were in by the April 10 deadline.