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* Dresdner Finance BV Guarantor: Dresdner Bank AG

THE FEDERAL Home Loan Banks (FHLB) issued a $1bn five year non-call two year note and a $1bn two year reopening this week, bringing issuance this month to $8bn in the global markets alone. Last week, Fannie Mae and Freddie Mac first experimented with the callable global format, and it had been surmised by many that FHLB would follow suit.

THE PREDILECTION for all things hi-tech in the US equity markets showed signs of abating this week as blue chips continued to build on recent gains and cracks in the technology sector appeared as Nasdaq sustained losses over three days. However, financial and cyclical stocks were behind the rally in the Dow Jones this week which brought the index within reach of the 11,000 mark.

India The 100% state owned Power Finance Corporation (PFC) has asked banks to submit proposals for a $100m facility to be funded either through the FRN market or the loans market.

THE HUNGARIAN government is set to launch the $300m to $400m secondary sale of stock in Matav, which follows the group's international IPO in November of 1997 and will be the final sell-down of the government's ownership. Credit Suisse First Boston has been mandated to lead manage the deal, after taking the senior role (with Merrill Lynch) in the company's flotation.

Brazil Citibank NA has closed a $30bn loan style FRN for Canbras Communications Corp. The deal was launched last summer but due to unfavourable market conditions its completion was delayed.

LATIN borrowers are continuing to line up for issuance in the weeks ahead, despite the deluge of supply in the past two months and an abrupt halt in the recent rally in Latin bonds, especially those from Brazil. Argentine TV cable company, Cablevision, will today (Friday) price a $250m 10 year straight bond issue via Chase, with yield talk in the 13.5% to 13.75% range. That is wider than where the issue was expected to come at, and compares with a 13.25% yield to the put on the recently issued $175m Multicanal 10 put five deal.

COSTA Rica joined the rush of Latin borrowers into the US market this week with a $300m 10 year 144A deal, led by CSFB. The deal was priced slightly above its 400bp area spread talk, at 412bp, in part because of the slump the Latin bond markets suffered this week.

THE REPUBLIC of Latvia this week completed roadshows for its debut international issue in the public Eurobond markets this week. A team of senior funding officials, headed by finance minister Ivars Godmanis, hosted investor presentations in Vienna, Frankfurt, Zurich and London for the expected Eu150m five year issue. Credit Suisse First Boston will lead manage the deal early next week.

THE FEDERATION OF MALAYSIA submitted an SEC filing last week in the clearest sign yet that the government is on the verge of launching its eagerly anticipated global bond offering. Market observers now believe that roadshows are being prepared for mid to late May.

THE CITY of Moscow has started talks with arranging banks to restructure its loan commitments. Interest payments are due in mid-June on a $200m loan, signed in June 1997 that was arranged by Deutsche Morgan Grenfell, West Merchant Bank and Société Générale.