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* Inter-American Development Bank Rating: Aaa/AAA/AAA

* Rabobank Nederland Rating: Aaa/AAA

THE FIRST quarter of 1998 is over with banks still unsure about what direction the loan market is taking having expected, after a stagnant January, that activity would pick up. To some extent they were right. In February a host of jumbo facilities were awarded and launched into general syndication. In March these deals passed through relatively trouble-free retails.

IT WAS a mixed week in the US markets but a tantalising finish was promised as the Dow came within four points of the 9,000 level yesterday (Thursday). The market had been nervous throughout the week, with investors concerned about the Japanese economy. With the first quarter earnings due out soon, analysts are waiting to see if corporate profits have been dented by the Asian economic crisis. Nevertheless, analysts believe the market will continue to rally, driven by continuing evidence of a strong US economy, low interest rates and investor confidence in the stockmarket.

ABN AMRO and Salomon Smith Barney this week led the first Eurodollar deal from the National Bank of Hungary (NBH) since August 1994, bringing a $300m five year issue for the Baa3/BBB- rated borrower. Having been roadshowed in Italy, Switzerland and the UK the previous week, the transaction hit the screens at 9am on Monday morning at an indicated spread of 80bp-82bp over the 5-1/2% March 2003 US Treasury. It was priced two hours later with a 6.5% coupon and a fixed re-offer price of 99.707 to give a launch spread of 81bp.

THE FIRST quarter of 1998 has closed with record issuance of over $303bn, compared with $209bn in the first three months of last year. But the second quarter opened with wider swap spreads and fears that the superliquid market is losing some of its appeal. Fannie Mae's fourth benchmark note, a $4bn bond in the repeat five year maturity, was described by some syndicate members as a difficult trade and one that appealed largely to US investors.

* European Bank for Reconstruction & Development Rating: Aaa/AAA

Iceland Arrangers of the $200m five year revolving credit for Bunadarbanki Islands have launched general syndication. BGB Bank, Den Dankse, DG Bank, Enskilda Debt Capital Markets, ING Barings and Sumitomo (bookrunner and agent) won the deal in mid-March.

SMALLER Brazilian deals with shorter tenors were among the winners in the Latin new issue market in the past week, with Banco HSBC Bamerindus, Unibanco, Petrobras and Banco CCF all receiving a good response to their offerings. Unibanco was able to increase its Lit150bn two year deal to Lit200bn, led by Chase, after offering investors a highly attractive 7.5% coupon for such a short piece of paper.

* BGB Finance (Ireland) plc Guarantor: Bankgesellschaft Berlin

* DSL Bank Rating: Aaa/AAA

* Statoil Rating: Aa2/AA+