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* Inter-American Development Bank Rating: Aaa/AAA

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Argentina BankBoston Trust Co Ltd and Dresdner Bank Luxembourg have completed the $100m five year loan-style FRN for Transportadora de Gas del Sur SA (TGS).

Qatar The State of Qatar's $200m five year term loan has been increased to $250m after syndication proved a blow-out success.

BANKERS are working until year end to prepare for a flood of new issues and equity linked debt securities due to emerge from the primary equity markets of central Europe and Russia. These offerings, in many cases, represent deals already due to reach the markets by the end of 1997 but which have become side-tracked as a result of the volatility which has afflicted emerging and developed stockmarkets. One of the first two mandates to be awarded will be for the lead slot in the Polish government's sale of stock in Poland Telecom and Estonia Telecom. Bankers are pitching their credentials in beauty parades over the next week or so and the winning firm will be announced in the new year.

* The International Finance Corp will sign its Pta200bn domestic peseta MTN programme via Banco Santander de Negocios next week. Although the dealer group has not been officially confirmed it is likely to include the major Spanish banks and a few international houses which are active in the peseta market. A regular issuer in the Matador market, the IFC is following in the footsteps of other frequent issuers in the peseta market such as the EIB, the EBRD, SEK and the Council of Europe.

RAILTRACK HAS signed a $750m Euro-CP paper facility in a bid to further widen its sources of funding. The company hopes to start issuing under the programme early next year and plans to maintain a regular presence in the market. "The facility is part of an ongoing programme to diversify Railtrack's funding base and to support the long term investment programme," said Norman Broadhurst, finance director at Railtrack. "The commercial paper programme completes the calendar year funding strategy unveiled to the company's relationship banks in September."

Market report Compiled by Gerard Perrignon, Hambros Bank Ltd, London. Tel: +44 171-865 1759

THE Province of Milan has issued a Lit100bn domestic BOP (Buoni Obligazionari Provinciali) making it the first Italian province to take its funding into the public markets. Cariplo, BCI, Banca Popolare di Milano and Crediop were lead managers. Each bank took a 25% allotment of the issue while Istituto San Paolo di Torino joined them in placing the bonds.

Jim Rowe is rejoining Bank of America as head of international trade for Europe, Middle East and Africa in London. Rowe spent almost 10 years with Sumitomo where he was assistant general manager, trade finance in the international finance department in London.

NEWS ON their credit ratings helped brighten the outlook for three central and eastern European countries this week with Moody's Investors Service upgrading Bulgaria and Lithuania, and assigning an investment grade rating to Latvia. Moody's said Bulgaria's upgrade to B2 from B3 was based on the reformist efforts of the centre-right Union of Democratic Forces government.