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BancAmerica Robertson Stephens has arranged a $500m revolver for Van Kampen American Capital Prime Rate Income Trust. Pricing for the 364 day loan is based on outstanding amounts under the loan. The Libor margin range is 37.5bp to 50bp. The Lisle, Illinois based investment company will use the loan for short term liquidity and temporary emergency purpose. Bank of America NT&SA is the agent for the loan.

* Banca Popolare di Brescia Rating: Baa2/BBB

Asset backed securities: * Huson Pty Ltd

South Africa Appetite for Investec Overseas Finance's $150m three year term loan has proved to be strong in general syndication. Retail was launched last week, after ING Barings, Creditanstalt, Landesbank Rheinland-Pfalz, Standard Chartered, Sumitomo and WGZ-Bank joined as co-arrangers.

THE REPUBLIC of Argentina has once again launched a ground-breaking bond structure in the emerging markets with an oversubscribed Ecu750m 30 year strippable zero coupon issue that gives an all-in cost inside of its plain vanilla dollar curve. Despite extremely poor market conditions, investors swamped sole lead manager ABN Amro with orders for what is the first emerging market deal offering a range of zero coupon strips in various maturities from three to 30 years.

Australia ANZ Investment Bank is arranging a dual tranche A$225m facility for Tenix Pty Ltd, the military shipbuilding arm of defence contractor Transfield Holdings Pty Ltd. Proceeds are split between an A$150m five year amortising term loan for general working capital paying a margin of 35bp and a commitment fee of 25bp, and a A$75m 364 day standby facility for potential acquisitions paying a 20bp margin and a commitment fee of 15bp.

Market commentary Compiled by Gerard Perrignon, RBC DS Global Markets, London. Tel: +44 171-865 1759

OUT OF ALL the countries in the central and east European region, the Baltic states have been least affected by the downturn in syndicated loan activity. In 1997 they were the most active newcomers to the market; so far this year, the three countries -Estonia, Latvia and Lithuania -have provided arrangers and participants with a host of attractive transactions which have progressed smoothly through retail syndication. So why is the region one of 1998's success stories? Observers point to the fact that the loans required by Baltic borrowers are smaller than elsewhere in the region and therefore the deals are more manageable in syndication. The yields on offer are also higher than on central European loans -which has helped to push deals through general syndication.