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* SBC Warburg Dillon Read will soon launch the $100m IPO of the Italian manufacturer of emergency lighting fixtures Beghelli, after which the company will seek a listing for its shares. The international lead manager will be joined by BCI which will lead the sale of stock in the local market through an OPV. The transaction should be launched next month for completion in June.

Chase Securities Inc has arranged a $1.6bn facility for USA Networks Inc. The loan is split into a five year $750m term loan, a six year $250m term loan and a $600m five year revolver. Pricing is based on the company's total debt ratio. The Prime margin range for the five year loans is Prime flat to 50bp, the Libor margin range is 75bp to 150bp and the commitment fee range is 18.75bp to 37.5bp. The Prime margin range for the six year term loan is 50bp to 75bp and the Libor margin range is 150bp to 175bp.

* Helaba Finance BV Guarantor: LB Hessen-Thüringen

Oliver Blount has joined Credit Suisse First Boston as a director in the bank's loan capital market's team. He will report to Grant Johnson, managing director. Blount worked with Johnson at NatWest, before Johnson took up his role at Credit Suisse First Boston. Blount left NatWest in early January. Bank of America has appointed Niels Pederson as a member of the bank's loan syndication team.

THE REPUBLIC of the Philippines successfully overcame weakening sentiment across the emerging markets yesterday (Thursday) to launch the first Asian sovereign dollar deal of the year.

THE REPUBLIC of the Philippines successfully overcame weakening sentiment across the emerging markets yesterday (Thursday) to launch the first Asian sovereign dollar deal of the year. The $500m 10 year global bond was priced at 337.5bp over Treasuries, inside final expectations of a clearing spread of 350bp over.

* 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.