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Croatia Bayerische Landesbank has launched syndication of a DM25m term loan facility for first time borrower Splitska Banka. The loan, which will be used for general financing purposes, has a maturity of six years. The margin is 135bp over Libor and the commitment fee is 67.5bp.

Emerging markets commentary Compiled by ANZ Investment Bank, London. Contact: Jerome Booth, tel: +44 171-378 2959

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Deutsche Bank this morning pulled the repricing portion of the amendment it was in the market with for Hertz Corp.

Euro asset swap spreads continued to grind wider, as they have done inexorably for the last six months or so.

The iTraxx Crossover Index hit a new tight in the credit default swap market this week.

What is happening in sunny Edinburgh, where visitors tell us that it has been hotter during July than St Tropez in the South of France?

ING Barings pulled its $100m IPO for frozen food and fishing company Bintuni Minaraya (BMR) this week as the rupiah dropped to its lowest value yet and questions remained as to the issue's structure. BMR is the holding company of one of the top safe haven stocks in Indonesia, Daya Guna Samudera (DGS), and accounts for almost half of the group's earnings. DGS was floated in October this year. According to one Jakarta-based bank president, some investors believe BMR is essentially selling the same company twice, since DGS is the most valuable part of the company.

A WAVE OF high-profile transactions is expected in the early months of 1998 as Asian sovereigns bid to re-establish stable spread levels, with Korea and the Philippines neck-and-neck in the race to access the market first. Bankers believe that while the Republic of Korea has the most pressing need to establish some form of benchmark for its crippled economy, it may be pipped to the post by the Philippines, which has gone some way to salvaging its reputation during the latter half of 1997 via two unusual structured placements led by ING Barings.

THE spate of downgrades in Korea continued this week with all three major agencies announcing revised ratings. Standard & Poor's followed last week's three notch sovereign downgrade from A- to BBB- by cutting the ratings of major banks and corporate entities from the republic. From the banking sector, Industrial Bank of Korea, Kookmin Bank, Korea Long Term Credit Bank and Shinhan Bank were all downgraded in line with the sovereign from A- to BBB-, while BBB+ rated Hanil Bank fell to BBB- and Korea French Banking Corp and Pusan Bank went from BBB to BBB-.