Compared with 1997's $5.18 billion raised through 59 transactions, only $1.47 billion was secured in 23 transactions in 1998.

While Bank of America retained its pole position with a share of 25.63 per cent (21.21 per cent) by arranging $375.39 million ($1.09 billion), other major arrangers like ANZ Investment Bank and ABN Amro Bank dropped down the list from second and third places to 10th and fifth places respectively. In 1998, ANZ Investment Bank arranged only $35.14 million ($788.90 million) and ABN Amro Bank $79.79 million ($662.83 million).

Following Bank of America in 1998 are, in order of ranking: HSBC, State Bank of India, Ensklida, ABN Amro Bank, BNS, Rabo, Toronto Dominion Securities, Fuji Bank and ANZ Investment Bank.

Prominent transactions in 1998 were the Power FinanceCorporation's $100-million loan arranged by ANZ Investment Bank and a $70-million facility for the Indian Railway Finance Corporations (IRFC) by ABN Amro Bank. The calendar gone also saw foreign currency loans being availed of by Reliance Industries ($37 million) and Telco ($30 million) to finance international bond buy-backs. Deals shelved in 1998 included a $50-million loan by the Maharshtra State Electricity Board mandated to Societe Generale and a $200-million offering of BPL-US West, which was to put through by ABN Amro Bank, Bank of America and Canadian Imperial Banking Corporation (CIBC), now merged with Toronto Dominion Bank.

The year was marked by a complete absence of any project finance loans, a key driver of cross-border loan transactions in 1997. Bank of America, ANZ Investment Bank, Toronto Dominion Bank, ABN Amro Bank, Bankers Trust were involved in quite a few telecom and oil sector transactions in 1997 like loans for Birla-AT&T ($283 million), Tata-Bell Canada ($70 million), Escotel Mobile($70 million) and Reliance Petroleum ($300 million). Jumbo-deals were also contracted by Indian Oil Corporation (IOC) amounting to over $2 billion arranged ABN Amro Bank, Dresdner Bank, Krediet Bank, Bank of America and HSBC.

Deals in the pipeline for 1999 include a $200-million-plus loan of Bina Power mandated to Barclays Bank, a $600-million loan for Dabhol Power Company's Phase-11 with ABN Amro Bank, Credit Suisse First Boston, ANZ Investment Bank and Citicorp International as main arrangers as also a relatively small facility for ST-CMS's Neyveli Power Project by ANZ Investment Bank and Bank of America.