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Compiled by Richard Favis, RBC Capital Markets, Johannesburg Tel: +27 11 784 5065

DePfa, the German banking group, is to cease originating residential mortgages on its own balance sheet. Instead, it will originate loans for EuropeLoan Bank, the internet mortgage bank set up by structured finance boutique Fredell&Co.

DePfa, the German banking group, is to cease originating residential mortgages on its own balance sheet. Instead, it will originate loans for EuropeLoan Bank, the internet mortgage bank set up by structured finance boutique Fredell&Co.

We have received several calls from nice people at Merrill Lynch, who thanked us for our support in saying something constructive about the firm and encouraging everyone to puff as hard as they could to keep the Merrill share price up. As we commented a fortnight ago, $45 is the minimum acceptable level for beleaguered ML employees, while any move towards $40 sends the staff rushing to the nearest wailing wall. But we puffers weren't very successful. Last week, admittedly in miserable market conditions, Merrill stock plunged through $40 and on an intra-day basis traded as low as $38.60. The resignation of Tyco's chairman and CEO didn't help and then a possible investigation of Knight Trading Group by the SEC and Nasdaq sent a cold shiver down the whole of Wall Street. When the Knight Trading story broke, you could almost hear echoes up and down Wall Street saying: "There but for the grace of God etc."

Lloyds TSB Capital Markets, acting as agent and arranger, signed last Friday a new $150m 364 day facility for Misys plc, the computer software group. Bank supporting the deal include JP Morgan, Dresdner Kleinwort Wasserstein, BayernLB, BNP Paribas, RBS, HSBC, ING, Commerzbank and Wachovia.

Moody's announced new measures this week to improve its corporate credit analysis, including the recruitment of specialists to publish research and train its corporate analysts. The move is a response to the increasing pressure from investors for better analysis of accountancy and corporate governance issues, particularly in the US.

Morley Fund Management launched its Morley Sterling Liquidity Fund at the start of this week, with seed capital of £1bn. The new liquidity fund gives investors a competitive alternative to holding cash in the bank. Those targeted include UK local authorities, which following regulatory changes in April can now invest in liquidity funds, as well as major corporates with cash balances, and institutional funds.

Morocco's plans for its debut non-guaranteed Eurobond have been boosted by news that domestic Moroccan banks will be able to buy foreign securities. The bond is expected to be between $300m and $400m, with either a five or 10 year tenor.

Russian investment bank Aton Capital has hired Dima Starenko to head up its equity and fixed income trading group. Before joining Aton, Starenko was general director of Nettrader, which he helped to set up. Previously he was head of securities at Fleming UCB, chief equity trader at Troika Dialog and a general director of Regent European Securities (Moscow). "Having such an experienced professional on our trading team who is well known in the domestic market raises our ability to service institutional investors,'' said Yevgeni Yuriev, Aton Capital's president.

Rating: Aaa Amount: £100m Öffentlicher Pfandbrief

Municipality Finance has increased the debt size of its euro1 billion ($939.65 million) debt issuance programme. The programme's ceiling is now euro1.5 billion. It has six live trades outstanding off the programme worth $180.39 million.

Amount: £400m index-linked bonds Tranche 1: £50m