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Because the US and the euro bloc are now reasonably synchronised, it will not be long before the the predicted robust growth of the US economy spreads to Europe, Eddie Middleton, head of government securities at Britannic Asset Management, told EuroWeek this week. He admitted that the Glasgow-based firm was making a strong call on a US recovery, and that the alternative would be a profitless recovery. "If margins come under pressure because of competition, then there could be lay-offs which would kill off consumer growth. That is the double-dip argument, but we believe it is overstating the case," said Middleton.

What's the latest news from 11, Madison Avenue, the besieged midtown HQ of Credit Suisse First Boston where new leader, John Mack, together with his second-in-command, Linda Robinson playing Joan of Arc, have been trying to keep the barbarians away from the gates? The news isn't encouraging. John Mack and Joan of Arc seem to be running out of ammo. Field Marshal Mack has been sending messenger carrier pigeons to Credit Suisse High Command in Switzerland, but they say they have no more ammo themselves and that the financial cupboard is barer than summer bottoms in St Tropez, after paying out their last Swiss francs to grasping moaning minnie shareholders. Just to make the situation worse, Supreme Allied Commander, Lukas Mühlemann, rarely answers his telephone and whenever he is spotted, he is chased by the Zurich street mob crying "off with his head". Can John Mack hold out before he and Joan of Arc need a change of armour? CSFB is certainly not mortally wounded, but it has more arrows sticking out of its back than a porcupine. The firm's problem, through no fault of Mack, is that there are no reinforcements riding in to save the day. Also, the usual quota of Swiss mercenaries have resigned en masse because they claim that they have not been paid and that they didn't much like CSFB anyway.

Caisse Centrale du Credit Immobilier de France has increased the debt limit off its debt issuance programme to euro10 billion from euro7 billion. The issuer, which has a very high activity level of issuance off the programme, has over $6.3 billion outstanding off 121 notes.

* Landesbank Baden-Württemberg Rating: Aaa/AAA/AAA

* DePfa Bank Europe plc Guarantor: DePfa Deutsche Pfandbriefbank AG

Petrol Ofisi (Poas), the Turkish oil company, successfully braved the volatile Turkish equity markets when it completed its $183m equity issue last Friday. After an extremely successful pre-subscription period, which ended one week before the books were closed, domestic investors put orders in indicative orders for $350m. But in the final week of bookbuilding the Turkish market crashed 10% on fears of a US invasion of Iraq.

The US equity capital markets looked to have fully recovered from the economic downturn as $6.2bn of IPOs were priced in two days this week. European bankers are now waiting for this positive reaction to new issues to cross the Atlantic. Bankers across Europe this week were expressing their relief at what seems to be a tangible turnaround in sentiment. "The US side is really cranking out the business and we expect to see this spill over into Europe in the next couple of months," said one European syndicate head.

Deutsche Bank stretched demand in the equity-linked market this week with a £424m convertible issue for British Airports Authority (BAA). Analysts thought the bond was expensive, but such is the demand for new issues that Deutsche was able to place the bond within an hour on Monday morning before the market had opened.

* Alliance & Leicester plc Rating: A1/A+