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Deutsche Bank flew in the face of dreadful market conditions and managed to complete the Eu690m follow-on offering from Buhrmann on Tuesday at a price that already looks like a bargain. Shares in the Dutch office supplies company, which were at Eu31.8 when the sale was announced, closed on Monday at Eu25.65, down 19%. The new shares were then issued at Eu25, offering a discount of a further 2.4%, but bounced back on Tuesday to touch Eu28, 12% above issue price. "In my view, this company will continue to outperform the market," said Andre Moons, an analyst at Credit Suisse First Boston in Amsterdam.

Willem Buiter of the European Bank for Reconstruction&Development and Bundesbank deputy governor Jürgen Stark clashed over the transparency and goals of the European Central Bank this morning at Euromoney's Euro Capital Markets Forum in Amsterdam.

* Rabobank Nederland NV Rating: Aaa/AAA/AAA

Credit Agricole Indosuez has closed a ¥500 million ($4.07 million) 10-year trade. The non-syndicated FRN is typical of the borrower's funding this year. It has issued mostly in yen, mainly between 10- and 20-year maturities for amounts ranging between ¥100 million and ¥5 billion.