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Dollar swap spreads inched down much of this week, once again chiefly as a result of the impact of swapped new issuance. Though the flow of debt was less overwhelming than it has been for the last couple of weeks, it remains the dominant influence upon swap spreads. By yesterday (Thursday) the 10 year swap spread was trading at around 77bp over Treasuries while the five year swap spread was 72.5bp over the new 4.625% Treasury due May 2006. These levels are about 3bp and 5bp narrower, respectively, than the levels that prevailed a week ago.

Dresdner Kleinwort Wasserstein (DrKW) has made several appointments to its North American equities operation. Jim Miller joins as a new co-head for global equity capital markets (ECM), with responsibility for North America. He will work alongside existing global ECM co-heads Andy Edmond in London and Sven Peter in Frankfurt. Miller's previous post was co-head of US ECM at Lehman Brothers.

Croatia DePfa Investment Bank, Mizuho (Fuji), WestLB and Zagrebacka Banka have been mandated to arrange a Eu30m five year loan for the City of Zagreb.

Elior, the French concession catering company, has started roadshows on what could be a combined equity and convertible offering worth Eu380m. Deutsche Bank and Morgan Stanley have been mandated to lead the placement of 17m Elior shares, which, at the share's close yesterday (Thursday) of Eu13.4, would raise Eu230m. Bookbuilding began on Monday and ends on May 22 when the deal will be priced.

Dresdner Bank yesterday (Thursday) launched a Eu1bn collateralised loan obligation backed by loans to small and medium sized corporates (Mittelstands) in Germany under Kreditanstalt für Wiederaufbau's (KfW) Promise programme. Lead managed by Dresdner Bank, the Promise scheme was devised by KfW to increase capacity for lending to Germany's many Mittelstands.

Abbey National, the UK's second largest mortgage bank, launched a £2.2bn securitisation of mortgages this week, its third from the innovative master trust vehicle it created in June last year. Lead managed by Credit Suisse First Boston and Salomon Smith Barney, the deal, which actually offered $2.18bn and Eu879m, was once again a hit with investors on both sides of the Atlantic.

Deutsche Bank and Merrill Lynch this week launched the second Portuguese deal of the year with a Eu1.1bn collateralised bond obligation for three Portuguese banks and asset managers. Banco Comercial Português, Espírito Santo Fundos de Investimento Mobilário (ESAF) and AF Investimentos Gestão de Patrimonius (AFI) provided a portfolio of 117 credits, combining Portuguese bonds and Eurobonds.

An $8.8 million chunk of Mariner Post-Acute Health Network's bank debt traded at 54-55 on Monday, up from most recent levels of 52-54. Dealers also report that 360networks' bank debt took a 10-point blow into the low 40s today on news that its earnings were slashed.

Despite its relatively modest size, the Netherlands has been at the vanguard of change in the era of the single European currency. Dutch companies, long established in the international arena, have been quick to venture overseas for funding, as have previously domestically oriented institutions. Philip Moore reports on how, by listening to investors and venturing into new markets, issuers from the Netherlands have been persuading an increasing number of investors to go Dutch.

Abbey National Financial Products has entered a 10-year USD1.5 billion (notional) credit-default swap with a special purpose vehicle sponsored by Abbey National. The SPV, named Marylebone Road CBO 2, entered the swap as part of a synthetic collateralized debt obligation it issued recently. The CDO was brought to market by Bear Stearns.

ABN AMRO in Mumbai recently completed a rupee-denominated interest-rate swap with the Industrial Development Bank of India (IDBI). With a maturity of seven years, the deal is believed to be the longest dated swap so far transacted in the local market, said Rohit Malhotra, assistant v.p., derivatives marketing at ABN AMRO in Mumbai.