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Commerzbank Securities has made a series of hires as part of its push to expand in the US and Japan. In Japan, ComSec has made additions to two teams, one in structured finance and the other in equities and equity-linked product.

Yesterday (Thursday) Corus Group announced a series of restructuring measures to combat difficulties caused by the strength of the pound and overcapacity in the global steel market. The company said that it would cut 6,050 jobs, with half the losses coming from its UK steel and carbon activities, and reduce UK capacity.

* Banque PSA Finance Rating: A3/A-

Overcoming the uncertainties surrounding the markets at the end of last year, the US bond markets recorded their biggest ever month in January, with more than $70bn of investment grade issuance. The two Federal Reserve rate cuts of 50bp each not only sparked a surge in high grade issuance, but also a revival in the high yield market, where more than $14bn was issued. A further $1.75bn was issued by split rated companies.

Danionics, the Danish battery manufacturer, became the first company in 2001 to list on the Copenhagen Stock Exchange on Monday, raising Dkr540m (Eu72m). The offer of 2.7m shares was priced at Dkr200 and opened at Dkr220, up 10%. The book was more than five times covered. Niels Kryger Andersen, CEO of Danionics, told EuroWeek he was "overwhelmed with the response to the IPO", adding: "It was not the easiest in these market conditions." He cited the strength of the product as the key to success: "It relates to things people have an understanding of. It is visible technology."

The market for Latin American junk bonds was reawakened this week when Mexican pulp and paper holding company Corporacion Durango launched a $150m five year SEC registered deal. The issue is the first true Latin corporate bond to target the US high yield investor in over a year. The transaction, led by Morgan Stanley Dean Witter, was priced at par to yield 13.125%, at the tightest end of its 13.125%-13.375% guidance.

Croatia Standard Bank was set to launch the $35m three year term revolver for HBOR at the end of last week. The launch has been delayed because PBZ (Privedna Banka Zagreb), a core relationship bank for HBOR, wants to join the deal but is waiting for credit approval. The deal is guaranteed by the sovereign.

Argentina * Province of Buenos Aires

As foreshadowed in EuroWeek, Kreditanstalt für Wiederaufbau on Wednesday announced that it will this year launch two global benchmark transactions of at least Eu5bn, boosting the European agency market. Deutsche Bank, Schroder Salomon Smith Barney and UBS Warburg won the mandate to lead manage the prestigious inaugral issue, which will hit the market in March - six months after the three launched Freddie Mac's debut EuReference Note.

* Banca di Roma SpA Rating: A2/BBB+ (Moody's/Fitch)

* Bank Austria AG Deficiency guarantee from: City of Vienna

Rating agency Fitch this week released a report focusing on key developments in the leveraged market. The report pinpoints several trends in the market for 2001: the possibility of further volume growth; the rising numbers of old generation LBO transactions; and the increasing use and popularity of mezzanine debt. The report coincides with the imminent launch of the Messer Greisheim deal, which carries up to Eu500m in subordinated debt to be placed in the mezzanine or high yield bond market.