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Ahorro Corporación Financiera, the Spanish broker that runs the AyT Cédulas Cajas programme of covered bond issues for savings banks, this week appointed Deutsche Bank as a lead manager for its next deal ? but warned the bank that it must improve on its poor performance the last time it led such an issue.

Ahorro Corporación Financiera, the Spanish broker that runs the AyT Cédulas Cajas programme of covered bond issues for savings banks, this week appointed Deutsche Bank as a lead manager for its next deal ? but warned the bank that it must improve on its poor performance the last time it led such an issue.

Rating: Aa2/AA/AA+

Rating: AAA (Moody's)

Class A notes: W56.7bn

A flurry of issuance should be seen in the dollar market next week after the end of the Asian holidays and with bankers and borrowers back at their desks after the IMF meeting ? provided the US non-farm payroll figure, due out today (Friday), is market friendly.

A flurry of issuance should be seen in the dollar market next week after the end of the Asian holidays and with bankers and borrowers back at their desks after the IMF meeting ? provided the US non-farm payroll figure, due out today (Friday), is market friendly.

From windy Frankfurt the buzz around the bars and speakeasies in the financial district is still about the sudden exit of Ulrich Cartellieri from the supervisory board of Deutsche Bank.

Doughty Hanson has purchased Tumi, the US luggage manufacturer, for $276m from US buy-out firm Oaktree.

EuroCP bankers saw a pick-up in sterling paper this week, with activity across the maturity curve. At close of play yesterday (Thursday) total new EuroCP issuance finished on about $45.6bn. Euros finished with a 48% share of the market, while dollars recorded 29% and sterling 18%. ?Although the central bank meetings today have been real non-events with little impact on the wider financial markets, the MPC rate decision, which was expected by the market, has actually re-introduced some shape and steepness to the sterling curve which has been relatively flat over recent weeks,? said one CP banker at a US bank in London yesterday.

The Dutch State Treasury Agency has refined the rules of its Dutch Direct Auctions, ahead of offering a new five year Dutch State Loan in the coming weeks.