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Rating: A1/A- Amount: £200m lower tier two capital

Depfa ACS Bank will launch the first issue in the Irish covered bond market next week, a Eu3bn five year public sector issue via Credit Suisse First Boston, Deutsche Bank and Morgan Stanley. The issue will be priced at around 3bp over mid-swaps. Moody's announced yesterday (Thursday) that it would assign a triple-A rating to the bond. The rating agency supported its decision by citing the credit fundamentals of Depfa ACS Bank, its shareholders' unlimited liability for its obligations, the secured nature of Irish asset covered securities, and the high level of collateral.

Deutsche Bank suffered a double blow this week as chairman Josef Ackermann and his predecessor Rolfe Breuer found themselves in hot water with Germany's legal authorities. Ackermann was this week charged by German prosecutors after an inquiry into payments made to managers of telecoms group Mannesmann when it was bought by Vodafone in 2000.

Deutsche Bank suffered a double blow this week as chairman Josef Ackermann and his predecessor Rolfe Breuer found themselves in hot water with Germany's legal authorities. Ackermann was this week charged by German prosecutors after an inquiry into payments made to managers of telecoms group Mannesmann when it was bought by Vodafone in 2000.

Amount: Eu100m Hypothekenpfandbrief Maturity: March 4, 2005

Deutsche Telekom made its first foray into the equity-linked market this week with a Eu2.1bn mandatory convertible, the largest seen in Europe. But the success of the issue came at the cost of a dramatic fall in the German telecoms group's share price, which sank by nearly 10% on Wednesday, the day of the sale.

Rating: Aaa/AAA/AAA Amount: Eu150m (fungible with two issues totalling Eu850m first launched 28/01/02) obligations foncières

Sell bonds and buy equities, a panel of leading pension fund managers told delegates at the 2003 Euromoney Bond Investors Congress this week. "Investing in equities long term is absolutely necessary," said Philippe Lambert, head of corporate pensions at Unilever."For a final salary scheme you need the equity risk premium. If you cannot cope with that risk then you should change your scheme."

Guarantor: EADS NV Rating: A3/A

EADS, the world's second largest aerospace and defence company, made its Euromarket debut this week with a larger than expected Eu1bn 4.625% seven year issue, priced at the tight end of guidance. Bookrunners were Barclays Capital, BNP Paribas and HypoVereinsbank.

The European Investment Bank on Wednesday priced its debut benchmark callable bond as volatility approached record highs. Bear Stearns and Goldman Sachs were bookrunners on the deal, the first Bear Stearns has led for EIB.