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The equity markets hit new lows this week and there was little respite for the bond markets. The markets rallied on Wednesday and yesterday (Thursday) to end the week on a more positive note, but not before depressing the new issue market, with several deals including EdF, Parmalat and Lafarge being postponed. Depfa Bank will price a reduced $2bn five year covered bond today (Friday) at 10bp-12bp over agencies, but dollar issuance will be light during the next two weeks due to a Chinese holiday.

It has not been a happy month for banking chief executives. Michael Carpenter was pushed aside at Salomon Smith Barney as the Jack Grubman factor threatened to turn into a tidal wave and overwhelm the entire firm. Then Credit Suisse finally summoned up the courage to oust Lukas Mühlemann and we have looked further into developments at CS later in these columns. Now the departure of Leonhard Fischer at Dresdner Kleinwort Wasserstein makes it three CEOs in a row - that certainly confirms the dire state of the industry.

The new Wembley Stadium project has reached financial close. The transaction was signed on Wednesday and announced yesterday (Thursday). The total project cost is set at £757m, of which some £426.4m will be funded in the form of senior bank debt.

Rating: Aa3/AA- Amount: $500m

Rating: Aaa/AAA Amount: $2bn global Pfandbriefe

Rating: Aa3/A Amount: Nkr600m

Barclays Capital has underwritten the senior debt facilities backing Duke Street Capital's £66m acquisition of Thornbury Nursing Services. Intermediate Capital Group has underwritten a £10m mezzanine facility.

Deutsche Börse has shut down the Neuer Markt, the embattled high growth market segment, following its 95% slump over the last two years. The move comes as part of a new model for Deutsche Börse, under which the current system will be replaced by just two segments - Domestic Standard, and Prime Standard

Rating: Aaa/AAA Amount: $2bn (fungible with $3bn issue launched 15/07/02)

The equity markets hit new lows this week and there was little respite for the bond markets. The markets rallied on Wednesday and yesterday (Thursday) to end the week on a more positive note, but not before depressing the new issue market, with several deals including EdF, Parmalat and Lafarge being postponed. Depfa Bank will price a reduced $2bn five year covered bond today (Friday) at 10bp-12bp over agencies, but dollar issuance will be light during the next two weeks due to a Chinese holiday.

Dresdner Bank's corporate and markets chief Leonhard Fischer handed in his notice on Wednesday. His resignation could presage a round of swingeing job cuts in the bank's German lending business. Ever since Allianz bought Dresdner there has been speculation that its investment banking subsidiary, Dresdner Kleinwort Wasserstein would be sold off. The market's initial reaction to Fischer's resignation was that it would be followed by a quick sale or closure.

The mandate to arrange the new facility for Stora Enso will be awarded in the next two weeks. The new deal will carry a margin of around 40bp over Libor. It will replace the borrower's 1997 $1.5m seven year facility.