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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.

Rating: Aaa/AAA Amount: Eu5bn

A bank meeting will be held in Paris today (Friday) for institutions invited into the Eu840m acquisition facility for Atos Origin. Banks have been offered three levels of participation: Eu30m for a fee of 37.5bp as senior lead managers, Eu20m for 32.5bp as lead managers or Eu12.5m for 27.5bp as managers.

Freddie Mac was forced to widen price talk this week to get its Eu5bn 10 year EuroReference Note away in a market so difficult that one bookrunner compared it to the aftermath of September 11.

Freddie Mac was forced to widen price talk this week to get its Eu5bn 10 year EuroReference Note away in a market so difficult that one bookrunner compared it to the aftermath of September 11.

Bank of Scotland and ING BHF will bring a credit facility for DIY retailer Focus Wickes to the market in October. The arrangers had been mandated to arrange an IPO facility for Wickes in June but the deal was held back when the IPO was pulled.

ating: Aaa/AAA Amount: $2bn

Rating: Aaa/AAA/AAA Amount: Eu125m Landesschatzanweisung series 96 (fungible with two issues totalling Eu625m issue launched 19/06/02 and 27/08/02)

Guarantor: Gazprombank Amount: Eu100m

Rating: Aaa/AAA/AAA Amount: Eu200m (fungible with two issues totalling Eu1.4bn launched 24/04/02 and 03/09/02)

Bertelsmann is on the verge of awarding the mandate for its new Eu2bn facility. After Deutsche Bank and JP Morgan were knocked out of the bidding, final contenders are said by bankers to include ABN Amro, BNP Paribas and Royal Bank of Scotland.

Citigroup/SSSB and National Bank of Greece Capital launched a $350m three year deal for cellular telecommunications company Cosmote into syndication on Tuesday September 24. The facility is split into a $250m term loan and a $100m revolver. The margin moves on a grid according to the company's net debt to Ebitda ratios. For a ratio of between 0.5 times and 1.5 times the deal pays an initial margin of 55bp over Libor. If the gearing falls beneath 0.5 times, the margin drops to 50bp and if net debt to Ebitda rises to between 1.5 times and 2.5 times, the margin is 60bp. For net debt to Ebitda over 2.5 times the margin is 70bp.