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Deutsche Telekom has issued its seventh yen trade of the year: a one-year ¥10 billion ($90.13 million) note that pays a single final coupon of 0.45%. All of the borrower's yen notes have been in the one-year sector. And since the begginning of this month Deutsche Telekom has issued five yen tickets that total ¥28.5 billion. The rest of the issuer's notes in 2001 have all been one-year euro trades.

Deutsche VerkehrsBank has added itself as a dealer to its euro3 billion ($2.65 billion) debt issuance shelf.

Friday, May 11 - Harry's Bar, New York Is Bob Diamond at Barclays Capital about to conduct Ram-Raid II after failing by a whisker to snatch almost the whole of CSFB's high grade fixed income group in New York? As a spectator attraction, the event drew a larger audience than the flower people at the Woodstock Festival in 1967. In the grand amphitheatre of Central Park, it looked as if Bob Diamond, a renowned streetfighter, had the upper hand and CSFB's chairman and CEO Al 'Weetabix' Wheat by the short and crinklies.

The latest Federal Reserve rate cut and rallying equity markets further boosted an already booming US corporate bond market this week, enabling issuers such as Ingersoll Rand and National Rural Utilities - both of which are on negative credit outlook - to launch successful global bonds. National Rural, a co-operative financing vehicle for various US rural energy utilities, launched a $1.5bn five year global at 115bp over Treasuries via JP Morgan and Lehman Brothers. The deal was increased from $1bn and tightened to 110bp bid when it was free to trade.

Dollar swap spreads inched down much of this week, once again chiefly as a result of the impact of swapped new issuance. Though the flow of debt was less overwhelming than it has been for the last couple of weeks, it remains the dominant influence upon swap spreads. By yesterday (Thursday) the 10 year swap spread was trading at around 77bp over Treasuries while the five year swap spread was 72.5bp over the new 4.625% Treasury due May 2006. These levels are about 3bp and 5bp narrower, respectively, than the levels that prevailed a week ago.

Dresdner Kleinwort Wasserstein (DrKW) has made several appointments to its North American equities operation. Jim Miller joins as a new co-head for global equity capital markets (ECM), with responsibility for North America. He will work alongside existing global ECM co-heads Andy Edmond in London and Sven Peter in Frankfurt. Miller's previous post was co-head of US ECM at Lehman Brothers.

Croatia DePfa Investment Bank, Mizuho (Fuji), WestLB and Zagrebacka Banka have been mandated to arrange a Eu30m five year loan for the City of Zagreb.

Elior, the French concession catering company, has started roadshows on what could be a combined equity and convertible offering worth Eu380m. Deutsche Bank and Morgan Stanley have been mandated to lead the placement of 17m Elior shares, which, at the share's close yesterday (Thursday) of Eu13.4, would raise Eu230m. Bookbuilding began on Monday and ends on May 22 when the deal will be priced.

Dresdner Bank yesterday (Thursday) launched a Eu1bn collateralised loan obligation backed by loans to small and medium sized corporates (Mittelstands) in Germany under Kreditanstalt für Wiederaufbau's (KfW) Promise programme. Lead managed by Dresdner Bank, the Promise scheme was devised by KfW to increase capacity for lending to Germany's many Mittelstands.

Abbey National, the UK's second largest mortgage bank, launched a £2.2bn securitisation of mortgages this week, its third from the innovative master trust vehicle it created in June last year. Lead managed by Credit Suisse First Boston and Salomon Smith Barney, the deal, which actually offered $2.18bn and Eu879m, was once again a hit with investors on both sides of the Atlantic.

Deutsche Bank and Merrill Lynch this week launched the second Portuguese deal of the year with a Eu1.1bn collateralised bond obligation for three Portuguese banks and asset managers. Banco Comercial Português, Espírito Santo Fundos de Investimento Mobilário (ESAF) and AF Investimentos Gestão de Patrimonius (AFI) provided a portfolio of 117 credits, combining Portuguese bonds and Eurobonds.

An $8.8 million chunk of Mariner Post-Acute Health Network's bank debt traded at 54-55 on Monday, up from most recent levels of 52-54. Dealers also report that 360networks' bank debt took a 10-point blow into the low 40s today on news that its earnings were slashed.