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Swiss employment agency Adecco (Baa2/BBB+) has begun the roadshow for its Eu300m-Eu500m five or six year senior debt issue, which is due next week.

ANZ Investment Bank has expanded its global structured finance group with two newly created senior positions.

Mandated arrangers Deutsche Bank (bookrunner) and Landesbank Baden-Württemburg (information memorandum) have signed banks into the debut Eu200m and $100m credit facilities for Dürr AG. The loans were oversubscribed by 70% and consequently the 22 participants had their allocations scaled back.

Australia Downer Group, an engineering company specialising in infrastructure, mining and resources, plans a A$150m three year fundraising through arranger BA Asia.

France Télécom's Orange IPO dominated the capital markets this week as, within two days of trading, the share price plummeted 13%. The French company's woes were completed when Moody's downgraded its credit two notches to A3, driving its spreads 5bp to 10bp wider. However, the difficult conditions for issuance have not deterred European telecoms credits from lining up further offerings. While Telecom Italia is expected to launch its multi-tranche transaction soon, Deutsche Telekom will next week issue more than ¥100bn in the Samurai market in a four tranche offering. The company is considering issuing ¥40bn of three year fixed rate bonds at 90bp-100bp over Libor, ¥30bn of five year bonds at 100bp-110bp, ¥10bn of seven year bonds at 120bp-130bp and ¥20bn of three year FRNs at 90bp-100bp. Subject to demand, the overall deal size could be increased to ¥200bn. Daiwa SB Capital Markets and Mizuho Securities have the mandate.

Nordic Investment Bank has dropped Lehman Brothers as a dealer from its euro10 billion ($9.18 billion) Euro-MTN programme. Barclays Capital, HSBC and Royal Bank of Canada have been added to the dealer panel.

Lead arrangers ANZ, as global co-ordinator, and Arab Banking Corporation have launched the sub-underwriting syndication for the Barka Independent Water and Power Project.

* BfG Hypothekenbank Amount: Eu200m Hypothekenpfandbrief series 139

Investors responded positively this week to the Eu84m capital increase of the best performer on France's Second Marché, Pinguely-Haulotte, allowing lead banks to price the deal at a slight discount to the closing price. Crédit Agricole Indosuez and Deutsche Bank led the 10% capital increase along with HSBC-CCF, which acted as co-lead.

Polish officials today (Tuesday) highlighted the economic and market reforms that have contributed to the country’s rapidly growing economy and bond market in a workshop at the Euromoney International Bond Congress.

* Bayerische Landesbank Girozentrale Rating: Aaa/AAA/AAA

OPP Quimica, the Brazilian petrochemical company, has postponed its planned $200m five year bond issue in the hope that there will be further spread tightening in the Latin dollar bond market in the weeks ahead. The deal, led by Bear Stearns, was scheduled to be priced on Tuesday, but the recent bout of profit taking in the emerging debt markets sent indicated pricing above OPP's price guidance of a yield of 12.5%-12%.