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Deutsche Bank has integrated its global asset securitisation group into its global credit products group, headed by Thomas Gahan. The five main securitisation teams - ABS, residential and commercial MBS in the US, as well as Europe and Asia - will now report directly to him.

Research reports for Deutsche Post's IPO, expected to raise between Eu5.5bn and Eu7bn, were sent out on Monday, and the planned valuation of the company has already been leaked. A price range suggested in a German daily newspaper of Eu19.8-Eu25.2 per share would be "reasonable", according to a banker on the syndicate. This would give the company a market capitalisation of between Eu22bn and Eu28bn.

Investors will get a fresh opportunity to buy triple-A French debt when Dexia Municipal Agency (Dexia) signs its euro25 billion ($24.32 billion) Euro-MTN programme next week. It will be the ninth triple-A French borrower in the market, and there are rumours that a French government agency is to be signing soon. Dexia is wholly-owned by Credit Local de France (Credit Local) and was formed in July 1999 to take advantage of a change in French law, allowing it to issue obligations foncieres. As a result, though Credit Local is rated Aa1 by Moody's and double-A+ by Standard & Poor's, Dexia's programme carries triple-A ratings from both these agencies and from Fitch IBCA. The programme will be used to fund Credit Local's core business, which is lending to French local authorities. It is possible funds will later be used to finance Credit Communal de Belgique, one of its subsidiaries. Credit Local has an existing euro30 billion Euro-MTN programme, which has $27.67 billion outstanding off 189 issues. A senior official at Dexia says that this programme will still be used. She says: "It depends on the investor. Some investors will probably like the yield pick-up that double-A rated Credit Local will offer. Credit Local is 20% risk weighted compared to the 10% weighting that Dexia carries." Dexia refused to discuss any plans for an inaugural deal but the senior official says that they have a preference for long-dated debt. Outstanding issues of Credit Local's programme are mostly long-dated, with the majority in the three- to six-year sector but over 20% in the nine- to 12-year sector, according to MTNWare. The senior official at Dexia says it will entertain structures especially in the private market to help reduce funding costs. But she says: "We swap all our trades back into Euribor. We don't want any exposure to currency or interest-rate risk. This is how we keep our triple-A rating." Deutsche Bank and Morgan Stanley Dean Witter are joint arrangers. And joining them and the issuer in the 16-strong dealer panel are ABN Amro, Barclays Capital, BNP Paribas Group, CDC Marches, Credit Agricole Indosuez, Credit Suisse First Boston, Commerzbank, Dexia Capital Markets, Goldman Sachs, HypoVereinsbank, JP Morgan, Nomura and SG.

Dresdner Kleinwort Benson and Merrill Lynch this week launched a highly innovative tender for the distressed junior bank debt of Eurotunnel, the French-UK company that operates the Channel tunnel.

Dresdner Kleinwort Benson and Merrill Lynch this week launched a highly innovative tender for the distressed junior bank debt of Eurotunnel, the French-UK company that operates the Channel tunnel.

Croatia The $400m facility for The Republic of Croatia has closed. After a strong response from the market, the deal was heavily oversubscribed and increased from $250m

Germany has churned out its twelfth Euro-CP programme of the year. Dyckerhoff, the cement and concrete producer, will sign a euro500 million ($434.93 million) Euro-CP programme next week. It will be the fifth facility arranged by Dresdner Bank in 2000. Despite a slow Euro-CP market, Luis Rauch, group treasurer at Dyckerhoff, thinks the facility should be well received by the euro and dollar investors that he wants to target. He says: "Our A-2/P-2 ratings should give us the access we want. The ratings take account of our industry and there is no further event-risk for the investor." This is Dyckerhoff's first step into either the MTN or CP markets. It does not expect to issue up to the ceiling of the facility. Rauch says: "Dyckerhoff already has an established name in the long end, so we are now looking at short-term issuance which we will use opportunistically." The dealers are the arranger, ABN Amro, Bayersiche Landesbank, HypoVereinsbank, and Morgan Stanley Dean Witter. It is the first Euro-CP dealership that HypoVereinsbank has been awarded this year.

The European Investment Bank once again failed to impress the investment banking community with its EARN programme, choosing timing, pricing and a bidding process which market participants considered ill advised. The Eu3bn 10 year EARN was awarded as a result of a competitive bidding contest among the bank's primary dealers. A spokesman for one of them described the process as a return to the bad old days of the Marchat era. "We were sent an e-mail during the week saying that the EIB wanted Eu3bn 10 years at Euribor minus 10bp/12bp and we were asked to sign on the dotted line. We thought those days were long gone."

Latin America's new issue market ground to a halt this week as volatile US equities and Middle East concerns hit the asset class. The only deal announced during the week was a Eu200m five year offering by Caracas based Supranational, Corporacion Andina de Fomento, which will begin roadshows on the week of October 23 via underwriters Deutsche Bank and Lehman Brothers.

Lebanon * Republic of Lebanon

* European Investment Bank Rating: Aaa/AAA

Gilles Martin will not be cashing in on the success on the food analysis company he founded when it completes its dual listing on the Neuer Markt at the end of this month. Although the Nouveau Marché-listed company, Eurofins Scinentific, is expected to raise about Eu40m with a secondary issue simultaneous with the listing, bankers had a tough job even persuading him to contribute to the greenshoe.