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John Marsland has joined Commerzbank Securities in a newly created position as head of portfolio and risk advisory. "We believe clients are going to be increasingly concerned with risk and returns of assets and liabilities," said head of quantitative research Gordon Morrison.

Deutsche Bank launched and closed three large synthetic securitisations this week to clear assets from the group's balance sheet before the quarter end accounting deadline. Together with the bank's Globe 2000-1 securitisation of loans to large corporates, launched on June 16, the spate of deals has transferred around Eu10.17bn of credit risk to the capital markets. The rush to complete the transactions led to brief marketing periods for some of the deals and may have meant Deutsche had to make concessions on price, but the bonds appeared to have sold well at the offered spreads.

Deutsche Telekom almost doubled the size of its planned $8bn bond issue to $14.6bn this week, overcoming fears that the market would have difficulty absorbing such a volume and, by tightening in the aftermarket, raising hopes that the spread widening afflicting the telecoms sector could be capped.

Czech Republic The Ck5bn five year term loan for CRC has been launched into a first round of syndication by arranger HSBC.

* Bayerische Hypo- und Vereinsbank AG Rating: Aa3/A+/AA-

The Eu30bn jumbo acquisition financing for France Télécom has blown out. It has raised over Eu70bn in the co-arranger phase - an oversubscription of around 150%. Eight banks were unable to join the facility, several because they were unable to make the strict deadline rather than because they chose not to do the deal. Consequently, there are 53 banks, including the six arrangers, in the deal.

ABN Amro Rothschild, Credit Suisse First Boston and Lazard launched the £1.5bn IPO of Granada Media this week to strong interest from investors. Bankers said the deal was already covered, even though pricing is not due until July 11. "Demand for one-on-one meetings has been phenomenal," said a banker. Trading will begin on July 18.

SYNDICATION of the Eu6bn loan for Belgian brewing company Interbrew closes today (Friday) after a rocky ride through the upper level of syndication. Lead arranger ABN Amro is looking for between eight and 10 banks to share the underwriting, and has imposed an ambitious timetable so it can shift the bulk of the underwriting off its balance sheet by mid-year.

The Chinese government successfully completed its plans to tap the yen market this week, issuing its first Samurai for five years and demonstrating that the Japanese appetite for quality foreign borrowers remains strong. The bond, rated A3/BBB, was at the lower end of bankers' expectations, which had been for an issue of ¥40bn-¥50bn. The ¥30bn transaction was priced at par with a spread of 40bp over Libor. Launched by Merrill Lynch Japan and Nomura Securities, the issue has a 1.72% coupon.

Brazil Bank of America is in the market with a $175m two year USCP backup facility for Banco Santander Brasil SA.

Ireland's largest building society, EBS, launched its first securitisation this week with a Eu495m residential mortgage deal, Emerald Mortgages No 1 plc, lead managed by UBS Warburg. EBS Building Society is one of the top six mortgage lenders in Ireland, with a 14% market share. Jackie Gilroy, general manager of property finance at EBS in Dublin, said that owing to Ireland's rapidly growing housing market, the building society had been forced to seek new forms of funding.

Lehman Brothers has appointed Richard Parkhouse as managing director and head of global business strategy for the equities division. Based in London, he reports to Roger Nagioff and Rob Shafir, co-heads of global equities. "The Lehman equities business has expanded dramatically during the last two years under what is clearly a formidable management team," said Parkhouse. 'This business has executed a clear strategy and has been doing extremely well to meet the unprecedented opportunities created within global equities as market dynamics and economics have changed."