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Battered on all fronts by unpredictable equity markets, volatile swap spreads, and even uncertainty over who they will be working for next week, bankers are looking forward to the coming series of holidays as a chance to escape from the hostile markets of the first quarter. Although swap spreads in the US receded from record highs set mid-week when fears of further US agency credit concerns were raised, the sharp movements in Nasdaq continue to worry market participants. They were left wondering when bond markets will stabilise or find a clear direction.

Merrill Lynch global debt markets head Kelly Martin is set to exploit the hiring of Kleinwort Benson’s TJ Lim by luring more key members of Dresdner’s bond team.

Merrill Lynch global debt markets head Kelly Martin is set to exploit the hiring of Kleinwort Benson’s TJ Lim by luring more key members of Dresdner’s bond team.

After years on the offensive, German mortgage banks are being forced on to the back foot. While issuers of obligations foncières in France are offering investors liquid alternatives, mortgage banking associations across Europe are preparing proposals that could neutralise the competitive advantages that the German Pfandbrief market has long enjoyed.

* Quinten Stevens has been appointed as managing director and head of the US equity capital markets group at JP Morgan. He reports to Tim Main, managing director, global head of equity capital markets. Stevens joined from Salomon Smith Barney, where he worked for three years in TMT ECM. He has also worked for the firm as co-head of the media and communications investment banking group.

Market report: Compiled by Glenn Blackley,

* Kommunalbanken AS Rating: Aaa/AAA

Avinder Bindra was voted in as the new chairman of the Asia Pacific Loan Market Association on Wednesday. He had previously been a member of the APLMA board of directors. Bindra is managing director and head of global loan products for Asia and Japan at Citibank.

As the bidding for the five third generation telecoms licenses continued to escalate beyond all expectations this week, Orange is thought to have increased the volume of its loan facility to support its bid. The mobile phone operator, which is to be divested from Vodafone Airtouch, brought together Chase Manhattan (books), CIBC (documentation), Dresdner Kleinwort Benson (books) and HSBC (agent) to underwrite a £3.5bn loan facility about a month ago.

EASDAQ reported a record first quarter this week, helping its drive to be a stronger contender in the race to create a large pan-European exchange. During the quarter there were five new listings on the exchange, while 19 new stocks were added as part of a move to change Easdaq from simply a new listing exchange to a trading platform for a variety of European and US stocks.

Freddie Mac last week survived debt markets battered by falling stockmarkets and widening swap and credit spreads by successfully reopening its five and 30 year Reference Securities. While other issuers felt it appropriate to postpone their transactions, Freddie Mac stuck to its programme, but sized its deals at the lower end of the range to avoid overwhelming the market at a time when there were question marks over such big supply being absorbed. The January 2005 Reference note was reopened for $2bn and the September 2029 for $1bn.