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Market report: Compiled by Glenn Blackley, RBC DS Global Markets, Australia. Tel: +61 2 9373 0431

DRESDNER Kleinwort Benson and Schroders overcame investor apathy for non-tech stocks this week when they priced Techem's Eu163.4m Amtlicher Handel IPO at the top of the range. The German measuring device firm impressed investors with its strong earnings background and substantial upside. As a result, the deal was over three times covered, according to bankers.

* AIG SunAmerica Institutional Funding II Rating: Aaa/AAA

THE queue of central and eastern European sovereigns set to tap the international bond markets continued to lengthen this week. A growing number of governments from the region are looking to capitalise on the strong secondary market performance of their outstanding bonds to secure competitively priced funding in the new issue markets.

Basel El Hini is to join ABN Amro as head of the bank's structured finance operations and as deputy country manager in Egypt. He reports to Barend Janssens, who is ABN Amro's head of structured finance for the Middle East and Africa. El Hini joins from Apicorp, where he worked for nine years. His last post was as head of the Middle East and North Africa group on the project and trade finance team.

THE LATEST French jumbo facility to hit the loan market shows a return to the slim pricing common to this market where the borrower has been traditionally able to lean on domestic and relationship banks. Carrefour, the supermarket chain, is tapping the market for a Eu1.5bn five year revolver through arrangers BNP Paribas, Barclays and Citibank.

CARRIER1 broke new ground this week with the largest Neuer Markt IPO to date, which achieved an oversubscription rate of 30 times despite pricing at the top of a raised range. The Eu937.9m dual listing rocketed by more than 50% on its Nasdaq debut yesterday (Thursday) closing at Eu135 from an issue price of Eu87. Morgan Stanley Dean Witter and Salomon Smith Barney were joint bookrunners and joint lead managers for the sale.

THE queue of central and eastern European sovereigns set to tap the international bond markets continued to lengthen this week. A growing number of governments from the region are looking to capitalise on the strong secondary market performance of their outstanding bonds to secure competitively priced funding in the new issue markets.

* Bayerische Landesbank Girozentrale Rating: Aaa/AAA/AAA

* Bayerische Landesbank Girozentrale Rating: Aaa/AAA/AAA

DOLLAR SWAPS traded erratically in thin and illiquid markets this week. Intra-day swings of 4bp-5bp were not uncommon. By yesterday, (Thursday) the 10 year swap spread was out to 105bp over the new 6.50% February 2010 Treasury, while the mid-point of five year swaps was 78.5bp over the 5.875% November 2004 Treasury. Further down the curve, the mid-point of two year swaps was around 59bp over the 6.375% January 2002 and around 69.5bp over the interpolated curve for three years. Yesterday (Thursday), swap spreads crumpled in the early morning session, but were bid up later in the day as the Dow Jones Industrial Average lost another 200 points. This pattern was typical of the week.

Royal London has offered £1.6bn in cash for United Assurance in a move that further consolidates the pensions and insurance sector in the UK. In order to support the deal, the borrower has turned to the loan market and has mandated Dresdner Kleinwort Benson to arrange a facility worth £400m.