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Josef Nägel, the man who has been running the Neuer Markt for the last 2-1/2 years, left the Deutsche Börse this week after surprising the markets with an abrupt resignation. Nägel's last day was last Friday. Nägel, 40, was head of primary markets at the Börse, meaning that he ran the Neuer Markt and the Smax small-cap segment. He was instrumental in the meteoric rise of the Neuer Markt from its foundation in March 1997. Although the Nemax all-share performance index has fallen 45% since it was at 8,583 in March, the high growth exchange is gaining international acclaim as more companies from outside Germany list on it. As Nägel told EuroWeek in July:

The prospect of further consolidation in the cement sector arose last week as bankers speculated that there could be a bidding war between Lafarge SA and Holderbank Financière Glarus AG for Cimpor SA, and with Cemex's acquisition of Southdown Inc. Holderbank (unrated) bought a 2.6% stake in Cimpor (BBB+) from the Brazilian cement group Camargo Correa, after a joint bid with Semapa was rejected by the Portuguese government in August. Holderbank may now seek to form an alliance with Banco Comercial Portugues and Teixeira Duarte.

And then there were two. Frair Appelby-Walker has jumped ship, leaving the Barclays MTN desk looking rather sparse with only Apostolos and a chum to man the decks. Rumour has it Frair could be popping up on another MTN desk in Canary Wharf soon, but Leak doesn't want to Witter on about it. And MSDW's Klaus and friends claim to know nothing. Not being one to hang about, the ex-Barclays gal had a leaving party in Canary Wharf last night, with, among others, CSFB's CP-er Louise Mason who left Barclays a month ago. But the camera-shy girls were on the lookout for the Wharf's yellow canary, who often flies in to be photographed with leavers. CSFB's Simon Hill wasn't there to defend Louise and the others from the Wharf's big bird as he was clinking champagne flutes with JP Morgan's party girl Gayle down at Kensington Palace. This was the venue for Nordic Investment Bank's annual bash, courtesy of the Norwegian ambassador - as if MTNers aren't spoilt enough. Goldman Sachs has finally got its act together. The desk has been in limbo since Carolyn Coombs left before Christmas. But Alexis Renard is set to announce the new line-up today, so watch this space. And congratulations go to Luca Favero of Lehmans who tied the knot earlier this month. No doubt there'll be a few hearts breaking in the market. Will Leak ever find a MTN pin-up to replace him?

Now that Deutsche Bank won't be trading any yen for a few weeks, MTN-ers Alex Haidas and Henry Nevstad decided to fly off to Greece for a quick fix of sun and olive oil. Also flying in to the land of feta, was Lehman's Julia Ward on one of her regular Hellenic stop overs. She went to see her future hubby, the shipping lawyer who's posted out there. And Apostolos Saflekos, Barclays' one man MTN desk, was back home. Is some secret trading going on in Greece that Leak should know about? No doubt duty-free ouzo will be drowning the sorrows of desperate Deutsche traders missing their yen. IBJ has been out with the tomahawks, hunting a head for its MTN desk. They even tried to recruit ex-Sumitomo trader Kirsty Traill, who is far too happy out of the market to want to work for small fry. And Chase are still looking. Rumour has it they had Bruce Cairnduff in mind. They considered it for a while, then thought better of dragging him away from his race horses and his lap-dancing club. Some serious recruitment is still in order. Leak suggests that the Greek beaches might be a good place to start looking.

Dealers can breathe again. Andrew Moorfield, the bolshy funding man at Diageo, has decided that being voted most difficult issuer is the pinnacle of his treasury career. Today is his last day at the burger 'n' booze conglomerate. Those of you wondering what can possibly beat shouting down the phone to a bunch of MTN dealers may care to look at bfinance.fr, which is an internet business-news service. The top story on Tuesday was a profile of the bulldog himself which, though Leak's French is a little rusty, seemed to suggest Moorfield is nothing short of a god. Some mistake surely? Not when you realize that his next job is running . . . bfinance.co.uk. Good to see old fashioned self-aggrandizement is alive and well. And from worst to best, the top issuer SNS Bank's yacht race for its dealers wasn't quite the treat planned. For Merrill's Dean 'the dog' Fogg, MSDW's Klaus Svendsen and Gavin Eddy of Warburg it was more of an ordeal. The SNS boat got landed with the skipper from hell - a hardy Frieslander who took an instant dislike to Gavin. All the keeling and tacking was just a little too much for the landlubber trader who was even more horrified by the skipper's suggested cure for blisters - warm urine. Gives Leak table a whole new meaning . . .

Poor DLJ's Matt Carter has not been getting much sleep since the arrival of his new twins. And to add to the pressure he's been promoted to head of financial institutions. So, alongside his current responsibilities as head of syndicate and MTNs it looks as if he's practically running the bank. Maybe Tony Blair could give our Matt some advice on blagging some paternity leave? Still basking in its glory as best issuer ever, SNS is throwing a party for its loyal dealers in Holland this weekend. Traders taking up the freebie of a sailing expedition are Merrill's Dean the dog Fogg, Warburg's Gavin and MSDW's Klaus. But the party means they'll miss the last flight back to London and have to stay in Amsterdam. Could be quite expensive paying for those rooms by the hour lads... And Deutsche's Chris Jones had a narrow escape on his recent holiday in Fiji. When a major political coup looked likely to spoil his relaxation, the defiant MTNer fled to the nearby Solomon Islands - good choice Chris. It seems Chris was still in holiday mode on his return to work. Vicious rumours are that he lowered the tone in a grass skirt and pair of sandals. Although Leak doesn't believe Deutsche's dress-down rules could possibly stretch that far.

There is a certain market player who has far too much time on his hands. A friend of the Leak table, who insists on reporting undercover, happened to be passing a television when Points of View came on. For those uninitiated few, this programme allows members of the public to trumpet their opinions on any television programme. Our hack was surprised to hear a familiar voice complaining about the axing of "King Solomon's Mines". The concerned MTNer was none other than the one-time big cheese at HSBC, Keith Phair. Has it come to this? We all presumed MTNers lead hectic social lives. But if consumer affairs programmes are all they are interested in, then they should at least try to keep their habit a secret. Remember, the Leak table has eyes and ears everywhere. Nobody is safe. Big news of the week is that Klaus from Merrills has resigned. The young Scandi dealer has moved to another US bank but his new job should still keep him involved in MTNs. Mike Bransford, a Merrill structured finance man, has stepped into his quite formidable shoes.

Leak, along with many dealers, was rather alarmed to come into work last Friday to find some dried fish on its desk. And, no, it wasn't a protest from Lehmans, complaining about how far it has slipped down the league tables. It was a gift from our favourite Arctic issuer, FBA Icelandic Investment Bank. The bank is apparently sponsoring a polar expedition, although Leak is sure the fish is just a way of telling its dealers what it really thinks of them. And it seems there are only so many darkless nights an Icelander can take. Sigurdur Nordal, who sports the market's most remarkable haircut, has left FBA's treasury in the capable hands of Ingvar Ragnarsson, as he is moving to FBA's new private banking arm, based in sleepy Aylesbury in the UK. Issuers seem to be increasingly of the opinion that if you can't beat 'em, join 'em. Nordic Investment Bank's Ulrik Ross is defecting to Merrills in London where he will be working in Nordic origination. And Tarik Senhaji, who worked with John Borthwick at the IFC, has moved to Paris to join SG's MTN desk. And Lehman Brothers hasn't wasted any time in finding a replacement for Luca. Anton Douglas, from Bank of NZ, is set to join Julia and Brian on the desk in June.

As one of the biggest mouths in the MTN world, Bruce Cairnduff has always been dear to Leak's heart. But just when we thought he was happy with his bloodstock lot he's resurfaced again. He's one of those behind entrust, the company that offers you a personal management consultant (PMC) for a mere £

Ex-Barclays trader Frair Appleby-Walker has finally resurfaced after a month out of the market. And she's ended up right where Leak said she would: at Morgan Stanley. Not a minute has been wasted in putting her to the grindstone: after just one week, she's already having to pitch up on Sunday to help the bank relocate across the road at Canary Wharf and get Klaus' equipment up and running. And talking of office moves, the BNP Paribas merger was finally made official on Wednesday this week. So Paribas' Daniel Cogoi will no doubt be clearing some space on the desk for their expanding team. And Sigurdur Nordal, FBA's ex-treasurer, has been replaced by Bill Symington, previously of Bank of Austria. The two toasted the Islandsbanki merger this week with an afternoon champagne party in central London. All present, including Daiwa's Cheiko Takenaka, were delighted with yet another baffling freebie from FBA: a beautifully framed fish-hook. Now we can catch our own dried fish.

If you think we've seen the last of him, think again. Yes, the eminent Bruce Queenpuff....ahem, Cairnduff, is back with a big return to sender stamped on his passport. Were the bright lights of New York outshining the MTN superstar? Did the yanks not let him get a word in edgeways? Hardly. Apparently, someone didn't realize that the whizz kid is really just another paddy who needs a proper visa, same as the rest of us. Nevermind Bruce, don't let that put you off. At least running around like a blue-arsed fly for Deutsche beats playing solitare at Sumitomo, eh? And just what does one do if invited to an Alpine evening, if you don't mind us asking? Yes, the IPA crowd at Citibank have set the standard for the party season, after it hosted such a bash last night at Stationers' Hall. What a treat it would have been to see such prestigious figures as Conor Gallagher or Mike Dillon dressed in lederhosen and yodelling with tankards of beer spilling around them. As usual, a reward will be given for photo-graphic evidence.

Skoda Auto, Volkswagen’s Czech subsidiary, launched a Ck10bn ($240m) three tranche bond issue yesterday (Thursday) — the largest ever locally denominated and publicly listed domestic corporate bond from central Europe.