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REACTING to the opportunities for fixed income expansion presented by the success of the euro, bulge bracket firms have been hiring heavily in European fixed income sales. Morgan Stanley Dean Witter has recruited a team of five to its fixed income corporate derivatives marketing, bringing the number covering European corporates and sovereigns derivatives up to 20.

Market report: Compiled by Frank Hracs

* Volkswagen Financial Services NV Guarantor: Volkswagen Financial Services AG

DaimlerChrysler has upped the ceiling off its multi-currency CP programme from euro3 billion ($2.58 billion) to euro10 billion. The facility was signed in 1999 and was arranged by Deutsche Bank.

The bulging pipeline of debt that had been spectacularly growing for the past four weeks finally broke over the global capital markets this week. On Tuesday alone, $5bn of new debt was printed in the US high grade sector. There has been prodigious issuance in both the dollar and euro markets with more to come. Ten year dollar swap spreads fell to 124bp over the 5.75% August 2010 Treasury by yesterday (Thursday) afternoon, about 3bp tighter than a week ago. The five year mid-market came to 94.5bp over the 6.75% May 2005 Treasury, almost 2bp tighter on the week.