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* A team of six analysts and one sales specialist are joining Salomon Smith Barney from Dresdner Kleinwort Benson to form an equity research team to cover the utilities sector. They will report to Richard Dale and Michael Crawshaw, managing directors and co-heads of European equity research. Tony White joins as a managing director. He was global co-ordinator for utilities research at DKB. Peter Atherton will join as a director. Guy Farmer marketed pan-European research for DKB and will join as a director. Daniel Martin and Martin Young join as European utilities analysts. Simon Edric has been appointed vice president and Sven Strasser joins as an associate.

INVESTORS opted for the old economy over the new in the Netherlands this week with a sale of Royal Dutch shares proving successful while internet incubator Newconomy had to postpone its IPO. ABN Amro Rothschild and Dresdner Kleinwort Benson completed the long flagged sale of Royal Dutch Petroleum shares with a Eu496m placement following the break-up of holding company Dordtsche Petroleum.

Market report: Compiled by Glenn Blackley,

SEVEN banks have underwritten a $3.6bn debt financing for packaging company Rexam, which has made an agreed bid for American National Can Group. The seven are ABN Amro (documentation), BNP Paribas, CSFB (documentation), Citibank, HSBC, Lloyds TSB (agent) and WestLB. The facility is divided into a $1.6bn 364 day tranche and a Eu2bn five year tranche.

INVESTORS opted for the old economy over the new in the Netherlands this week with a sale of Royal Dutch shares proving successful while internet incubator Newconomy had to postpone its IPO. ABN Amro Rothschild and Dresdner Kleinwort Benson completed the long flagged sale of Royal Dutch Petroleum shares with a Eu496m placement following the break-up of holding company Dordtsche Petroleum.

SOUTH AFRICA's dominant telco, Telkom, completed its debut Eu500m five year bond issue late last week through lead managers Dresdner Kleinwort Benson and Salomon Brothers International. Offering a healthy yield pick-up on other triple-B rated telcos, the deal overcame volatile market conditions, raising more than had been expected, to become the largest ever African corporate issue.

Denmark LB Kiel is arranging a Eu50m five year revolver for Midtbank.

Market report: Compiled by Vusi Mhlanzi,

* Bradford & Bingley Building Society Rating: A1/A+ (Moody's/Fitch IBCA)

A TUMULTUOUS week on the world’s equity markets threatened to take the sheen off the world’s largest internet company IPO for T-Online when it launched this week.

Allgemeine Hypothekenbank this week struggled to launch a Eu3bn global as swap spread volatility sent investors reeling, disrupting the mortgage bank's extensive preparations for its benchmark. Price talk for the January 2010 issue of the high 40s over Bunds had to be revised to the low 50s on Monday as euro swap spreads followed US spreads wider. At launch on Tuesday leads ABN Amro, Deutsche and Dresdner indicated a spread of 50bp-53bp over the January 2010 benchmark, finally pricing the jumbo at 51bp over on Wednesday.

A TUMULTUOUS week on the world’s equity markets threatened to take the sheen off the world’s largest internet company IPO for T-Online when it launched this week.