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* The Eu65m IPO of United Medical Systems was priced at the top of the Eu21-Eu24 range this week. The WestLB-led deal was well oversubscribed, and closed the first day of trading on Monday at Eu26.7, up 11% from the issue price. Of the 2.4m shares issued, 13% were allocated to retail investors. More than 50% went to German institutions, and the rest to institutions in the UK, the US, Switzerland and France. A greenshoe of 300,000 shares remains.

Moody's Risk Management Services (MRMS) has hired Greg Gupton from JP Morgan as a senior analyst to lead a research team studying losses resulting from corporate defaults. During his 14 year career at JP Morgan, Gupton was, according to Moody's, the "originator, designer and manager" of CreditMetrics, the bank's proprietary software system for modelling value at risk in credit portfolios, taking into account correlations. Most recently he was vice president, credit risk principal at JP Morgan Investment Management, providing investment management consulting services.

Lithuania Lithuania has mandated Credit Suisse First Boston and Deutsche Bank for a Eu50m tap of its Eu250m five year bond issue launched by the same arrangers in February.

* Lehman Brothers has bought SG Cowen's US brokerage business. The move gives Lehman Brothers a further $10bn in assets under management and some 60,000 high net worth accounts. The terms of the transaction have not been announced. Over the last 18 months, Lehman Brothers has added 50 investment representatives to its private client group, including the London private client business of CIBC Oppenheimer. The acquisition of the SG Cowen business will increase that number by 130 representatives.

QBE INSURANCE Group tapped the markets this week, in a long maturity subordinated issue that provides further proof of the growing diversity and complexity of the Australian corporate debt market. The company made its market debut through a euro and Australian dollar sub debt Eurobond, the first sub debt transaction with a 20 year maturity from an Australian non-governmental institution.

US automotive parts manufacturer RJ Tower Corp achieved tight pricing versus US comparables on a Eu150m seven year bond issue. It was sold on Wednesday with a 9.25% coupon. The Ba2/BB+ issue, which was jointly lead managed by Bank of America and Chase Manhattan, was marketed with a 9%-9.25% coupon range. The pricing translated into a spread of 400bp over the 10 year Bund.

Finland Lead arranger and bookrunner Citibank/SSSB held a bank presentation in Helsinki on Wednesday for the launch of syndication of a Eu1.2bn acquisition facility for Metso Corporation, the Finnish systems group.

SG Cowen Securities is looking to bolster its European high yield effort through new hirings, along with a stronger presence on the ground. Neil Parekh has been named head of global high yield sales and trading, and although based in New York, will divide his time between the US, London and Paris.