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Market report: Compiled by Jim Webber, TD Securities, London, Tel: +44 207 282 8216

Canary Wharf Group plc, owner of the Canary Wharf office development in London's Docklands, this week issued its second securitisation of buildings in the complex, using an innovative structure including variable funding notes that could form a new template for commercial property securitisations. Though investors appear to have liked the deal, shaky credit markets denied Canary Wharf the blowout reception that greeted its first securitisation in November 1997.

CREDIT Agricole Indosuez, Goldman Sachs and Morgan Stanley Dean Witter completed the Eu1.85bn sale of Cap Gemini stock by Ernst & Young partners who received the stock as part payment for the takeover of the company's consultancy operations. The shares were priced at Eu173 and yesterday (Thursday) closed at Eu187. The price was a slim discount to the market price but bankers conceded the stock had come off substantially since the deal was announced. When the deal was announced the stock price was around Eu212 and it reached a peak of around Eu350 in March.

DEUTSCHE Telekom (DT) has announced the size of its third equity offering which could raise up to Eu14bn, making it the largest offer yet for the German giant. Barring a market meltdown, bankers are certain of success. However, the funds raised will be substantially lower than the Eu20bn observers were predicting two months ago. Since then, DT's share price has shed 42%.

Czech Republic CRC, the refinery company, is looking for proposals from banks for a new syndicated credit facility.

Poland * BRE Bank International Finance BV

* Bayerische Handelsbank AG Rating: A+

Luxembourg mortgage bank Eurohypo sold the first jumbo covered bond issue under Luxembourg law this week, a Eu1bn five year lettres de gage offering which was priced only marginally wider than the levels available to the borrower in the German jumbo Pfandbrief sector. The triple-A rated deal, lead managed by Barclays Capital and Deutsche Bank, was priced at a spread of 51bp over the Bobl 135, equivalent to 38.5bp over the July 2005 BTAN.

German mortgage bank Eurohypo sold the first jumbo covered bond issue under Luxembourg law this week, a Eu1bn five year lettres de gage offering which was priced only marginally wider than the levels available to the borrower in the German jumbo Pfandbrief sector. The triple-A rated deal, lead managed by Barclays Capital and Deutsche Bank, was priced at a spread of 51bp over the Bobl 135, equivalent to 38.5bp over the July 2005 BTAN.

* Ahold Finance USA Inc Guarantor: Koninklijke Ahold NV

FRANCE Télécom this week finally picked six banks to underwrite a jumbo acquisition financing in a move set to open the bidding contest for Orange of the UK.