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John Marsland has joined Commerzbank Securities in a newly created position as head of portfolio and risk advisory. "We believe clients are going to be increasingly concerned with risk and returns of assets and liabilities," said head of quantitative research Gordon Morrison.

Deutsche Bank launched and closed three large synthetic securitisations this week to clear assets from the group's balance sheet before the quarter end accounting deadline. Together with the bank's Globe 2000-1 securitisation of loans to large corporates, launched on June 16, the spate of deals has transferred around Eu10.17bn of credit risk to the capital markets. The rush to complete the transactions led to brief marketing periods for some of the deals and may have meant Deutsche had to make concessions on price, but the bonds appeared to have sold well at the offered spreads.

Deutsche Telekom almost doubled the size of its planned $8bn bond issue to $14.6bn this week, overcoming fears that the market would have difficulty absorbing such a volume and, by tightening in the aftermarket, raising hopes that the spread widening afflicting the telecoms sector could be capped.

Czech Republic The Ck5bn five year term loan for CRC has been launched into a first round of syndication by arranger HSBC.

* Bayerische Hypo- und Vereinsbank AG Rating: Aa3/A+/AA-