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DEUTSCHE Bank stunned the German equity market this week with a block sale of Allianz shares worth Eu2.5bn, the biggest ever block sale in the country. The deal took advantage of forthcoming changes in withholding tax arrangements due to come into effect next year with a forward sale structure. In just over six hours, Deutsche reduced its holdings in Allianz - the largest insurance company in Europe - from 7% to 4.9%.

Deutsche Bank is set to bring another breed of telecoms credit to the already busy market, as FirstMark seeks financing for its launch into Germany. The borrower is tapping the loan market for Eu480m to support its development of wireless local loop technology in Germany. The technology is designed to bring broadband access, replacing the old copper lines used by many small and mid-sized businesses to access the internet. The US company is opening its European operations in Germany, but plans to launch this technology, and others such as digital subscriber lines, and optical fibre lines to other European countries.

A month after luring Andrew Pisker from BNP Paribas as its new head of global markets, Dresdner Kleinwort Benson this week hired two of his colleagues from the French bank, David Ovenden and Sean Park, as well as Stephen West, four months after he left Merrill Lynch. Pisker's arrival at Dresdner had prompted immediate speculation that he would take other members of his team over to the German bank, but West's arrival was a surprise.

ABN Amro Rothschild and Deutsche Bank began premarketing the long awaited Eu3bn IPO of European Aeronautic, Defense and Space Company (EADS) this week, with confidence high among bankers that the deal will be a success. While comparisons have been made between EADS and Finmeccanica (see story below), which had a tricky equity and convertible offering this week, the companies are in different leagues, say bankers close to the transaction.

Croatia Zagrebacka Banka has chosen Bayerische Landesbank, Citibank/ SSSB, Commerzbank, Dresdner Kleinwort Benson and WestLB to arrange a Eu125m three year deal. A small group of banks has been invited to join.

Brazil * Banco ABN Amro SA

* SG brought another HiTEC structure convertible to the market this week, a Eu49.1m issue for French biotech company Genset, which is the first equity linked issue for a European biotech company. The structure, developed for high growth companies, was last used in May for Infogames.

* Bayerische Landesbank Girozentrale Rating: Aaa/AAA/AAA

The Eu30bn acquisition financing for France Télécom is in the market today (Friday), with senior co-arrangers and co-arrangers asked to join the latest super-jumbo financing to follow Vodafone’s Eu30bn credit.

Bahrain Arrangers Arab Banking Corporation, Bankgesellschaft Berlin, Bank of Tokyo-Mitsubishi and National Bank of Kuwait have raised an oversubscription of about 70% for the $100m three year loan for Bank of Bahrain and Kuwait.

A rebound in sentiment towards high yield debt gave Polish telecoms company Netia a lift last Friday, when it successfully sold a Eu200m 10 year issue via Chase Manhattan and DLJ. The transaction was increased from Eu150m and, carrying a 13.75% coupon, tightened from its re-offer spread of 865bp over the Bund after launch. The pricing was 30bp-35bp through Netia's outstanding issue.

A rebound in sentiment towards high yield debt gave Polish telecoms company Netia a lift last Friday, when it successfully sold a Eu200m 10 year issue via Chase Manhattan and DLJ. The transaction was increased from Eu150m and, carrying a 13.75% coupon, tightened from its re-offer spread of 865bp over the Bund after launch. The pricing was 30bp-35bp through Netia's outstanding issue.