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DEUTSCHE Bank has completed the set up of its global loans team after its merger with BT Alex Brown officially took place last week. In New York, Kevin Sullivan takes over as managing director and head of loans, responsible to North American and Latin American business. He was previously managing director and head of loans at BT Alex Brown in New York. W Jefferson Stuart, managing director and head of US loans at the old Deutsche Bank will report to Sullivan.

Dollar swap spreads ended the week better bid, with the 10 year swap at about 79.5bp and the five year sector trading yesterday (Thursday) at 66.25bp. Dollar bond spreads moved out in line with widening corporate secondary spreads. On Thursday, US corporate secondary paper worsened by about an average of 3bp; the agency sector was particularly badly hit, with spreads to swaps tightening to what dealers said were historical lows.

Deutsche Telekom's Eu10bn capital increase has got off to a flying start, with the share price rising strongly this week on the back of an enthusiastic response to the start of the pan-European retail offer. The structure marks the first time that a vendor has attempted to reach retail investors throughout the eurozone in this way. The syndicate for the retail offering is hefty, comprising 29 regional co-lead managers and co-managers.

Czech Republic Expect more news next week of a DM100m non-recourse project finance deal for a Czech manufacturing corporate. The 8-1/2 year deal is arranged and fully underwritten by RZB and the corporate will be joined by close relationship banks.

Argentina n Republic of Argentina

Euroweek hears that Alan Tate is to leave Rabobank to join WestLB's London syndications team.

UK utility PowerGen highlighted the potential benefits of euro issuance for UK corporates this week when it successfully placed a Eu500m 10 year issue with European accounts, while funding itself inside the levels available in the sterling market. Many UK corporates have traditionally relied on their home market for funds, but dependence on the narrow market dominated by the powerful sterling investor base has pushed up funding costs for repeat borrowers.

CONVERTIBLE investors had a huge variety of new issues to choose from this week with deals from blue chip issuers, small cap groups, established emerging market names and sovereign borrowers. Traders say the convertible market will provide investors with all the paper they want in the next two months as issuers seek to execute their funding plans and vendors seek to use the current strong, if volatile, stockmarkets to raise cheap debt and monetise investments.

Norway Fees on offer for banks joining the Eu75m five year revolver for SpareBank1 Vest are 8bp for senior lead managers taking Eu7.5m, 6bp for lead managers taking Eu5m and 4bp for managers taking Eu2.5m.

Deutsche Bank is on the verge of launching its first leveraged, synthetic collateralised loan obligation, to reduce regulatory capital held against loans to high quality corporates in the US, UK and Canada. The deal will reference 330 assets on Deutsche's balance sheet, worth $5bn - the bank will transfer the most senior tranche of risk through a credit default swap, while another such swap lays off the junior element to a special purpose vehicle, Blue Stripe.

UK catalogue retailer Great Universal Stores this week executed a £380m auto loan securitisation, as the second stage of a plan foreshadowed in February 1998 when the company bought its rival Argos for £1.67bn. "We put in a £1.6bn short term facility to finance the acquisition, and it was always our intention to refinance it at longer maturities," said David Bury, group treasurer and commercial director of GUS in London. "We have now refinanced half of it, and are talking to both the major rating agencies about an unsecured rating, with a view to accessing the European or American bond markets."

UK centralised lender The Paragon Group of Companies, the most prolific asset backed issuer in Europe over the last 13 years, this week inaugurated a revamped securitisation programme, designed to enhance its appeal to investors and shake off the last vestiges of association with the underwriting and delinquency problems that dogged the company in the early 1990s housing recession. JP Morgan lead managed a £185m mortgage deal, Paragon Mortgages No 1 Plc, that introduces a new asset specific branding for Paragon's deals. For the last two years the company has securitised mortgages, car loans and consumer loans through its Finance for People programme.