RLPC-UPDATE 1-Integra Telecom reduces 1st-lien loan, delays deal

(Reuters) - The first-lien loan is part of Integra Telecom's $1.25
billion acquisition financing. The company is implementing a
number of changes to the deal in order to make the overall
financing attractive to lenders.




The financing is led by Deutsche Bank, Morgan Stanley and
CIBC World Markets and backs the acquisition of Eschelon
Telecom .


Read more at Reuters.com Mergers News

European Stocks May Drop, Led by Credit Suisse, Deutsche Bank, Infineon

(Bloomberg) -- European stocks may fall for a fourth
day on concern that financing difficulties in the credit market
will stifle mergers and acquisitions.

Credit Suisse Group and Deutsche Bank AG may follow their
U.S.-traded securities lower. Infineon Technologies AG, Valeo SA
and LVMH Moet Hennessy Louis Vuitton SA may drop after earnings
missed analysts' estimates.


Read more at Bloomberg Stocks News

Corporate Bond Risk Soars on Absolute Hedge Fund Loss, Failed Buyout Loans

(Bloomberg) -- The risk of owning corporate bonds
soared after a hedge fund co-owned by ABN Amro Holding NV's
Australian unit suspended withdrawals and investors shunned
buyout debt in the U.S. and Europe, credit-default swaps show.

Contracts on 10 million euros ($13.8 million) of debt
included in the iTraxx Crossover Series 7 Index of 50 European
companies rose 36,000 euros to 400,000 euros, according to
JPMorgan Chase & Co. The cost of the credit-default swaps, used
to bet of the ability of companies to repay debt, is the highest
in more than two years. The U.S. benchmark CDX Investment Grade
Index jumped $6,000 to $62,750, Deutsche Bank AG said.


Read more at Bloomberg Bonds News

European Stocks May Drop; Credit Suisse, Allianz, Atos Origin Might Fall

(Bloomberg) -- European stocks may fall after U.S.
benchmarks tumbled the most in four months yesterday on concern
defaults on home loans are rising.

Credit Suisse Group, Allianz SE and Royal Bank of Scotland
Group Plc might drop after their U.S.-traded securities declined.
Atos Origin SA may also slide after Deutsche Bank AG recommended
selling shares in France's second-largest computer services
company. GlaxoSmithKline Plc may be active before its second-
quarter earnings report.


Read more at Bloomberg Stocks News

AstraZeneca seen frontrunner to buy Acadia drug

(Reuters) - LONDON, July 20 - AstraZeneca Plc is a frontrunner to buy rights to U.S-based Acadia Pharmaceuticals Inc.'s experimental schizophrenia drug pimavanserin, the Anglo-Swedish group's house broker said on Friday.



Mark Purcell, an analyst at Deutsche Bank, believes AstraZeneca is in a strong position to license the product, which is also known as ACP-103, in the second half of this year.


Read more at Reuters.com Mergers News

AmeriCredit prices $1.5 bln in asset-backeds

(Reuters) - Lead managers on the transaction are Barclays Capital,
Credit Suisse and Deutsche Bank Securities. The co-managers are
JPMorgan, Lehman Brothers, RBS Greenwich Capital and UBS
Investment Bank.




Read more at Reuters.com Bonds News

PetroChina's Share Rating Is Raised by Deutsche on China Share Sale, Oil

(Bloomberg) -- PetroChina Co. had its stock rating
raised by Deutsche Bank AG because climbing oil prices and a
Shanghai listing by the nation's biggest oil company are likely
to prompt further gains in its shares.

The stock was upgraded to ``buy'' from ``hold'' and the
target price increased to HK$13.38 from HK$12.21, Deutsche Bank
analysts David Hurd and Christine Pu wrote in a research note.


Read more at Bloomberg Emerging Markets News

German Stocks Including Deutsche Bank Advance; Siemens Shares Retreat

(Bloomberg) -- German stocks including Deutsche Bank
AG, Allianz SE and Bayer AG rose. Volkswagen AG climbed after the
carmaker said it expects to boost sales in China. Siemens AG
paced falling shares.

The DAX added 5.25, or less than 0.1 percent, to 8098.02 at
1:07 p.m. in Frankfurt. DAX futures expiring in September were
little changed at 8155. The HDAX Index of the country's 110
biggest companies gained less than 0.1 percent.


Read more at Bloomberg Stocks News

Rio Tinto May Borrow as Much as $40 Billion to Finance Alcan Acquisition

(Bloomberg) -- Rio Tinto Group will borrow as much
as $40 billion to finance the acquisition of aluminum producer
Alcan Inc., according to Moody's Investors Service.

Rio Tinto, the world's third-largest mining company, hired
Royal Bank of Scotland Group Plc, Deutsche Bank AG, Credit Suisse
Group, and Societe Generale SA to finance the $38.1 billion deal,
the London-based company said today in a statement. The all-cash
offer for Montreal-based Alcan will be funded from banks, Moody's
said, which would make it the second-biggest loan in Europe.


Read more at Bloomberg Bonds News

Rio Tinto May Borrow as Much as $38 Billion to Finance Alcan Acquisition

(Bloomberg) -- Rio Tinto Group may borrow as much
as $38 billion, the second-biggest loan in Europe, to finance
the acquisition of aluminum producer Alcan Inc.

Rio Tinto, the world's third-largest mining company, hired
Royal Bank of Scotland Group Plc, Deutsche Bank AG, Credit
Suisse Group, and Societe Generale SA to finance the deal, the
London-based company said today in a statement. The all-cash
offer for Montreal-based Alcan means the company may use bank
loans to finance the entire deal.


Read more at Bloomberg Bonds News

Subprime Losses Devastate Mortgage Securities as Moody's, S&P Say No More

(Bloomberg) -- On Wall Street, where the $800
billion market for mortgage securities backed by subprime loans
is coming unhinged, traders are belatedly acknowledging what
they see isn't what they get.

As delinquencies on home loans to people with poor or
meager credit surged to a 10-year high this year, no one buying,
selling or rating the bonds collateralized by these bad debts
bothered to quantify the losses. Now the bubble is bursting and
there is no agreement on how much money has vanished: $52
billion, according to an estimate from Zurich-based Credit
Suisse Group earlier this week that followed a $90 billion
assessment from Frankfurt-based Deutsche Bank AG.


Read more at Bloomberg Bonds News

European Stocks Advance in Quarter; Total, Linde, Swatch Pace the Gains

(Bloomberg) -- European stocks headed for a fourth
consecutive quarterly advance on speculation companies will keep
increasing profit and takeovers will lift shares.

Linde Group and BASF AG led chemical makers higher on
expectations they may merge. Swatch Group AG rallied after
Deutsche Bank AG recommended buying shares in the watchmaker
because revenue and profit margins may increase. Total SA and
Royal Dutch Shell Plc as oil climbed to a 10-month high.


Read more at Bloomberg Stocks News

Treasuries Decline After Fed Says Inflation Remains `Predominant' Concernn

(Bloomberg) -- Treasuries fell after the Federal
Reserve said inflation remained its ``predominant'' concern
while keeping the benchmark lending rate unchanged for an eighth
consecutive meeting at 5.25 percent.

``The Fed is signaling it wants it proven first that
inflation is down and will stay down,'' said Gerald Lucas,
senior investment strategist in New York at Deutsche Bank AG,
one of the 21 primary U.S. government securities dealers that
trade with the Fed. ``Inflation and the perception that the Fed
will remain on hold is what the market is reacting to.''


Read more at Bloomberg Bonds News

Nestle strengthens on upgrade, L'Oreal buyback

(Reuters) - Separately, Deutsche Bank raised its investor recommendation on Nestle to buy from hold with a target price 520 francs, traders said.




Nestle shares were up 2.34 percent at 459.25 francs at 0721 GMT, the lead gainer in the European food and beverage sector , which was up 0.7 percent at the same time.


Read more at Reuters.com Hot Stocks News

European Stocks Drop for Fifth Day; Axa, BHP, Northern Rock Pace Retreat

(Bloomberg) -- European stocks fell for a fifth day
on speculation higher borrowing costs will reduce economic and
profit growth.

Deutsche Bank AG, Germany's biggest bank, and Axa SA,
Europe's second-largest insurer, paced declines by companies
sensitive to rising interest rates. Northern Rock Plc tumbled
more than 10 percent after the U.K. bank said earnings growth
will miss analysts' estimates as rates increased more than
expected. BHP Billiton Ltd., the world's biggest mining company,
paced a drop in metal stocks as copper prices fell.


Read more at Bloomberg Stocks News

MISC, LNG Carrier, Postpones $750 Million Bond Sale on `Market Volatility'

(Bloomberg) -- MISC Bhd., the world's biggest owner
of liquefied natural gas tankers, postponed a planned dollar-
denominated bond sale because of fluctuations in debt yields
sparked by losses linked to U.S. subprime mortgages.

Kuala Lumpur-based MISC, a unit of Malaysian state-owned oil
company Petroliam Nasional Bhd., hired Citigroup Inc. and
Deutsche Bank AG to sell $750 million of 10-year bonds, an e-mail
sent to investors earlier this week showed.


Read more at Bloomberg Emerging Markets News

Germany's DAX Index Retreats, Led Lower by Merck, SAP, Deutsche Bank

(Bloomberg) -- German stocks dropped, led by Merck
KGaA, SAP AG and Deutsche Bank AG.

The benchmark DAX Index lost 51.28, or 0.6 percent, to
8039.21 as of 9:06 a.m. in Frankfurt. The HDAX Index of the
country's 110 biggest companies dropped 0.7 percent.


Read more at Bloomberg Stocks News

UPDATE1-Pros Holdings sees IPO priced at $10-$12/shr

(Reuters) - JPMorgan, Deutsche Bank Securities, Jefferies & Company and
Thomas Weisel Partners LLC will underwrite the IPO, according
to the filing.




The selling stockholders have granted the underwriters an
option to purchase up to an additional 1.02 million shares.


Read more at Reuters.com Government Filings News

European Stocks Rise, Led by Axa, Financial Shares; BHP, ThyssenKrupp Gain

(Bloomberg) -- European stocks rose for the first
time in six days as renewed takeover speculation lifted mining
and steel companies.

BHP Billiton Ltd. led mining companies higher after UBS AG
said mergers and acquisitions in the industry ``will continue to
accelerate.'' ThyssenKrupp AG fueled a rally by steelmakers after
Interfax reported the world's biggest stainless steelmaker is
interested in acquisitions to expand. Axa SA, Rodamco Europe NV
and Deutsche Bank AG led gains by financial-related companies,
among the hardest hit in last week's sell-off.


Read more at Bloomberg Stocks News

FKI Credit-Default Swaps Fall on Speculation of Breakup, Bond Buyback

(Bloomberg) -- Credit-default swaps on FKI Plc, the
U.K. industrial company that makes conveyers used by PepsiCo
Inc., fell by a record on expectations it may buy back its debt
as part of a strategic review being announced tomorrow.

Contracts based on 10 million euros ($13 million) of the
London-based company's debt fell 22,000 euros to 125,000 euros,
the biggest-ever one-day decline, according to Deutsche Bank AG.
The contracts are used to speculate on a company's ability to
repay debt, and a decline typically indicates improving credit
quality.


Read more at Bloomberg Bonds News