Deutsche Bank signalled to the corporate bond markets exactly why it does not need the origination and distribution skills of Dresdner Kleinwort Benson today, when it played a hand in all three of the market's big deals.

The bank acted as co-lead manager on a €400m seven-year bond offering for telecoms giant Cable & Wireless, a €1bn five-year deal for computer manufacturer IBM and a €1bn 10-year issue for the Inter-American Development Bank.