  We present results of a sequence of XMM-Newton observations of the two
microquasars GRO J1655-40 and GRS 1915+105. The observations were preformed
using the EPIC-pn camera in the Burst mode. The observations of GRO J1655-40 in
a bright state have made possible a substantial improvement in the calibration
of the Burst mode, with determination of the rate dependence of the Charge
Transfer Efficiency (CTE). We detect He-like Fe K-shell absorption features in
the EPIC-pn spectrum of GRO J1655-40, indicating the presence of a highly
ionized absorber, and clear absorption features at 0.71 and 0.72 keV in the RGS
spectrum, most probably identified as blueshifted Fe XVIII.
