Derivs - Credit

Vietnam’s sovereign five-year credit default swaps gapped out 30 basis points today to 230 bp after the country’s central bank devalued the dong to curb inflation, according to Royal Bank of Scotland data.

A corporate governance review into British and foreign banks released today by the U.K. Treasury will not recommend that banks disclose the names of traders who earn over GBP1 million (USD1.6 million)—despite a recommendation otherwise by City minister Paul Myners.

Royal Bank of Canada and Société Générale say they’re seeing strong interest in principal-protected notes and call options linked to baskets of hedge funds—a sign the slumbering fund-linked derivatives market may be waking up.

Douglas Renfield-Miller, a former executive v.p. at Ambac Financial Group and ex-ceo of Ambac Assurance U.K., is advising structured credit fund manager Primus Asset Management.

Five-year credit default swaps on Dubai sovereign debt gapped out dramatically today following news state-owned investment company, Dubai World, which has USD59 billion in liabilities, had asked creditors for an extension on its debt repayments.

The European Commission is not planning to limit the stakes dealers can hold in clearing houses.

One of the Lehman Brothers estate’s myriad derivatives counterparties got a reprieve in court last week.

London boutique StormHarbour Partners has hired Nicolas Andine, founder of hedge fund Talaris Capital Partners, as a senior partner in credit, equity, and mergers and acquisitions.

New York assemblyman Joseph Morelle (D-Rochester), Virginia delegate Bob Marshall (R-13th) and North Dakota’s George Keiser (R-47th), are planning to introduce legislation that would effectively ban naked credit default swaps in their respective states.

Ward Bortz, a credit derivatives strategist from Bank of America in New York, has joined RBC Capital Markets as a high-yield trader, specializing in technology, media and telecommunications.

Nick Ashby, a senior high-yield bond and credit default swap trader formerly at HSBC in London, and Jason Bruhl, a high yield salesman formerly with Merrill Lynch, have joined Calyon.

CIT Group’s term loan “B” and bonds traded down after the middle-market lender was the subject of an auction today to set loan credit default swaps and CDS referencing its debt.