Derivs - People and Markets

HSBC Global Markets in conjunction with Keydata Investment Services issued a principal protected structured product yesterday linked to the FTSE 100.

Credit default swaps on Bank of America blew out to a new wide of 217.5 basis points this morning as the bank’s stock continued its sharp descent and concern spread that the firm may need to be nationalized.

Banco Bilbao Vizcaya Argentaria has hired Daryl Chen, head of equity structured products in Asia for Deutsche Bank, to run its equity derivative sales effort in the region.

Aladdin Capital Holdings recently hired John Carroll as managing director and global head of securitized product trading and David Attisani as managing director of broker dealer sales and marketing.

DWS Investments is scoping a second form of a unique protected net asset value mutual fund it debuted in 2007.

The Irish government’s recent pledge to guarantee all bank deposits and bonds has unintentionally thwarted Bank of Ireland’s ability to grow its nascent U.S. structured products business.

European insurance companies and pension funds are increasingly scoping negative basis trades as they look to eek out returns in distressed credit.

Société Générale Corporate & Investment Banking has made Marc Nocart and Jim Ahern joint heads of the firm’s global securitization division, replacing securitization veteran Jean-François Despoux.

London’s Rhicon Currency Management is focusing its flagship currency hedge fund, the USD465 million Rhicon Strategic Program, on technical and opportunistic trades held for less than a week.

John Paulson sees plenty of opportunities in the coming year. He is bullish on distressed mortgages, distressed debt, debt restructurings, bankruptcies, strategic mergers and event arbitrage.

Three subsidiaries of LyondellBasell Industries went through post credit event settlement auctions today, with recoveries ranging from 7.125% to 27.5% and the largest movement between the inside market midpoint and the final price ever recorded.

Glen Taksler, a principal in credit derivatives strategy at Bank of America in New York, has left the bank in the wake of its merger with Merrill Lynch