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Kelley Millet, senior managing director and co-head of credit trading at Bear Stearns, left the firm last week.

The team of Flagship Capital Management is leaving the asset management firm to join Deutsche Asset Management (DeAM), a move that signals the exit of Columbia Management, the primary asset management arm of Bank of America, from the collateralized loan obligation business.

General Growth Properties is coming back to the loan market to refinance a credit it repriced three months ago.

The debt of health care names dropped following proposed regulation by The Centers for Medicare and Medicaid Services (CMS) to reduce Medicare reimbursement for long-term acute care hospitals in fiscal 2007.

Katonah Debt Advisors is preparing to launch a middle-market fund and the firm is currently interviewing a candidate to serve as the portfolio manager, said Chris Lacovara, a principal at Kohlberg & Co., which owns Katonah.

Jayme Wiggins, portfolio manager at Intrepid Capital Management, a Jacksonville Beach, Fla.-based firm with $550 million in assets under management, is looking for high-yield bonds that offer predictable cash flow.

Collateralized debt obligations with an underlying of credit-default swaps on leveraged loans are being structured by dealers keen to diversify underlying portfolios.

Investors Gone Wild in South Beach...

--Chris Lacovara, principal at Kohlberg & Co., commenting on Katonah Debt Advisors' intention to enter the middle market.

The following charts show the top five advancers and decliners in terms of % moves in the loan, bond and credit default swap markets for the previous week. Data provided by Markit Group.

Hao Wu, former managing director in global structured products at Radian Asset Assurance in New York, has joined ACA Capital as managing director and head of risk for structured products.

Ulster Bank and Barclays Capital have launched investment notes linked to agriculture stocks and an index, respectively.