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Drax Power's bank debt shot up 10 points to 380 after Constellation Energy and hedge fund Perry Capital put in a £1.9 billion ($3.4 billion) cash bid for the U.K. power station.

Movie Gallery is reportedly seeking covenant relief on its $700 million term "B" loan.

Lehman Brothers is considering moving both its par and distressed trading operations to the public side of the wall, following a trend that has many players merging their bank and bond teams.

The deal backing Texas Pacific Group's and Warburg Pincus' $5.1 billion buyout of The Neiman Marcus Group hit the market with a bang last week.

Chuck Frank, v.p. and senior portfolio manager of $850 million at S&T Wealth Management, is moving forward with his investments in callable agencies and retaining corporate bonds he has held since 2001.

--Evan Mann, senior credit analyst at Gimme Credit on the possibility that Northwest Airlines bondholders may be able to recover more than unsecured creditors that own the airline's debt.

This chart, provided by Citigroup Global Markets, tracks bid-ask prices for par credit facilities that trade in the secondary 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.

Brazil has succumbed to investment banks' pleadings and agreed to launch its first global bond denominated in its own currency, as a gateway to draw foreign investors into its domestic bond market.

Australian credit derivative players are looking into launching a 10-year contract on the iTraxx Australia index, which could kick off early next year.

A pair of directors in commodity derivative sales has left ABN AMRO in New York.

Eddie Lee, co-head of fixed income sales for Asia at Bear Stearns in Hong Kong, recently passed away following a car accident in New York.