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Fund-linked structurers and marketers are gearing up for the opening of one of Europe's largest structured products markets to onshore hedge funds.
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The U.K. Panel On Takeovers And Mergers has amended its City Code On Takeovers And Mergers to add a requirement for disclosure of dealings in options and other derivatives to the long-standing Code requirements for disclosure of securities dealings during an 'offer period'.
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--Mark Watts, head of global fixed income at Morley Fund Management in London, discussing the value of using credit derivatives in fixed income funds.
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Morley Fund Management, the asset manager running over GBP134 billion, is preparing to use credit-default swaps for the first time. -
Bear Stearns has hired Citigroup's former European head of institutional equity derivative sales.
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Andy Aran, senior v.p. of global fixed income and portfolio manager of around $10 billion at Alliance Capital Management, has been finding value in the Japanese banking sector.
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The rollercoaster ride for Collins & Aikman's term loan "B" continued last week on news of interest in the company by Lear Corp. and speculation Wilbur Ross & Co. has been accumulating a position in the bank debt.
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Eric Green, director of research and senior portfolio manager of $500 million in high yield investments at PENN Capital Management, is looking to the gaming sector with an eye toward Trump Entertainment bonds.
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Northwest Airlines' bonds moved up seven to 10 points last week as investors followed the company to the wire in its negotiations with its mechanics.
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"The summer doldrums have hit," one banker lamented (yawned?) last week.
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Owens Corning's bank debt jumped 11 points to the 124-126 range after the US Court of Appeals for the Third Circuit overturned a district court decision that would have removed the structural seniority position of bank lenders owning debt in Owens Corning.
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The credit facility for Vanguard Car Rental USA was pulled from the market last week, just a week after it was downsized by $275 million and pricing was upped by as much as 300 basis points on the second lien.
