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U.S. firms racing to structure the next big thing in credit have hit on preferred securities as likely raw material.

Parkway Properties, a Jackson, Miss., real estate investment trust, has entered into a three-year interest rate swap with PNC Bank to protect itself against the possibility of rising rates.

The Royal Bank of Scotland is considering developing a sterling credit-default swap index.

UBS is making a foray into Hong Kong's warrant market, looking to expand its product range for retail clients.

Debbie Ho, head of fixed income distribution for Asia at UBS in Singapore, has left the firm.

Robert Principe, an executive director in the global structured products group with UBS Securities in New York, has joined JPMorgan in a similar role.

--Shun Cajot Yoshida, credit structurer at BNP Paribas in Tokyo, commenting on the firm's plans to structure the first leveraged super senior deal in Japan.

The Merchant Navy Officers Pension Fund, a GBP3 billion U.K. scheme, is soon to launch a GBP200 million swap mandate to protect future liabilities.

Yen calls and U.S. dollar puts were being snapped up last week after an opinion poll showed a rise in popular support for Japan's government, up for re-election in September.

Australia's Grange Securities is preparing to issue a mezzanine-tranche synthetic CDO in the coming weeks, co-arranged by Royal Bank of Canada.

Since the beginnings of the collateralized debt obligation market, there has been intense interest in ensuring bespoke CDO positions are correctly marked to market.

Banc of America Securities in New York has hired Amir Gotlib, v.p. in product solutions with Lazard Frères & Co., as v.p. in its new products group, led by managing director Al Grumet.