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Christopher Turner, a partner at Warburg Pincus and head of its capital markets group, on whether second liens will fade as hedge fund money has newer options.
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U.S. hedge fund King Street Capital Management is planning to open an office in London.
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Standard & Poor's downgrade of General Motors and Ford Motor Co. could actually cause the high-yield new issue calendar to pick up and spreads on the credits themselves to tighten. -
Winterthur Investment Management is planning to move 10% of its $2.5 billion investment-grade portfolio out of corporates and into Treasuries over the next three months.
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High-yield deals underwritten by Bear Stearns performed better in the secondary market than sales from any other dealer in the last four quarters, according to a study from independent research outfit FridsonVision.
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Boston Advisors may sell a few million dollars in long Treasuries to finance an unusual out-of-index move to tax-free municipals.
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Wall Street dealers say the Treasury appears very likely to bring back the 30-year bond, according to an informal poll conducted by BW.
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Scott Gewirtz, co-head of Treasury trading at Deutsche Bank, has left the bank and is reportedly headed to Lehman Brothers to run its Treasury trading desk, according to an official familiar with his plans.
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MKP Capital Management, a fixed-income asset manager with $4 billion in assets, has hired Robert Kepler, an Institutional Investor-ranked director in research at Credit Suisse First Boston, as a portfolio manager in New York.
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--Tom Tucci, executive director of fixed income at Mizuho Securities, on the Treasury's announcement last week it is considering resuming sales of the long bond.
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German steel company Klöckner's €260 million new issue was the only transaction to be priced in the European high-yield market last week, and only then after getting revamped and repriced by underwriters J.P. Morgan and Barclays Capital.
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Fitch Ratings has hired a slew of credit professionals across sectors, said Nancy Stroker, group managing director in corporate finance in New York.
