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Two credit research analysts have left Morgan Stanley in London.

Resource Financial Fund Management, the financial services asset management division of Resource America, is building up its leveraged loan business.

Old Mutual Asset Managers, which has hedge fund assets of $1.2 billion, has tapped Chris Higham from Morley Fund Management as a credit analyst.

Charles Schwab Investment Management has been upgrading credit quality in corporate names and asset-backed securities.

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

Surveys have been sent out for Loan Market Week's eight annual Best Trading Desk awards ranking the best par and distressed loan trading desks. (download survey here)

Greg Mount, partner and head of structured credit marketing at Goldman Sachs, has resigned and is expected to start an alternative investment fund.

Four members of Trust Company of the West (TCW) have left to form Silvermine Capital Management, a new firm that will initially invest in bank loans and eventually move across the high-yield spectrum.

Smith, Graham & Co. Asset Management is rotating money out of its corporate bond allocation and into mortgage-backed securities in a relative value play aimed at picking up additional yield and upgrading credit quality.

Edinburgh-based Baillie Gifford is selling over £50 million in high-yield bonds, cutting its high-yield portfolio to £20 million from £70 million and decreasing the high-yield portion of its £70 million corporate bond portfolio to 25% from 30%.

Investors sold off TIPS heavily after last week's Federal Open Market Committee statement, causing the greatest tightening between TIPS' and nominal Treasuries' yields in the past month and a half.