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Delta Air Lines paper has been sliding downward as it appears probable the company--which recently announced it will no longer provide pillows to passengers in an effort to cut costs--will eventually file for Chapter 11 bankruptcy protection, according to researchers.

Six Treasury professionals have headed for the door at Credit Suisse First Boston to join the increasingly expansive New York operation of HSBC Securities, with a rival dealer calling the departures a "serious blow" to CSFB.

European junk investors forced one issuer to pull a deal and another to raise the coupon on a new issue last week as General Motors' midweek profit warning rippled through the credit markets.

Deutsche Bank in London has added a research analyst in securitization.

State Bank and Trust of Fargo is planning to buy $70 million of callable agency paper in seven to 10-year final maturities over the next few months, in an addition to its existing agency allocation, said Greg Sweeney.

New junk issues last week traded down in a sign the prolonged high-yield party is coming to an end, according to investors who say the market is exhibiting what they term typical late cycle behavior.

Mark Thickpenny, v.p. and treasurer of CNF, on the company getting better terms for its latest credit line.

Jefferies & Co. is readying for a high-yield liquidity crunch and a pick up in volatility among lower-rated credits.

--Neil Wessan, managing director and co-head of the private debt placement group at Jefferies & Co., forecasting the credit cycle will soon turn.

Jeff Pagano, head of liquid market sales at J.P. Morgan, has left the firm for Banc of America Securities. Pagano, who did not respond to an e-mail and could not be reached by phone, will assume a similar role.

Credit Suisse First Boston hosted a St. Patrick's Day shindig at Barfly in New York.