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Marathon Asset Management is structuring an innovative collateralized debt obligation that can change its investments at any time in almost any asset class, enabling a hedge-fund like strategy within a CDO structure.

Ian Gilday, managing director and head of leveraged loan capital markets at Merrill Lynch in London, has left the firm.

Some $94 billion of high-yield bonds and bank debt is set to mature over the next three years, raising questions of refinancing risk.

Northern Trust is looking to add up to $25 million in mortgage-backed securities over the next month.

Citigroup and Calyon are in the market with a $640 million deal for Envirocare of Utah that will finance a $270 million dividend for owners Lindsay Goldberg & Bessemer, Creamer Investments and Peterson Partners.

RBS Greenwich Capital has lost an agency trader.

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

aaiPharma is in talks with lenders regarding Chapter 11 financing in the event the specialty pharmaceutical company needs to file.

Marius Maldutis-Bayliss, senior credit trader at Citigroup Global Markets, has left the firm and has joined Banc of America Securities in New York.

Bonds in the telecom, media and technology sectors may come under increased pressure as TMT companies face the largest amount of redemptions of any high-yield industry due in the next couple of years.

Wertz York Capital Management may almost double its holdings of agency floaters over the next few months.

Newton Investment Management in London is scaling back its positions in high yield to 30 names from 45 and is taking money off the table.