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Volatility returned to the world's bond markets this week as a sharp rise in oil prices sparked renewed inflation fears in the US and Treasuries sold off, pushing the 10 year yield up through the 4.5% level and taking swap spreads and credit spreads wider with it.
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JPMorgan is reorganizing its structured credit business, following the departures of Paul Horvath, Andy Brindle and Andy Palmer.
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Sal Galatioto, a former Lehman Brothers managing director and head of the bank's sports advisory and finance group, left the company last week to start Galatioto Sports Partners.
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Two big players in Deutsche Bank's global equity derivatives division in New York have resigned. Matthew Carrara, managing director and head of the Americas, and Karen Fang, a director in research products, have each called it quits.
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Agency trading volumes have recently been averaging about $15 billion a day, or half of the $30 billion in daily volumes in 2002 at a time when agency issuance was much higher.
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Ares Management has brought on board Pacific Investment Management Co.'s David Hinman as lead portfolio manager for the Ares Total Value Fund and as a member of the investment committee for all Ares Capital Market Funds. -
Zions First National Bank has lost a two-year Treasury trader.
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Mike Cherry, a former managing director in high-yield sales at J.P. Morgan, has joined CRT Capital Group, a high-yield and convertible bond broker based in Stamford, Conn., as senior v.p. in high-yield sales.
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Barclays Capital in London has hired David Harrison, who recently left his role at Merrill Lynch in London as a v.p. in securitization trading (BW, 2/28).
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Fitch Ratings is raising concerns that as middle-market collateralized loan obligations become more popular and traditional high-yield CDO asset managers invest in the sector, not enough attention is being paid to the nuances of the asset class.
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Two bidders are reportedly vying to acquire the 3 GW Exelon Boston generation portfolio, which was put on the auction block by bank creditors.
