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A co-head of fixed income has quit UBS and its two distressed heads are also said to be leaving.
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Speech by Korean president to mark the second anniversary of his inauguration
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ABN AMRO has laid off roughly 30 professionals in fixed income as part of a broader reorganization that has the bank letting go of up to 120 staffers across its institutional business. -
Some issuers are looking to lock in nine-month and 12-month LIBOR in expectation that interest rates will continue to rise to the point where they can save on interest costs.
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Citigroup Asset Management will add a few percentage points to its allocation in 15-year mortgage pass-throughs as part of its $2 billion Treasury and mortgage-backed bond portfolio.
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Barclays Capital is starting a single name and portfolio swap financing program for leveraged loans.
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American Express Financial Advisors may buy back short- and long-term TIPS for its $100 million AXP Inflation-Protected Securities Fund.
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Citigroup is leading the debt financing backing Onex Corp.'s $1.5 billion acquisition of the Wichita/Tulsa Division of Boeing Commercial Airplanes. Nigel Wright, managing director at Onex, said the acquisition would be conventional bank debt with the cash portion of the deal comprising $1.1 billion.
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Fixed-income firms are expected to continue migrating to electronic trading models in the U.S. and Europe as tight spreads force dealers to cut trading costs and as regulatory concerns rise.
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Credit market participants are expressing concern about the amount of financial leverage that has crept into the fixed-income market in recent years and say the explosion of credit derivatives has led to a false sense of security.
