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Remarks by Takatoshi Kato Deputy Managing Director International Monetary Fund

Jerome Booth, head of research at Ashmore Investment Management, on how investors should approach distressed debt opportunities

ABN AMRO has hired Daniel McNeill, equity derivatives structurer at Citigroup in London, in a similar role.

New York-based EOS Partners recently launched the EOS Credit Opportunities Fund, a hedge fund that invests in global distressed bank debt and fixed-income securities.

The European High Yield Association plans to expand its ranks through private equity sponsors, hedge fund investors and accountants to take an active role in the industry group, according to Bryant Edwards, the association's new chairman.

High-grade buyers are herding toward story credits--the names where spreads have widened recently in an event-driven situation.

High-yield investors are beginning to take a closer look at Russian corporates, which for the first time in recent years will be added to a major speculative-grade benchmark, Merrill Lynch's, next month.

The Japan Syndication and Loan-Trading Association (JSLA) is spearheading an initiative to create market conditions in Japan akin to the U.S. and Europe and encourage far greater international involvement.

J.P. Morgan and a group of distressed investors have taken over Bush Industries following the furniture company's bankruptcy exit and the conversion of pre-petition bank debt into 100% equity ownership.

Fixed-income investment firm Payden & Rygel recently lightened up its holdings of defense company Raytheon and sold its holdings of Cingular Wireless.

Traders are speculating that price movements in TECO Energy's Union and Gila projects bank debt have been caused by Carl Icahn's High River Limited Partners buying the paper, according to Power, Finance & Risk, an LMW sister publication.