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24 Hour Fitness Worldwide will save $23 million annually by using add-on term debt and free cash flow to pay off more costly senior and junior subordinated notes.
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The collateralized loan obligation market is set to finish 2004 on a tear with a mob of loan managers raising funds. -
The Aussie dollar has come off about 2% over the past week against the U.S. dollar, after reaching a nine-month high of USD0.7947 on Nov. 26, leading many traders to think it will be the forerunner to a global dollar correction, according to John Altadonna, a spot fx trader at Banc of America Securities in New York.
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ABN AMRO has reshuffled its equity derivatives chiefs to combine its cash and derivatives trading forces.
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Top tier credit derivatives houses are spending an average of USD27 million annually on technology and it still doesn't work, according to a research report by Markit and Reoch Consulting.
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Bear Stearns has bulked up its equity derivatives desk in Japan with two senior exotic derivatives hires.
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Bank of America is planning to start offering credit derivatives referenced to single-name asset-backed securities.
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Derivatives Documentation, a derivatives documentation consultancy, is considering running an intensive course for lawyers and bankers planning to enter the derivatives documentation market.
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Credit-default swap spreads on Bombardier, a Canadian aviation and rail manufacturer, tightened Wednesday to about 350 basis points from 380bps the previous week, despite a ratings downgrade to junk status with a negative outlook.
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WMG, a London-based wealth management company set up by Mehmet Dalman earlier this year, is considering launching an equity volatility fund.
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--Professor Avinash Persaud, an investment director at GAM London, chairman of Intelligence Capital Advisors, Mercer memorial Chair in Commerce at Gresham College in London, explaining why the credit derivatives market has missed an opportunity to reduce the overall level of risk.
