Free content

An ISDA working committee will talk to external counsel Davis Polk & Wardwell on Oct. 6 to discuss documents on fund swaps and options.

Euro/dollar traders were preparing for a big jump in implied volatility last week, as the currency pair reached USD1.2315 in the spot market, close to knocking out significant options barriers at USD1.24.

ABN AMRO has hired Carlos Cala, credit structurer at Dresdner Kleinwort Wasserstein in Singapore, for a similar role in the Lion City.

A European Union directive on financial instruments could stifle trading in commodities because it will enforce the same risk management practices on small commodity traders as global banks, according to conference speakers.

--Pierre Mathieu, head of credit trading at BNP Paribas in London, voicing his opinion in the importance of creating a fixing for the credit derivatives market.

Owens Corning's bank debt dropped approximately 11 points to the 75-77 range as lenders fear the judge overseeing the bankruptcy case will rule against their interests.

The Bond Market Association's distressed debt committee is asking for input from market participants on a recently released set of best practice guidelines for distressed debt trading.

Investors are worrying BCP Caylux Holdings Luxembourg, a holding company for German chemical concern Celanese AG, plans to issue a bond and use the proceeds to pay a dividend to The Blackstone Group. BCP Caylux's $1.2 billion June issue was sold with loose covenant protection at a time when the market was hot.

Steve Bellotti, a Merrill Lynch fixed-income veteran who quit the capital markets to run his own property development business four years ago, has resurfaced at Dresdner Kleinwort Wasserstein as global head of capital markets in London.

Fischer, Francis, Trees & Watts may cut back on its retail holdings, which include bonds of Safeway, CVS and May Department Stores.