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First Albany Capital has hired three senior high-yield professionals from RBC Capital Markets--two managing directors and one director--as part of FAC's push into the speculative-grade market.

Wright Investors Service is trimming its allocation to high-grade corporates in favor of whole loan hybrid mortgage-backed securities, on the view that corporates are fairly to richly valued and non-traditional mortgages offer incremental yield and stable maturities.

Toys ‘R” Us’ 7 7/8% notes of ’13 and its 8 3/4%s of ’21 dropped about three points last week on speculation the retailer might split its Babies ‘R’ Us unit into its own company.

A researcher at J.P. Morgan Securities has taken the unusual step of singling out and criticizing other dealers for selling structures with embedded risks that are not properly disclosed, while rival dealers fire back that the analyst's motivations are not beyond reproach.

The debt of two waste management companies tanked last week on negative earnings news, leading some investors to cry foul and accuse the companies and their underwriters of failing to conduct proper due diligence.

--Ken Jones, Denny's Corp.'s v.p. and treasurer, on switching lead lender to Bank of America from J.P. Morgan.

Historically tight investment-grade spreads are facing an increasing array of risks including ballooning oil prices and a rise in shareholder-friendly behavior, noted Edward Marrinan, head of North American investment-grade strategy at J.P. Morgan Securities.

Barclays Capital is boosting its credit derivatives operation in Asia with several hires as part of a major push into the asset class in the region.

Banc of America Securities is readying a synthetic single tranche collateralized debt obligation referencing a USD750 million portfolio of leveraged loans, which is thought to be the first deal of its kind.

Bank of America has increased its coverage of the Chinese fixed income derivatives market with a senior level hire.

Citigroup has set up a joint venture between its structured finance businesses in fixed income and investment banking, which had previously operated independently.