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Amilcare Police, managing director and head of equity institutional sales at Merrill Lynch in London, has left the firm.

Merrill Lynch in London has hired a slew of equity derivative staffers in the last three months, several of which will directly replace officials who jumped to Nomura last month (DW, 4/7, 27/7).

CIBC World Markets is preparing to sell roughly $4 billion in so-called Income Deposit Securities, an innovative hybrid product comprised of an interest-paying subordinated note and a dividend-paying share.

Payden & Rygel Investment Management plans to extend duration by half a year because it believes the U.S. economy is not ready to take off.

ING Investment Management is looking to increase high-yield investments in communications names and decrease exposure to utility companies, said Craig Abouchar, portfolio manager of ING's €2.1 billion in global high-yield in The Hague.

Tim Frost, a veteran of the European credit industry who retired from J.P. Morgan Securities in March, has resurfaced at Cairn Capital, a newly minted credit asset manager in London, according to an official at the firm.

Cassa Depositi e Prestiti, an Italian bank with E55 billion in loans to local authorities, is planning to come to market with the first Italian covered bond in October, later than originally anticipated, said Andreana Esposito, head of the covered bond program at CDP in Rome.

Winterthur Investment Management is focusing on making industry sector calls, said Reto Koller, cio of $2.5 billion in investment-grade fixed-income in New York.

The high-yield notes of Concordia Bus, a Swedish bus-service provider brought to market by Goldman Sachs in 2002, floundered last week in a European market that was otherwise better-bid across the board, according to traders.

J.P. Morgan Securities is moving its debt capital markets bankers to new e-mail servers as part of an effort to underscore the separation between research and origination.