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Merrill Lynch is moving back into the high-yield world in both the U.S. and Europe after not having a major presence in the market for several years, and recent hires at the senior management level in New York and London underscore the firm's renewed commitment.
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MacKay Shields, an asset manager with $36 billion under management, plans to offer a global high-yield product that will combine investments in U.S. and European credits, said Ravi Akhoury, chairman and ceo of MacKay Shields.
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Legislation that is working its way through Congress could spur billions of dollars in high-grade issuance by blue chip U.S. companies with substantial foreign earnings.
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Bradford & Bingley, the U.K. bank with £21 billion in residential mortgages on its balance sheet, will start issuing securitized bonds from its new master trust in September, according to Peter Green, director of treasury and balance sheet management in Bingley.
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Peter Wilson, managing director and fixed-income portfolio manager at Barclays Global Investors, on mortgage giants Fannie Mae and Freddie Mac.
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Cedarview Capital Management, a new high-yield fund based in New York, is in the process of investing $50 million in high-yield assets, said Jeff Schachter, chief operating officer in New York.
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--Cory Olson, senior v.p. and treasurer of Dean Foods Co., on its new bank debt lines.
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Wachovia has beefed up its U.S. equity derivatives trading operations with the hire of Paul Mandell, a senior single stock options trader at Susquehanna Investment Group in New York.
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The Financial Services Authority has given the go-ahead for a form of mutual funds known as an open-ended investment company (OEIC) to give investors exposure to hedge fund indices.
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Abbey has structured its first 10-year bond with 200% participation in the Halifax House Price Index and 100% capital protection.
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In this paper, we propose a new methodology for quoting loss baskets and potentially diversified first-to-default baskets in a consistent manner that overcomes the problems associated with Gaussian copula models.
