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The foreign exchange options market was driven last week by players looking to punt on U.S. data publication in an otherwise quiet market. -
Richard Platt, sterling interest rate options trader at JPMorgan in London, has joined Merrill Lynch. Platt is expected to cover euro rates trading at Merrill.
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The Royal Bank of Scotland Financial Markets has hired Scott Eaton, co-head of Winchester Capital Principal Finance in New York, to head a repackaging and risk finance business in London.
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Credit-default swaps referencing U.S. telecommunications giant AT&T widened 40 basis points last week following the corporate's downgrade to junk by all three ratings agencies.
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Nigel Cannon, head of marketing in equity derivatives at Abbey in London, commenting on its new structured product, which combines 200% participation in the Halifax House Price Index with 100% capital protection.
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Domenico Azzollini, managing director and co-head of rates, exotics and hybrids at JPMorgan in London, has left the firm.
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The poor performance of recent deals in the high-yield secondary market is causing some investors to threaten to strike unless issuers and dealers sweeten terms on new issues.
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Invitel, Vivendi SA's former Hungarian telecom arm, last week squeezed in what is likely to be the last European high-yield deal until September as the market hits the August vacation lull.
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Some high-yield investors have been left scratching their heads over a recent comment letter from The Bond Market Association in which the trade group called on the Securities and Exchange Commission to back pedal on plans for greater disclosure regarding illiquid trades.
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--Stuart Shears, v.p. and treasurer of Hercules, on being able to reprice its bank debt at LIBOR plus 1 3/4%.
