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Trading activity in Fannie Mae 6% coupon mortgage-backed securities has skyrocketed ahead of the Federal Reserve's Federal Open Market Committee meeting this week and is expected to continue to swell after a decision on rates is announced Tuesday.

Prominent structured finance issuers including Ameriquest Mortgage Co., New Century Financial and Countrywide Financial were all forced to concede to yield-hungry investors last week and offer wider spreads to complete transactions.

Citigroup has hired Mickey Brennan, head of European high-yield sales at Credit Suisse First Boston in London, as head of European high-yield and distressed debt sales, as first reported last week on BW's Web site (www.bondweek.com).

MTB Investment Advisors plans to buy about $5-10 million of off-the-run industrial floaters.

Bank of America has hired a high-yield saleswoman and lost a pair of credit professionals for its sparkling new office in London.

As we close in on the end of the first six months of 2004 it is interesting to compare trends in the first half of the year with that of the latter six months.

Gartmore Separate Accounts is planning to reduce its corporate bond holdings from an overweight to a neutral position.

--Michael Yackira, executive v.p. and cfo of Nevada Power Co., on the lenders in the company's recently syndicated $150 million credit facility. These include American Express Asset Management, Fidelity Investments and Union Bank of California.

Jefferies International in London has hired Thomas Solset, a manager at Sony Corp. in London where he helped build Sony Connect, the on-line music store, as a high-yield and distressed debt research analyst to cover technology, media and telecommunications as well as consumer names.

J.P. Morgan Securities has set up a principal investments management group and has hired Tamara Adler, former head of European corporate structured finance, to lead the effort in London.

-- James Foster, director and head of credit at ISIS Asset Management in London, on the quality of recent primary offerings in the European market.