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Credit protection on Canadian paper giant Abitibi Consolidated blew out by 50 basis points last week over concerns the corporate is not able to implement a planned price increase for its newsprint.
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"The NAIC white paper is as great a threat to the derivatives community as anything in my career."--Philip McBride Johnson, head of the exchange-traded derivatives practice at Skadden, Arps, Slate, Meagher & Flom in Washington, commenting on the insurance commissioners' paper that classified weather derivatives as insurance contracts.
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Merrill Lynch has hired Joonkee Hong, global head of emerging market derivatives at UBS in Stamford, Conn., as head of debt markets for Korea, based in Hong Kong.
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UBS has deepened its derivatives marketing bench in Japan with the hire of Satoru Matsumoto, v.p. in the derivatives structuring and marketing group at Goldman Sachs in Tokyo, in the new role of executive director in the fixed income sales group.
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Singapore's United Overseas Bank is considering investing or managing synthetic collateralized debt obligations linked to a combination of credit and equity-default swaps before year end.
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Bradford & Bingley, a U.K. mortgage lender, is considering converting a EUR300 million (USD370 million) floating-rate bond into floating-rate sterling, but is holding back because of high swap prices.
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Wachovia Securities has hired several equity derivatives professionals in the U.S. as part of its plans to beef up its presence.
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ABN AMRO is reassigning a handful of senior fixed-income professionals and plans to set up a North American proprietary trading desk as part of the changes. -
Advest Securities, a fixed-income broker/dealer, has recently added three new professionals to its expanding high-yield department, according to Rich "Moose" Musumeci, head of high yield in New York.
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Joe Labriola has left BNP Paribas, where he was head of investment-grade research, to join Keefe, Bruyette & Woods.
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High-yield investors are asking questions in the wake of a Standard & Poor's rating on the recent Calpine Generating Co. bond offering, which came in lower than expected.
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Credit Suisse Asset Management is playing it safe in its cash and short duration portfolio and is maintaining a duration-neutral position.
