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In the first two months of 2004, the auto sector has continued to make good on its reputation for volatility. Although volatility is nothing new to

Representatives from the issuer, investor and rating agency communities are confident the European covered bond market will diversify geographically, undermining Germany's dominance of the industry.

Craig Ruch, formerly a senior trader at Janus Capital Group, starts later this month as an investment-grade portfolio manager at Credit Suisse Asset Management in New York, according to an official at the firm.

Holders of bonds issued by companies that are distressed, insolvent or undergoing a restructuring need to get more proactive in order to maximize value, Bill Derrough, managing director at Jefferies & Co., told delegates.

Dealer shelf transactions are becoming a more significant slice of the U.S. asset-backed market, as tight bond spreads allow investment banks to bid aggressively on collateral pools and securitize them at attractive levels.

About 2,000 fixed-income industry professionals gathered at the 10th Euromoney Bond Investors Congress at the Queen Elizabeth II Conference Centre in London last week.

Gabelli Asset Management is looking to invest about $250 million in floating-rate securities, with a focus on adding agency floaters to add flexibility in anticipation of an increase in interest rates.

CRT Capital Group, a high-yield and convertible bond broker based in Stamford, Conn., has hired Sal Abbatiello as a senior v.p. in high-yield sales.

Fort Washington Investment Advisors plans to buy $800 million worth of high- and low-coupon gross-weighted jumbos to take on stable yields and convexity.

Charlie McCarthy, a senior v.p. at Putnam Investments, has resigned and plans to join an equity hedge fund.