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--Richard Hrvatin, managing director and head of credit risk modeling at Fitch Ratings, explaining why correlation risk is important for CDO investors.
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BNY Asset Management is looking to buy up to $250 million in triple-B corporate names and will finance the move by selling higher-rated credits.
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Citigroup Global Markets has transferred a managing director to a new proprietary trading role, apparently as part of an effort to set up an arbitrage business reminiscent of the unit disbanded by Salomon Brothers in the late 1990s.
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Cantor Fitzgerald has hired four corporate traders from Advest Securities, as part of the continued expansion of its fixed-income sales and trading businesses.
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The trend improvement in rating actions continued during January as the number of downgrades fell yet again and this time to a level not seen since January 1998. -
Principal Global Investors is looking to buy $6 million of short-term corporates, inflation-protected corporates and floating-rate asset-backeds, to take on more short-term bonds in the face of higher interest rates.
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Lehman Brothers has promoted Andrew Morton, co-head of global interest-rate products, and Tarun Jotwani, head of international credit markets with responsibility for credit and collateralized debt obligations, to co-heads of European fixed income, according to an internal Lehman memo.
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The imbroglio surrounding securitizations that include short-term Italian leases has been put to rest.
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The primary market was relatively light last week after a few deals were dropped or downsized earlier in the month when spreads began to back up.
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