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Bear Stearns plans to issue its first Samurai bond in the coming weeks and will likely convert the proceeds into dollars via the fx swaps market.
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The global consortium of dealers that launched the iBoxx credit derivatives indices in Europe and the U.S. has set its sights on launching an Asian credit-default swap index this year.
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The top Asian derivatives positions at CALYON, the entity created out of the Crédit Lyonnais and Crédit Agricole Indosuez merger, have been dished out with a Lyonnais pro taking interest rates and an Agricole alumnus getting the top equity role.
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U.K. thrift Nationwide has entered an interest rate swap on the back of a USD400 million three-year bond issue and is considering converting the proceeds to sterling.
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Norges Bank Investment Management is setting up an absolute return credit team in London.
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Rabobank is building up an environmental financial products desk in London that will leverage the firm's presence in the food and agribusiness sectors.
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U.S. issuers of structured notes are examining starting an interbank market in structured notes to get around an accounting change that prevents them from taking up-front profit on the instruments.
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SAC Capital Advisors has hired Steven Cusimano, a statistical arbitrage trader at Morgan Stanley in New York, as a portfolio manager.
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."--Paul Besson, a Paris-based volatility fund manager at CCR, a subsidiary of Commerzbank, with EUR200 million (USD247 million) under management, commenting on the latest innovation in hedge fund strategies for complete story, click here.
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Britannia Building Society has converted the proceeds of a CAD125 million (USD95 million) bond issue into a synthetic sterling liability.
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The credit derivatives market in Asia has been surging in terms of breadth in recent weeks.
