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This chart, provided by Citibank/Salomon Smith Barney Inc., tracks bid-ask prices for par credit facilities that trade in the secondary market. It also tracks facility amounts, ratings, pricing and maturities.

First is the worst, second is the best, third is the one with the hairy chest... NERA Economic Consulting released a study focusing on the performance of structured finance ratings causing a varied response from all three ratings agencies.

Michael Connor has left UBS, where he was global co-head of credit derivatives in Stamford, Conn., to join Merrill Lynch as managing director, product manager for structured credit products and exotics, in New York. Connor, who did not return calls, reports to Jeff Chandler, head of credit trading at Merrill in New York, said Michael DuVally, spokesman in New York. Chandler did not respond to messages. DuVally declined further comment.

Dhimant Shah has resigned from ABN AMRO in Singapore where he was a credit derivatives trader. He reported to Arne Groes, global head of credit markets trading in London. Groes did not return calls and Shah could not be reached.

BondWeek is the leading news publication for fixed-income professionals, covering new deals, structures, asset-backed securities, industry and market activity.

BondWeek is the leading news publication for fixed-income professionals, covering new deals, structures, asset-backed securities, industry and market activity.

BondWeek is the leading news publication for fixed-income professionals, covering new deals, structures, asset-backed securities, industry and market activity.

BondWeek is the leading news publication for fixed-income professionals, covering new deals, structures, asset-backed securities, industry and market activity.

Five-year credit default protection on ABB tightened dramatically last week after Standard & Poor's changed its outlook on the company to positive from negative but maintained its BB plus credit rating. The engineering giant traded 170 basis points tighter last week, closing at 200-220 on Wednesday from 360-390 on Monday, according to a London-based trader. Investment grade credits also tightened by around 10-15 bps on the back of this move.

Dhimant Shah, credit derivatives trader at ABN AMRO in Singapore, recently resigned, according to officials at the firm. He reported to Arne Groes, global head of credit markets trading in London. Shah's whereabouts could not be determined by press time. Groes did not return calls. Shah moved to trading from the credit structuring side earlier this year as part of a restructuring effort following the departure of two senior staff to UBS (DW, 5/27).

Lyxor Asset Management, a French asset manager with USD10.81 billion in alternative assets under management, is seeking investment banks to write options on a tracker fund it created last summer that replicates the MSCI Hedge Invest Index, Alain Dubois, chairman of the board, told DW sister publication Alternative Investment News last week.

Canadian gas producer Paramount Resources has entered into option-based strategies to hedge its exposure to natural gas prices over the coming winter, according to Aaron Thompson, controller in Calgary, Alberta. The term of the hedges runs from November until March 2004, he said. Bank of Montreal and CIBC World Markets were counterparties on the hedges.