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Loral Space & Communications bank debt traded up almost 20 points in a single day late last week following a bank meeting. The details of the meeting for the satellite communications company could not be determined, and speculation ran from asset sales to the construction of another satellite. But investors agreed that something is up, as the paper is now quoted in the 80-83 range, up from the low 60s at the start of last week. When the bank debt is marked up 20 points from where it was the day before, it is clearly a sign to the public markets that something is going on, one buysider noted. Calls to Richard Townsend, executive v.p. and cfo, were referred to an investor relations spokeswoman, who declined to comment on the information discussed at the bank meeting as well as the movement in the bank debt.

Wireless names in the secondary loan market have nearly come full circle from distressed lows, getting help from hungry investors and, in some cases, a recovery in the credit fundamentals. Nextel Communications ticked up right under par last week. Centennial Communications, Western Wireless Corp. and Rural Cellular Corp. have also been trading in the low 90s, rebounding from lows in the 60s, 50s and high 70s, respectively, according to LoanX. With Nextel and Centennial poised to tap the high-yield markets, some think that is a sign that other wireless names will as well, said one trader.

JPMorgan has won its court case against a U.S. hedge fund and therefore does not have to pay out on three credit-default swap contracts referenced to Argentina. Eternity Global Master Fund was claiming JPMorgan had committed fraud, negligent misrepresentation and breach of contract, according to court papers obtained by DW. "This is helpful in giving a legal interpretation to the definitions," said Simon Firth, partner at Linklaters in London. "This would also be a persuasive authority in English law," he added.

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.

ABN AMRO is creating a group to build a retail distribution network for structured derivatives products to the whole of Europe. The firm has hired Henrik Takkenberg, head of public distribution for the covered warrant effort to Belgium, the Netherlands, Spain and Sweden at Commerzbank Securities in London, to establish the desk in London.

Cheyne Capital Management plans to set up an asset-backed securities desk that will issue cash and synthetic collateralized debt obligations and has hired Abbey National Treasury Services credit veterans Adrian Mallinson, structurer, and Syd Hanna, marketer, to spearhead the effort. Cheyne Capital is already one of the largest CDO managers and runs five CDOs totaling around USD8.5 billion. Officials at Cheyne declined comment.

U.S. accounting regulations often fail to adequately account for the assets and liabilities of corporates due to their failure to differentiate between actual and contingent assets and liabilities. David Shimko, president of Risk Capital Management Partners and senior lecturer at Harvard Business School, said that accounting requirements for corporates to mark assets and liabilities to market have often failed to demonstrate real corporate risks by failing to incorporate their contingent liabilities.

Commerzbank Securities is continuing to suffer departures from its New York and London offices, Simon Clowes, global head of proprietary trading, being the most recent high-profile loss. The resignations stem from disappointment with bonus payouts as well as general concerns over the direction of the firm, according to officials familiar with the moves. Neil Brazil, spokesman for Commerzbank Securities in London, confirmed the move, but declined comment on the reason for the departure.

Pengrowth Corp., a Calgary, Alberta-based oil and gas producer, has entered several forwards to hedge its oil price exposure and will likely enter more at year-end. Dan Belot, manager in investor relations, said the corporate has hedged 55% of this year's oil contracts, factoring in an average price of USD27 per barrel. Pengrowth has further offset risk for 30% of next year's oil contracts, and may increase this percentage, he said. Several forward contracts currently in place, which have an average lifespan of one year, are also set to expire at year-end and it is likely that the oil firm will renew some of these, he added. New York's benchmark light sweet crude contract for July was trading at USD30.67 a barrel on Wednesday.