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BankInvest, a Copenhagen-based multi-asset emerging-market manager, is marketing in Europe its first full-capital structure synthetic collateralized loan obligation.

Firms, including Halcyon Asset Management, Guggenheim Partners, Petra Capital and Black River Asset Management, are said to be scoping synthetic mortgage-backed securities structurers and traders because they believe the market is ripe for bargain-hunting sub-prime MBS.

IXIS Asset Management and Deerfield Capital Management are launching a first-of-a-kind single-tranche synthetic asset-backed securities collateralized debt obligation.

Merrill Lynch plans to grow its team that underwrites collateralized debt obligations backed by commercial real estate.

--Jim Valente, managing director at Broadway Partners in New York, discussing likely demand for property derivatives in the U.S.

Vassilios Pappas, co-head of structured derivatives at HypoVereinsbank in Frankfurt, and Günther Bonk, co-head of distribution, left the firm last week.

IXIS Asset Management has promoted Ibrahima Kobar to global head of fixed income in Paris from his slot heading collateralized debt obligations, structured credit and insurance portfolio management.

Jason Tenenbaum, a v.p. and senior asset backed securities trader at Bear Stearns Asset Management in New York, has moved to a similar position on Merrill Lynch's proprietary desk in New York.

Evanston, Ill.-based Magnetar Capital has raised north of USD500 million for a long/short mortgage fund to trade derivatives and underlying in primary and secondary asset backed securities and ABS collateralized debt obligations.

Carry-trade investors that have been funding New Zealand dollar positions via the yen were busy buying downside kiwi dollar puts early last week to protect themselves in case the New Zealand central bank did not raise rates.