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HSBC is offering a second set of constant proportion portfolio insurance notes structured by its Asian credit team.

Indian government officials are pressing financial regulators to further tighten rules regarding the use of derivative-backed structures called participatory notes, fearing they are being sold to Indian investors and may be misused.

Bank Julius Baer is considering structuring a series of algorithms that will aim to mimic the performance of certain hedge fund strategies.

David Bizer, head of North American equity sales at Lehman Brothers in New York, is transferring to London for a new role.

Invicta Credit, a credit derivative product company backed by Massachusetts Mutual Life Insurance Company, expects to do its first trade within the next few weeks.

Duncan McInnes, managing director responsible for marketing to European corporates at Morgan Stanley in London, has joined Merrill Lynch.

Primus Guaranty, a credit risk investment and advisory company, recently took advantage of favorable rates to raise USD120.6 million through a debt offering to fund its subsidiaries.

Securities and Exchange Commission requirements that funds investing in pooled investment vehicles disclose associated fees may unintentionally cover derivatives-based investments and collateralized debt obligations.

TIAA-CREF is planning a major surge in synthetic collateralized debt obligation investment this year, allocating up to 60% of money earmarked for structured credit investment, up from 5-10% last year.

--Mara Shreck, assistant counsel to the Investment Company Institute in Washington, D.C., commenting on Securities and Exchange Commission staffers' efforts to clarify fee disclosure rules for funds investing in other funds.

Trade associations in London are preparing to meet with the Financial Services Authority following a discussion paper it issued regarding sales to retail investors.