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This chart, provided by Citigroup Global Markets, tracks bid-ask prices for par credit facilities that trade in the secondary market.

--Gary Rodmaker, managing director and portfolio manager at Summit Investment Partners, regarding investing in risky credits.

Mayflower Finance, a fledgling structured credit manager with offices in Greenwich and Dusseldorf has hired Christiane Elsenbach, a director in structured credit sales at Dresdner Kleinwort.

Dresdner Kleinwort in London has hired Steffen Klein, head of equity sales at Bear Stearns. He is thought to be joining as head of equity derivative flow sales.

Implied equity volatility as measured by the Chicago Board Options Exchange jumped 1.34% Thursday to hit 12.67%, a level not touched since early September.

Two loan-only credit default swap contracts may soon be canceled as the underlying loans are taken out by the issuers, a first in the continually growing LCDS market.

Strong demand for leveraged loans in Europe has left primary and secondary spreads low.

Lehman Brothers in London has hired three derivatives sales officials across equity and fixed income to expand the European regional coverage.

A handful of quantitative trading mavens from the City are launching a Cambridge, U.K.-based hedge fund that will use research and work with staff from Cambridge University.