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Merrill Lynch has hired Jesus Trujillo, director in debt markets in Madrid, from Lehman Brothers in London, where he was director in Iberian fixed income derivatives marketing.

Pacific Investment Management Co. is back in the ABS CDO market as a manager for the first time since 2004 with Costa Bella CDO 2006-I, a USD425 million deal set to price early this week.

The European synthetic leveraged loan index set to launch next Monday may not have much of an impact at first.

SG Corporate & Investment Banking has hired Perttu Kiviniemi, a Finnish equity derivative institutional salesman from SEB Enskilda Equities in Helsinki.

A twist on credit portfolio step-up protection is being pitched which brings down the costs for portfolio managers.

Brightwater Capital Management, the USD21 billion structured finance subsidiary of WestLB Asset Management in New York, is managing a first-of-a-kind leveraged super senior collateralized debt obligation.

Tranchelet trading on the investment grade corporate CDX index has picked up in the past few weeks as dealers have looked to hedge issuance of bespoke collateralized debt obligations.

Fitch Ratings has launched a subsidiary to focus exclusively on the credit derivatives market, dubbed Derivative Fitch.

Credit Suisse has rejigged management of its equity proprietary trading groups.

A year after the new bankruptcy code was introduced to cut costs and accelerate bankruptcy proceedings, market practitioners expect more debtors will choose prepackaged bankruptcies rather than ride through the process of restructuring under the new code.

Martin Sass' MD Sass is seeking to raise capital for its original distressed debt fund, which has just $100 million despite being launched in 1989.

Dura Automotive's 8 5/8% '12 bonds fell eight points last Thursday to 29.