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JPMorgan is recommending a ratio Thai baht call spread to take advantage of further appreciation against the U.S. dollar.

Some traditional credit fund managers are holding off entering the loan credit-default swap market because of uncertainty about how they would handle physical delivery of the underlying asset.

Robert Alloway, high-yield credit default swap trader, has taken over temporarily trading loan-only credit default swaps at Lehman Brothers, following the departure of Jeremy Vogelmann in July to join Barclays Capital.

Leveraged loan credit-default swaps have attracted significant investor interest for a number of reasons.

Old Mutual Asset Managers, a USD9 billion asset management firm, will launch its first volatility arbitrage fund in October.

Morgan Stanley in New York has priced the equity-default swap portfolio it has been marketing for the last two months.

Credit structurers across the street are scrambling to ramp up equity tranches of collateralized debt obligations which carry an investment-grade rating.

Royal Bank of Scotland is expanding its equity derivatives presence in Asia following a senior hire.

Schroder Investment Management in London is considering rolling out an income-generating U.K. equity fund to other equity markets.

Kevin Corgan, executive director in high-yield cash and credit derivatives trading at Morgan Stanley in New York, has left the firm.

--Yusuke Seki, senior v.p. in structured finance at Moody's Investors Service in Tokyo, discussing Japanese investors' wariness of global portfolio ratings downgrades.

A raft of firms, including Credit Suisse, Citigroup and UBS, are securitizing portfolio credit-default swaps on balance-sheet bank loans.