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Default protection on single-name emerging market sovereigns has tightened across the board this week on the back of indications U.S. interest rate rises will pause. The move was also prompted by improving political and economic environments in several countries. The single-name draw-in follows a three-month tight in the CDX emerging market index last week (DW, 8/7).

Takashi Makita, a senior equity derivatives flow trader at Credit Suisse in London, has left the firm. Makita is tipped for a post at Deutsche Bank, which lost two senior flow traders in May. Officials at the German firm could not be reached immediately and Makita was on gardening leave.

Deutsche Bank is preparing a follow-on collateralized debt obligation to an unmanaged residential mortgage-backed securities CDO. The first STAtic ResidenTial CDO (START) 2006-B, is set to close month-end and was doubled to USD1 billion ahead of pricing July 24, structurers said. It is a cash-flow structure referencing 100% pay-as-you-go credit-default swaps on recent vintage RMBS.

Today's deadline for Deutsche Bank to appeal last month's decision in favor of monoline Ambac has been reached without any indication of the bank's intentions. Chip Goodrich, Deutsche Bank's in-house counsel, Ted Aden, its outside counsel at Epstein Becker & Green, and Michele Allison, Deutsche Bank spokeswoman, did not return phone calls for comment on the appeal, and market participants are unsure what is going on. "It's been complete radio silence since the decision," said one derivatives lawyer.

Wall Street is a tough place, just ask Ari Cantor, an Ivy League grad who has been walking the streets looking for a job, literally.

Only 29% of par loan trades closed within the target T+7 settlement period in the Loan Syndications and Trading Association's first ever study of loan settlement times.

Citigroup made more changes to the VNU loan structure last Friday, even as it expected to land enough accounts to close the bank book Wednesday.

The market for loan-only credit default swaps has grown to a notional value over $500 million, one estimated it to be closer to $1 billion, of trades per week and is picking up speed, propelled by two key administrative initiatives.

Blockbuster asked for a new amendment to its $550 million term loan "B" for improved operating flexibility during a lengthy phone call to investors.

--Jeff Kushner of BlueMountain Capital Management on the LCDS discussions.

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

The following charts show the top five advancers and decliners in terms of % moves in the loan, bond and credit default swap markets for the previous week.