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Cindy Ferrara, managing director and head of hedge fund sales at Citigroup in London, has retired. Her last day in the role was July 14. According to an internal memo Ferrara, who could not be reached for comment, has been replaced in the interim by Richard McGuire, who also heads institutional sales.

Ritesh Shah has joined Primus Financial Products from Goldman Sachs to head its correlation desk.

Two equity volatility traders have left the Greenwich, Conn.-based fund.

A London-based hedge fund monolith has hired a credit specialist from JPMorgan.

SG Corporate and Investment Banking has reportedly signed up Cedric Lespiau, a correlation trader at IXIS Corporate & Investment Banking in Paris. Calls to Lespiau's line went unanswered and Michelle Gathercole, spokeswoman for SG CIB in London, did not comment by press time. Market buzz has Lespiau starting at SG CIB next month, reporting to Fourad Farah, head of correlation trading, who did not answer phone calls. IXIS press officials declined comment.

UBS has added a director to its U.S. equity derivative sales team.

AXA Investment Managers Paris is bringing to market a pair of collateralized debt obligations which re-visit the group's established synthetic structures Jazz and Adagio. In the deals, AXA will manage the underlying portfolios using a mix of total-return swaps and long or short credit-default positions to maximize returns. It is also able to go short a name without holding the underlying credit position in the portfolios.

--Clark Orsky, an analyst at KDP Investment Advisors, on Northwest Airlines' bond troubles surrounding Hill discussion about pension reform legislation.

Bennett Goodman's hedge fund, GSO Capital Partners bought RBC Capital Markets' collateralized debt obligation business led by Dan Smith, which consisted of four CDOs and about $1.8 billion in accounts.

The risk Northwest Airlines' unsecured bondholders will face a big reduction in recoveries grew more likely last week after CEO Douglas Steenland said the airline would be forced to terminate pensions if Congress does not pass pension reform by the August recess.

Where have all the deals gone? Investors are beginning to wonder what has happened to all the disappearing debt.

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