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A business reorganization at U.S. cigarette maker Altria may see debt retired and credit protection holders with worthless contracts--a phenomenon known as orphaning.

SG Corporate & Investment Banking has reeled in Polly Wong, an ex-director in the investor products group at ABN AMRO in Hong Kong. She fills a new role as a director in equity derivative sales, a slot created to boost private banking coverage in Hong Kong. Wong, who left ABN in May (DW, 5/5), said she will focus on private placement equity derivative deals for private banking and corporate clients and now reports to Wilson Lee and Nicolas Reille, co-heads of equity derivatives in Hong Kong.

Further tightening looks inevitable in China; attention is focused on how, how much and how soon

Credit Suisse sees market rebound; Dresdner cautious on central Europe; BCP warns over Mexican elections

Emerging markets have been battered by waves of risk aversion in recent months and investors and analysts predict more troubled waters lie ahead

A popular water cooler topic of conversation the past few months has been the build up of the leveraged platform at Barclays Capital and the hires the bank has made, plucking talent from just about every firm on the street.

Some dealers said they are close to getting around a set of accounting rules that have put a damper on bespoke collateralized debt obligations.

The increase in the number of funds investing in loans has exacerbated an age-old complaint in the market: buysiders being pressured not to trade away from agent banks and feeling penalized with smaller primary allocations if they do.

--Mark Abrahm, a trader at Gulf Stream Asset Management, said about pressure not to trade away from agent banks.

August came early this year as the market seemed to shut down following the long weekend, which some chose to make a very long, long weekend. floor.

Secondary trading levels were red hot as a number of names including Metro Goldwin Mayer and Novelis ticked up as new money flooded the 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.