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JPMorgan and North Asset Management, a London-based alternative asset manager, are pricing a combination note which references emerging-market and corporate credit risk.
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Merrill Lynch in London has hired Adrian Valenzuela, partner at hedge fund firm WMG, as a managing director.
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JPMorgan has established an onshore credit-trading desk in Australia and transferred David Hawkins, credit trader in Tokyo, to Sydney to spearhead the effort.
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Steve Kuppenheimer, director in global structured credit products and co-head of collateralized debt obligations at Merrill Lynch in New York, has left the firm.
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Morgan Stanley in London has hired five equity derivative salesmen to establish itself in the hot German market.
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In last week's Learning Curve, we showed how measures derived from historic spot could be used via regression to produce a fair-value measure for the one-month volatility.
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Morgan Stanley has hired Zvi Gillon, v.p. in structured credit derivatives trading at Merrill Lynch in New York, as executive director in structured credit trading, focusing on asset-backed securities correlation trading and index tranching.
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Traders are starting to think about creating indices of credit-default swaps on credit cards, student loans, auto loans and other classes of asset-backed securities.
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Morgan Stanley has recently recruited Julien Bahurel, director in equity derivative sales at Calyon in Hong Kong, as an executive director in the structured product group within the equity division.
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Second-generation products--including tranches and options--on the synthetic asset-backed securities index, ABX, are likely to take off in coming months, said Rajiv Kamilla, v.p. in the structured products group at Goldman Sachs.
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Synthetic securitizations referencing private finance initiative debt are set to swell following the launch of EPIC II, a EUR900 million (USD1.1 billion) transaction by Dublin-based public finance firm DEPFA BANK. -
Credit hedge funds with little or no history in asset-backed securities have emerged as big players in synthetics.
