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Türkiye Garanti Bankasi last Friday closed a wrapped $200m securitisation of revenues from dollar, euro and sterling payment orders it receives from correspondent banks and overseas payers. It is the sixth securitisation from Garanti, one of Turkey's leading banks, but the first public term securitisation from Turkey since 2000.

MBNA Europe Bank last week returned to its Cards master trust vehicle with its first euro denominated issue in almost a year.

Barclays Capital has hired Andrew Stonely, former head of U.K. and Scandinavian equity derivatives sales at Citigroup in London, as a director in equity derivatives sales. Stonely left Citigroup earlier this year, according to officials. He could not be reached for comment.

Morgan Stanley is looking to expand its nascent Hong Kong-based credit derivatives operation in the coming months with a mix of transfers and hires. "We generally believe the Asian market will continue to grow. We've been underinvested," said Richard Cohen, Asia-Pacific credit derivatives trader in Hong Kong. Cohen joined earlier this year from Merrill Lynch, where he was head of Pacific Rim credit derivatives in Tokyo, to establish a non-Japan Asia trading desk (DW, 5/4). "The building blocks have been here—it's just a matter of slotting it in," he added, explaining that the desk intends to leverage off Morgan Stanley's fixed income presence in the region.

Goldman Sachs has priced the notes backing Fidelity Investments' second collateralized loan obligation, while J.P. Morgan has priced the notes backing INVESCO's Sagamore I, according to CDO sources.

Global Crossing's bank debt has been inching higher since the company received regulatory approval to consummate its acquisition by Singapore Technologies Telemedia.

A BB rating from Standard & Poor's for Nalco Co.'s bank debt is likely to bolster syndication of the $1.1 billion "B" loan, according to some bankers who said they were anticipating a B1/B+ rating.

Derek Smith, head of credit-default swap trading at Goldman Sachs in New York, has been named as the North American chairman of the International Swaps and Derivatives Association's credit derivatives market practice committee. The former head, Blythe Masters, managing director at JPMorgan in New York, stepped down earlier this year. An ISDA official confirmed the move.

The Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin), the German bank, insurance, securities and asset management regulator, is set to release rules on the treatment of synthetic securitizations in the coming months. One of the main points of this circular will be to change the treatment of interest sub-participation tranches, according to market participants familiar with the proposed circular.

Bond giant Pacific Investment Management Co. has created an internal risk management committee to determine when and whether the firm should issue collateralized debt obligations and to oversee the bond manager's CDO business, according to Standard & Poor's.

J.P. Morgan is providing the debt financing to back the recapitalization of Freedom Communications, enabling some family shareholders to stay in the business and for others to cash out.

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