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The Swedish National Housing Finance Corp (SBAB) returned to the ABS market with a different asset - loans to Swedish housing co-operatives.

Asbestos names ran up in the secondary loan market this week as progress was made on approving a $108 million national trust fund to deal with asbestos liabilities. One dealer said that more than $100 million in Owens Corning bank debt traded up into the 71-72 context, from the low 60s, where the bank debt was quoted last week, according to LoanX. In addition, USG Corp. was said to have traded as high as 93 1/2, up about seven points. An Owens Corning spokesman said the company is still working toward a consensual plan of reorganization with its creditors and noted that all parties are watching the process intently in Washington. Richard Fleming, USG's cfo, did not return calls by press time

BondWeek is the leading news publication for fixed-income professionals, covering new deals, structures, asset-backed securities, industry and market activity.

BondWeek is the leading news publication for fixed-income professionals, covering new deals, structures, asset-backed securities, industry and market activity.

BondWeek is the leading news publication for fixed-income professionals, covering new deals, structures, asset-backed securities, industry and market activity.

Investment managers switching to liability benchmarks will have to turn to interest rate swaps, rather than long-dated bonds, to achieve the desired long tenors, according toDonald Brydon, chairman of AXA Investment Managers. Speaking at Euromoney's 12th Global Borrowers & Investors Forum in London last week, he said these skills are typically associated with the life assurance industry.

Bank One plans to hire a few equity derivatives marketers at the managing director level as part of its plan to beef up its investment banking presence. Thomas Kelly, spokesman in Chicago, confirmed the move, noting that while the firm has made strong inroads in its debt expertise there is still room to grow in equity derivatives. The new recruits will report to David Stowell, head of origination in equity products, who did not return calls.

Bear Stearns has hired Kevin Kelly, former managing director in credit derivatives sales at Morgan Stanley in New York, for a similar role and Robert Canning, managing director and senior credit derivatives marketer responsible for U.S. agencies, has left the firm. Kelly declined comment while Canning could not be reached.

Crédit Agricole Indosuez has started marketing a synthetic collateralized debt obligation referenced to convertible bonds. The CDO, dubbed Cabrio, will be EUR300-400 million (USD350-470 million), according to Loic Fery, managing director and global head of credit derivatives and structures in London. The CDO will lay off risk from CAI's convertible bond stripping desk (DW, 3/30).

Jason Bajaj,Nikko Citigroup managing director and head of Japanese program trading, plans to set up a USD500 million hedge fund. The Tokyo-based fund will pursue a range of investment strategies and use over-the-counter derivatives, including equity options and variance swaps, he said.