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More than $50 million of Global Crossing's bank debt traded last week with the announcement that XO Communications and its chairman, Carl Icahn, were making a bid for the company. Paper traded in the 21-22 context in $5-10 million pieces, one dealer noted. It had previously traded at 203/4. The XO/Icahn deal claims to offer lenders slightly more equity than the offering of Singapore Technologies Telemedia, which has entered into an agreement to purchase Global Crossing under a plan of reorganization that has already been confirmed by the bankruptcy court. The only obstacle in the way of consummating the ST Telemedia deal has been the regulatory approval by the Committee of Foreign Investment in the U.S. (CFIUS).

Commerzbank Securities is continuing to suffer departures from its New York and London offices, Simon Clowes, global head of proprietary trading, being the most recent high-profile loss. The resignations stem from disappointment with bonus payouts as well as general concerns over the direction of the firm, according to officials familiar with the moves. Neil Brazil, spokesman for Commerzbank Securities in London, confirmed the move, but declined comment on the reason for the departure.

Amount: Sfr150m

Whatever happened to Abigail Hofman, once the First Lady of the Euromarkets and whose smile, intellect and charm could dazzle anyone? When her meteoric career at Barclays Capital ran into a dead-end, she spent some months in Paris perfecting her French, but turned down all offers to come back into the market.

Guarantor: Air Liquide

Rating: A3/A-

Alcatel, the French telecoms equipment manufacturer, brought a highly aggressive Eu1bn bought convertible this week, which improved the company's credit standing in the market despite having to be repriced.

Alcatel, the French telecoms equipment manufacturer, brought a highly aggressive Eu1bn bought convertible this week, which improved the company's credit standing in the market despite having to be repriced.

Amount: $1bn and A$54m

Who shot Manfred Schepers in broad daylight? One moment the veteran Dutch UBS Warburg banker was looking chipper and in the pink. The next, he had bitten the dust and carrion crows were beginning to circle overhead. We can only hope that the sheriff has sent out a posse to hunt down the bushwhackers.

Amount: Eu200m