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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.

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

Michael Belbeck, senior salesperson to hedge funds at Commerzbank Securities in New York, is joining Bear Stearns in a similar role. At Bear Stearns, Belbeck, who could not be reached, will likely report to Don Martocchio, senior managing director, said an official familiar with the move. Martocchio didn't return calls.

ABN AMRO is retooling its Asian credit derivatives operation following the loss of its two most senior Singapore-based credit derivatives professionals to UBS Warburg earlier this year (DW, 1/26). It will transfer David Crammond, senior v.p. and head of structured sales in New York, to Singapore in the coming weeks. Crammond confirmed the move, but declined further comment.

Credit-default swap spreads on Lufthansa and Air France tightened last week despite expectations that names in the airline industry would be hit by investors' concerns over the SARS virus. Traders said five-year mid-market protection on Lufthansa contracted to 145 basis points from 175bps, while Air France moved in to 145bps from 165bps. Traders chalked up the tightening entirely to investment banks buying protection on names for a pipeline of structured credit products, including first-to-default baskets and collateralized debt obligations.

The pricing of structured finance instruments is a major issue in risk management and the more complicated the instruments the more important advanced numerical pricing schemes become. In this article, we concentrate on schemes for financial models which lead to partial differential equations. This covers a wide range of models, such as Black-Scholes, certain models of stochastic volatility and the wide range of one or more factor short-rate models, such as Hull-White and Black-Karasinski. Green´s Functions & Adaptive Integration

Jim Finkel, former managing director in Deutsche Bank's global CDO group in London, is pounding the pavement for capital to launch a structured credit hedge fund. Former colleagues said Finkel is likely to team up with a trader as his expertise is in structuring. Finkel is a veteran of the CDO market, having also held roles in structuring and sales at Bear Stearns, but has not held senior risk taking roles, according to associates. Unless he teams up with well-renowned traders this could hinder his search for capital, noted rival CDO professionals.

Bear Stearns has hired Thomas Feda, executive director and marketer in UBS Warburg's cross rates group in Stanford, Conn., as a managing director and derivatives marketer for institutional clients in New York. Peter Croncota, senior managing director, to whom Feda reports, said the hire was made in response to growth in the firm's business and is a newly created seat. Feda declined comment.

CIBC World Markets is likely to merge its cash and synthetic collateralized debt obligation operations, following the loss of a 21-strong cash securitization team to CDC IXIS Capital Markets North America last month. David Allan, managing director, head of the Canadian securitization group and head of global synthetic credit structuring in Toronto, explained that for the past few years CIBC has upheld an increasingly artificial distinction between its cash and synthetic structuring operations by running two distinct groups. Following the departure of the New York-based cash staffers, including the groupÕs head Ken Wormser, CIBC is now reviewing its organization, with a likely outcome being the merger, he said.

Kenneth Farrar, managing director in the fixed income capital markets group at Citigroup Global Markets, has moved to AIG Financial Products in Westport, Conn. Farrar specialized in the technology, media and telecom sectors, and his brief included derivatives, according to a market official.