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Investors seized the opportunity to gain exposure to Portugal this week as specialist auto finance firm Interbanco came to the market for the second time via ABN Amro and BCP Investimento.

Dutch auto leasing firm Interleasing Nederlands, owned by Athlon Group, this week braved the markets with a rare Eu350m securitisation of operating leases.

Egg Banking, the online bank owned by Prudential, this week restarted the UK credit card market with its latest master trust issue, tapping demand in euros, dollars and sterling via joint leads Bank of America and Deutsche Bank.

A few banks are holding out on approving the two-year extension sought by Calpine Corp. for its $1 billion revolver that expires this Friday, according to market rumors. The identities of the holdouts could not be determined. The market for the company's "B" loan sunk into the 95 range early Wednesday morning but firmed to the 96-97 context later in the day. The bonds were softer as well.

The International Swaps and Derivatives Association has convened a meeting for Tuesday, May 20, in which credit derivatives players will vote to accept a supplement on which forms of guarantee are acceptable in standard credit derivatives documentation. ISDA has leveled an ultimatum to its members to either accept the so-called Guaranteed Obligations Supplement in its current form or bin it. One of the most contentious issues is what percentage of ownership determines whether an affiliate is a related company. The supplement says that a 10% or greater ownership stake confers affiliate status, but the protection sellers want the level to be nearer 50%.

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.

Accounting issues are set to take center stage as the European and U.S. regulators introduce new rules and set their sights on merging the systems. "Accounting has become one of the most important aspects of the credit derivatives market," according to Alessandro Cocco, v.p. and assistant general counsel in the legal department at JPMorgan in New York.

Bear Stearns last Thursday hired Raymond Wong, managing director in global equity markets at Merrill Lynch in Tokyo, in a new senior role as head of fixed income trading in Tokyo. "The chance to hire someone like Ray doesn't come around very often--we couldn't pass this up," said Lenny Feder, head of trading in Tokyo, to whom Wong now reports. Feder said the strategic hire comes on the back of the firm's build up in Japan which gained momentum last year (DW, 3/31/02). "I'm very excited with this new role," said Wong. Prior to joining Merrill, he had worked in fixed income derivatives trading at Bankers Trust and Deutsche Bank in Hong Kong and Tokyo. Wong declined further comment.

BNP Paribas has hired Pierre Katerdjian, global credit swap trader at Deutsche Bank in Sydney and former credit derivatives committee chairman for the Australian Financial Markets Association, in a new role in Sydney as a senior marketer in the structured credit products group. "This is an additional role focusing on structured credit products," said Marcus Blake, head of derivatives and structured credit marketing in Sydney.

CDO managers are considering setting time limits for triggering credit protection in order to increase transparency and appease investor concerns. The move is sparked by confusion over why some protection buyers recently have started to trigger contracts referenced to U.S. chemical company Solutia even though the restructuring credit event occurred last year.