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"We are still in the preliminary stages."--Thiebaut Julin, division manager of capital markets in Paris, commenting on the African Development Bank's plan's to start using credit derivatives for the first time. For complete story, click here.

The U.S. and European credit derivatives market may start allowing different obligations to be delivered in the event of default, a move which could deter new entrants. Lawyers estimated there is a 50/50 chance of the markets going different ways on this issue. Blythe Masters, North American chair of the International Swaps and Derivatives Association's credit derivatives market practice committee and credit official at JPMorgan in New York, concluded an ISDA dealer meeting on Thursday by saying the market would adopt language preventing the deliverable obligations having guarantees from a junior subsidiary to a parent company, according to several attendees. European-based dealers, however, may petition ISDA to allow all guarantees to be delivered. Officials at ISDA declined comment and Masters did not return calls.

London-based Gartmore Investment Management is preparing two fixed-income hedge funds and has hired three senior bond professionals to run them, says Roger Bartley, global cio, fixed income. The first fund, which is slated to debut at the end of the second quarter, will be a global credit hedge fund run by Varkki Chacko and Mark Wauton.

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

HSBC Securities plans to make several additional hires for its fixed-income sales division to build on two recent high-profile additions. Pat McDonald, managing director and head of fixed-income sales for North America, says some of the new hires will replace people who left the firm last year, though some will be new positions. HSBC is shifting to a client-based strategy, in contrast to its earlier proprietary trading focus, he says.

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

American Capital Access has hired Keith Gorman from Fitch Ratings as a residential mortgage-backed securities analyst. ACA, a New York-based insurance company, is an active collateral manager for cash flow and synthetic collateralized debt obligations with a niche expertise in managing structured finance bonds. Gorman will start next Monday. He will report to Laura Schwartz, managing director and senior credit officer for asset-backed securities. Cathy Bailey, a spokeswoman at ACA, says the position is newly created due to the growth of the structured finance business (BW, 3/3). Gorman says he is leaving the rating agency because he was interested in a career move to the buy-side.

ING Investment Management has more than E250 billion in assets under management of which about E12 billion is in asset-backed securities. Based in The Hague, The Netherlands, the E1 billion Global ABS Fund is co-managed by Erik Jan van Bergen, and Bas Kragten. Kragten joined ING six months ago from NIB Capital Asset Management where he was responsible for a E2 billion ABS portfolio. Van Bergen has been with ING for 12 years.

Glen Blasius has left Bear Stearns' where he was one of the firm's three London-based asset-backed securities traders. John Knight, a firm spokesman, declined to comment on the reason for Blasius' departure. Blasius had already left Bear Stearns last week and could not be reached for comment. His next destination, if any, could not be learned. Knight says Blasius' duties have been assumed by the two remaining ABS traders, Sheil Aggawal and Henrik Malmer.

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

Financial Guaranty Insurance Co. has hired Clifton Lewis as senior transactor for mortgage-backed securities and secondary asset-backed securities. He started last Monday. He reports to Ken Rosenberg, director of new business development. The position is a newly created one, says Greg Raab, head of structured finance, as demand for wraps on structured finance products is growing. Raab adds that he will be looking at adding another transactor soon.

Deutsche Bank has hired Mark Sibley from J.P. Morgan Securities as an addition to its London-based integrated credit-trading desk. He is currently on "gardening leave" and will join the firm next month. Sibley, who will be based in London, will report to Antonio di Flumeri, head of European non-emerging markets credit derivatives trading, a firm spokesman said. At J.P. Morgan, Sibley was a telecom, media and technology dollar/euro flow trader, and will be filling a similar post at Deutsche Bank. A spokesman at J.P. Morgan declined to comment.