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FleetBoston Financial has hired Joseph Mackiewicz as managing director and head of asset securitization. He joins from Citigroup where he was a managing director in the global securitized markets group. Calls to Mackiewicz were referred to Alison Gibbs, a spokeswoman with the Boston-based bank. Gibbs says the position is a newly created one.

A sell-side analyst and an investor have concerns about the high leverage and asbestos-related woes of Washington State-based Weyerhauser Co., a diversified forest products manufacturer, but disagree on how to add exposure in the sector.

FrontPoint Partners is marketing a distressed debt fund that will focus exclusively on debt in Canada.Philip Duff, partner and chairman, said the fund has no interest in the U.S. market and is instead looking to fish out some distressed gems among the $100-200 billion in distressed assets north of the border. "It's very rare that you see a dedicated pool of capital [and] investment strategy that's exclusively focused on Canada," he conceded. But he affirmed that the fund was not "about to go fishing in a pond where there aren't any fish."

Steady gains continued last week in high-yield. The wireless and tower sectors were the strongest performers, but most autos were up two points through Wednesday, and broadcasters climbed a point. Retail and media credits also made gains. Here is selected action.

The bank debt of Horizon Natural Resources, formerly known as AEI Resources, traded last week. Small pieces changed hands in the high 20s almost a week after the company filed for bankruptcy on Nov. 13, said a trader. This is the second time this year the company has filed for bankruptcy. Last week, traders quoted the paper as low as 25-28. In a written statement, Horizon Natural Resources claimed its liquidity crisis was caused by weak demand in the coal industry, increased inventories, and an uncompetitive capital structure. Michael Nemser, cfo, did not return calls by press time. The company has secured a $350 million debtor-in-possession facility from Deutsche Bank.

Integrated Defense Technologies completed a $135 million add-on to its existing $45 million "B" loan with a $5 million increase at the last minute, said William Collins, v.p. of administration for Integrated. Lead bank CIBC World Markets attempted to get the company as much capacity as possible for its $146 million acquisition of the Gaithersburg, Md., operations of BAE Systems, now known as Signia-IDT, he said. "[CIBC] tries up until the last minute to get you the best deal in the market. That, to us, is refreshing," Collins said.

Cofiri, the Rome-based merchant bank, is planning to start a securitization business in Italy, according to a senior official at the firm. The firm is making the move to capitalize on what has become a lucrative business in Italy, which now ranks closely behind the U.K. in terms of securitization market-size.

Despite a drop-off in issuance volume this year, securitization analysts and bankers say there is still room for growth in the Italian non-performing loans (NPLs) market, which is good news for banks looking to clean up their balance sheets. However, because the NPL sector has gained the reputation for experiencing many downgrades and having a lack of transparency, they say the rebound will not be immediate. "It's a sector characterized by upgrades and downgrades, but the upgrades do not seem to catch the market's attention," says William Ross, head of European securitization research at ABN AMRO.

Merrill Lynch and Credit Suisse First Boston are planning to close out NDCHealth's $225 million senior secured credit facility today with a number of concessions to investors. The oversubscribed deal was pumped up in terms of capacity, pricing and fees, said a banker familiar with the situation. The final credit consists of a six-year, $125 million "B" term loan flexed upwards from LIBOR plus 31/ 2% to LIBOR plus 4%. A 2% LIBOR floor was also installed with call protection at 102, 101, the banker added. A five-year, $100 million revolver was upsized from $75 million, with pricing hiked from LIBOR plus 3% to LIBOR plus 31/ 2%. The commitment fee on the revolver stayed at 1/2%. An accompanying offering of 101/ 2% senior subordinated notes due 2012 was increased from $175 million to $200 million, the banker noted. A Merrill official declined to comment, while a CSFB banker did not return calls.

Metris Companies is evaluating alternatives that could include tapping the bank loan market to deal with the June 2003 maturity for its three-year, $100 million "B" term loan. "We are looking at a number of different strategies," commented Ralph Than, Metris treasurer, explaining that potentially renewing the line is one of many alternatives. But Than noted that the issues banks are currently facing in terms of their existing credit exposures make the bank market lower on the list of priorities for companies looking to deal with their financing needs. Metris has no lead idea emerging at this point, he added.

Bids for New World Pasta sunk into the 80s after the company announced that its financial statements, particularly its accounts receivable and inventory balances, were incorrect. "There's really just no market for it," said one trader. "No one is willing to bid for it because they don't know the size of the restatement." Prior to the news the market for the company's term loan "B" was in the 99s. Wayne Robison, New World Pasta cfo and treasurer, could not be reached by press time.

Fitch Ratings upped Nextel Communications' outlook from negative to stable on the company's BB rated senior secured credit facility after Nextel was able to significantly increase operational cash flow and reduce debt. "Over the last three quarters the company has met expectations and exceeded them," said Bill Densmore, Fitch analyst. Expected operational cash flow for 2002 now clocks in at $3.1 billion up from $1.2 billion in 2001.